The extraordinary events surrounding the Great Recession have cast a considerable doubt on the traditional sources of macroeconomic instability. In their place, economists have singled out financial and uncertainty shocks as potentially important drivers of economic fluctuations. Empirically...

Though it is neither desirable nor likely that an emergency will materialize in North Korea in the near future, it is necessary to be prepared for such an abrupt incidence. This paper examines necessary measures to take in the case of a North Korean collapse. The policy goal of a potential...