KOREAN ECONOMY OFFICE HOURS. to students, and will encourage students to raise questions. Principles of Microeconomics & Principles of Macroeconomics

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1 KOREAN ECONOMY CREDIT INSTRUCTOR Prof. Doowon Lee OFFICE TIME Rm# 311, College of Business and Economics OFFICE HOURS CLASSROOM LOCATION * Please leave the fields blank which haven t been decided yet. [COURSE INFORMATION] COURSE DESCRIPTION & GOALS The purpose of this course is to improve the understanding of the Korean and the other East Asian economy in the global perspective. Also, in doing so, the instructor will help the students to enhance their knowledge about theories of macroeconomics, international trade and economic development in the light of the Korean and the other East Asian experiences. Upon reviewing major models of economic development, this course will examine the century-old economic development of Korea and East Asia. Most of the emphasis will be given to the period after the WWII. The first half of the course will be devoted to review the evolution of the Korean economy during the last several decades in comparison with other East Asian economies. Major characteristics as well as the most important policy change of each decade will be explained. During the second half of the course, more specific topics such as macroeconomic management, fiscal and monetary policy, role of financial market, firms and industrial policy, external economic relation, and social issues will be studied. theoretical backgrounds will be introduced. In each subject, relevant Also, international comparisons based on various sources of references will be made as much as possible to enhance the understanding of the lectures. One or two lectures can be conducted by invited speakers. Students are expected to read required reading materials (those with ** ) and encouraged active participation in the class. to students, and will encourage students to raise questions. The instructor will often ask questions PREREQUISITE Principles of Microeconomics & Principles of Macroeconomics COURSE REQUIREMENTS GRADING POLICY - Mid-term exam: 30% - Final term paper (20-25 pages long): 40%

2 - Class attendance: 10% - Home assignments: 20% TEXTS & REFERENCES INSTRUCTOR S PROFILE [LY SCHEDULE] * Your detailed explanations would be very helpful for prospective students to get a pre-approval for credit-transfer from their home university in advance. 1 (06.27 ~ 07.01) LY TOPIC & CONTENTS - Topic 1: June 27 Introduction (1) Introduction of class schedules and references (2) Overview and facts of the Korea and East Asian Economies ** Krueger, Anne, Ch. 7 Korean Industry and Trade over Fifty Years in KDI (Korea Development Institute), The Korean Economy (1997). * Kim, Kwang Suk, and Joon-Kyung Kim, Ch1. Korean Economic Development: An Overview, The Korean Economy , KDI (1997). ** Overview of World Bank, The East Asian Miracle: Economic Growth and Public Policy, A World Bank Policy Research Report (Oxford University Press, 1993). Refer to (world economic outlook database) for macroeconomic data of IMF member countries. Also, refer to (the world fact book) for a brief description of geographical, political, social and economical situation of countries worldwide. Homework 1 In the class, we compared development models based on criteria such as government size and labor market. Compare economic development model of one country (or region) with the other based on your own set of criteria. Topic 2: June 28 Review of Economic Development Theories(I) (1) Linear Stage Theory of Rostow (2) Harrod-Domar Model (3) Dual Economic Structure Model of Lewis, Fei

3 LY TOPIC & CONTENTS and Ranis Balanced vs Imbalanced Growth Theory ** Chapter 3 of Michael Todaro and Stephen C. Smith, Economic Development, 9 th Edition, (Pearson Education Limited, Harlow, England, 2006). Topic 3: June 29 Review of Economic Development Theories(II) (1) International Dependence Revolution (2) Neo-Classical Growth Theory (3) Convergence and TFP ** Chapter 3 of Michael Todaro and Stephen C. Smith, Economic Development, 9 th Edition, (Pearson Education Limited, Harlow, England, 2006). Topic 4: June 29 Models of Economic Development (1) The Anglo-Saxon Free Market Model (2) Welfare State Model of the Europe ** Sapir, Andre, "Globalisation and the Reform of European Social Models", Background document for the presentation at ECOFIN informal meeting in Manchester, 9 September Refer to: orking_papers/sapirpaper pdf (3) The Asian Model ** Kuznets, Paul. An East Asian Model of Economic Development: Japan, Taiwan and South Korea, Economic Development and Cultural Change, Vol.36, No. 3 (1988) * Lee, Doowon, "The Korean Economy in Transition: In Search for a New Model", Global Economic Review, Vol. 35, No. 2, pp (June 2006). Refer to (The Bank of Japan) and Economic Statistics

