This chapter assesses the potential for reform in North Korea, and considers the lessons learned from economic reform and transition in China, the Soviet Union, and Central Europe. We focus in particular on the importance of reforms in the financial regime, and argue that in the absence of a...

Possible directions of industrial policy for North Korea are developed in this paper, drawing on the experience of the European transition economies and focusing on privatisation and restructuring, new business formation, and export promotion. North Korea at present is largely closed, and its...

This country survey briefly outlines the defence and economic background of the two Koreas and the security environment in the Korean Peninsula. It shows how defence spending to deter a potential North Korean attack has crowded-out the South Korean civilian economy and considers the possibility...

This paper analyses the determinants of happiness in seven Eastern European transition countries during the early phase of economic transition. The analysis of representative survey data in an ordered logit model shows that those core socio-demographic and economic variables known to be relevant...

There is no significant relationship between the improvement in happiness and the long term rate of growth of GDP per capita. This is true for three groups of countries analyzed separately − 17 developed, 9 developing, and 11 transition − and also for the 37 countries taken together. Time...

This Selected Issues paper investigates the economic importance of institutions in Ukraine, and attempts to quantify the potential benefits of market-friendly structural reforms. The paper reviews some of the key findings of the development-accounting literature, which has tried to explain the...

This paper explores the causes of India's productivity surge around 1980, more than a decade before serious economic reforms were initiated. Trade liberalization, expansionary demand, a favorable external environment, and improved agricultural performance did not play a role. We find evidence...