What Can North Korea Learn from Transition Economies' Reform Process?

43 Pages Posted: 21 Apr 2017

See all articles by Hyung-Gon Jeong

Hyung-Gon Jeong

Korea Institute for International Economic Policy

Date Written: September 25, 2009

Abstract

This study compares the initial conditions of North Korea with East European countries by using the principal components analysis. Based on statistics from December 2007, the initial conditions of North Korean economy are better than countries like Turkmenistan, Tajikistan, Moldova, and Ukraine in the early 90's, but worse than Albania, Croatia, Hungary, Poland, and the Czech Republic. It is very costly for North Korea to initiate rapid transition, because of strong socialist characteristics that pervade its economy. Therefore, it is more likely that North Korea will promote a slow and gradual reform, considering the initial conditions of its economy and political barriers.

Keywords: Transition Economy, Economic Reform, Covariance Analysis, Initial Conditions, North Korea

Suggested Citation

Jeong, Hyung-Gon, What Can North Korea Learn from Transition Economies' Reform Process? (September 25, 2009). KIEP Research Paper. Working paper 09-04 , Available at SSRN: https://ssrn.com/abstract=2955492 or http://dx.doi.org/10.2139/ssrn.2955492

Hyung-Gon Jeong (Contact Author)

Korea Institute for International Economic Policy ( email )

[30147] Building C, Sejong National Research Compl
Seoul, 370
Korea, Republic of (South Korea)

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