4 LY TOPIC & CONTENTS Q: Where does trade-off come from? Q: What do you think is the best model? Can it be sustained? Q: Do models converge? Or diverge? Part II. Evolution of the Korean and East Asian Economies 2 (07.04 ~ 07.08) Topic 5: July 4 Before Industrialization: Pre-modern Society, Opening, and the Colonial Legacy: Comparison between Korea and Japan * Ch. 1 (Merchants and Landlords: The Accumulation of Capital, ) of Eckert, Carter J., Offspring of Empire: The Koch ang Kims and the Colonial Origins of Korean Capitalism: (University of Washington Press, 1991). ** Ch. 1 (An Overview of Industrial Development During Japanese Colonial Rule, ) of Kim, Kwang-Suk, and Michael Roemer, Growth and Structural Transformation, Harvard University Press, Cambridge, * Ch. 2 (Historical Background of the Japanese Economy) of Ito, Takatoshi, The Japanese Economy (Cambridge, Mass, : MIT Press, 1992). Topic 6: July 5 Beginning of Industrialization: Import Substitution Policies (1) Import Substitution Policy ** Fei, John, Gustav Ranis, and Kazushi Ohkawa. Economic Development in Historical Perspective: Japan, Korea and Taiwan, in Japan and the Developing Countries, Edited by Kazushi Ohkawa and Gustav Ranis, London: Basil Blackwell (1985) * Krueger, Anne, Ch 3. Comparative Advantage and Development Policy Twenty Years Later", Perspectives

5 LY TOPIC & CONTENTS on Trade and Development (Chicago: The University of Chicago Press, 1990). (2) Dominant Role of the foreign Aids * Ch. 1 (The Period), ** Ch. 2 (Trade and Aid, 1953 to 1960), and *Ch. 5 (The Allocative Efficiency of Trade and Aid) of Krueger, Anne, Harvard East Asian Monographs 87, Studies in the Modernization of The Republic of Korea: , The Development Role of the Foreign Sector and Aid, Harvard University Press (1982). * Ch. 6 (Foreign Assistance and Korean Development) of Madison, Edward S., Mahn-Je Kim, Dwight H. Perkins, Kwang-Suk Kim and David C. Cole, The Economic and Social Modernization of the Republic of Korea, Harvard University Press, Cambridge, Topic 7: July 6 The Export Promotion Policy of the 1960s(I) (1) IS (Import Substitution) vs EP (Export Promotion) (2) Transition to EP policy ** Ch. 3 (The Transition to an Export-Oriented Economy: 1961 to 1965), Ch. 4 (Emergence as a Major Exporter: 1966 to 1975), and Ch. 5 (The Allocative Efficiency of Trade and Aid) of Krueger, Anne, Harvard East Asian Monographs 87, Studies in the Modernization of The Republic of Korea: , The Development Role of the Foreign Sector and Aid, Harvard University Press (1982). * Westphal, Larry E., Industrial Policy in an Export- Propelled Economy: Lessons from South Korea s Experience, Journal of Economic Perspectives, Vol. 4, No. 3 (1990, pp ). Topic 8: July 7 The Export Promotion Policy of the 1960s(II) (1) Five Year Economic Development Plans (2) International Comparisons: Japan, Southeast Asia and Latin America

6 LY TOPIC & CONTENTS ** Ch 3 (The ABCs of Japanese and Korean Accumulation) of Amsden, Alice H. Asia s Next Giant: South Korea and Late Industrialization (Oxford University Press, 1989, pp ) ** Ch. 6 (Foreign Trade and the Incentive System) and * Ch. 8 (Korean Economic Planning and Policy Formulation) of Song, Byung-Nak (2005). ** Creating an Export Push of Ch. 3 of World Bank, The East Asian Miracle: Economic Growth and Public Policy, A World Bank Policy Research Report (Oxford University Press, 1993). * Ch. 2 (Historical Background of the Japanese Economy) of Ito, Takatoshi, The Japanese Economy (Cambridge, Mass, : MIT Press, 1992). * Ranis, Gustav, The Political Economy of Development Policy Change: A Comparative Study of Taiwan and Korea KDI Working Paper No (1989). * Krueger, Anne, The Importance of Economic Policy in Development: Contrasts between Korea and Turkey, NBER working paper 2195 (1987). * Ch. 4 (Economic Development in Macroeconomic Terms, ), Ch. 5 (Industrialization and Foreign Trade) and Ch. 8 (Government and Business) of Madison, Edward S., Mahn-Je Kim, Dwight H. Perkins, Kwang-Suk Kim and David C. Cole, The Economic and Social Modernization of the Republic of Korea, Harvard University Press, Cambridge, * Ch. 3 (Government Economic Decision-Making Process) of Jones, Leroy P. and Il Sakong, Government, Business, and Entrepreneurship in Economic Development: The Korean Case, Harvard University Press, * Ch. 3 (Development Strategies, Economic Planning, and Policy Implementation) of Sakong, Il, Korea in the World Economy (Institute for International Economics, 1993).

7 3 (07.11 ~ 07.15) LY TOPIC & CONTENTS Topic 9: July 11 The Secondary IS Policy: Heavy and Chemical Industry (HCI) Drive (1) Backgrounds of the HCI Drive (2) Achievements and Side-Effects of the HCI Drive ** Ch. 2 (Macroeconomic Policy through the First Oil Shock, ) and Ch. 3 (From the Heavy Industry Plan to Stabilization: Macroeconomic Policy, ) of Haggard, Stephan, Richard N. Cooper, Susan Collins, Choongsoo Kim and Sung-Tae Ro, Macroeconomic Policy and Adjustment in Korea: (Harvard institute for International Development, 1994). * Kim, Ji Hong, Korean Industrial Policy in the 1970s: The Heavy and Chemical Industry Drive, KDI Working Paper No (July 1990). ** Ch. 17 (The Heavy and Chemical Industries Promotion Plan) of Cho, Lee-Jay and Yoon Hyung Kim, Economic Development in the Republic of Korea (University of Hawaii Press, 1991). (3) Comparison with Taiwan and Japan ** Ranis, Gustav, The Political Economy of Development Policy Change: A Comparative Study of Taiwan and Korea KDI Working Paper No (1989). * Ch. 2 (The Policy Framework: The Early Years) of Hsueh, Li-min, Chen-kuo Hsu and Dwight H. Perkins, Industrialization and the State: The Changing Role of the Taiwan Government in the Economy, (Harvard University Press, 2001) (4) Overcoming the Oil Shocks * Lin, Chang-yuan, East Asia and Latin America as Contrasting Models, Economic Development and Homework # 2 Compare the IS, EP, HCI, or liberalization policies of Korea to that of the other country of your choice. Cultural Change, Vol.36, No.3 (1988). Q) How did Korea maintain positive growth (both in GDP and export) during the 1 st oil shock of ? Q) How do you evaluate Korean big push of HCI drive?

8 LY TOPIC & CONTENTS Topic 10: July 12 Liberalization and Structural Reforms of the 1980s: From 3 Highs to 3 Lows(I) (1) Stabilization Policies (2) Structural Reforms and Trade Liberalization ** Ch. 4 (The Political Economy of Adjustment in the 1980s) of Haggard, Stephan, Richard N. Cooper, Susan Collins, Choongsoo Kim and Sung-Tae Ro, Macroeconomic Policy and Adjustment in Korea: (Harvard institute for International Development, 1994). * Ch. 4 (Changed Development Strategy of the 1980s) of Sakong, Il, Korea in the World Economy (Institute for International Economics, 1993). * Ch. 7 (Import Restriction and Liberalization) of Krause, Lawrence and Kihwan Kim, Liberalization in the Process of Economic Development, University of California Press (1991). Mid-Term Examination : July 13 Topic 11 : July 14 Liberalization and Structural Reforms of the 1980s: From 3 Highs to 3 Lows(II) (1) Favorable External Environments and 3-lows * Doowon Lee, "Korea's Development Strategy in A Changing International Environment: Three Lows, Past and Present," Korea Observer: A Quarterly Journal, Vol. 23, No. 4, pp , Winter (2) Democratization and the Korean Economy ** Cheng, T. J. and Lawrence Krause, "Democracy and Development: With Special Attention to Korea," The Journal of Northeast Asian Studies (1992) * Haggard, S., and Chung-In Moon, Institutions and Economic Growth: Theory and a Korean Case Study, World Politics, Vol. 42, No. 2 (1990). * Ch 4 (Democratization and Macroeconomic Policy) and

9 LY TOPIC & CONTENTS Ch 5 (Democratization, Labor Policy and Economic Performance) of Mo, Jongryn and Chung-In Moon, Democracy and Korean Economy (Yonsei University Press, 1999). 4 (07.18 ~ 07.22) Topic 12 : July 18 The 1997 Asian Financial Crisis (1) The Early Half of the 1990s: Growth through High-Costs and Low-Efficiency Economic Structure ** Doowon Lee, "Korea's Development Strategy in A Changing International Environment: Three Lows, Past and Present," Korea Observer: A Quarterly Journal, Vol. 23, No. 4, pp , Winter * Shin, Inseok and Yunjong Wang, How to Sequence Capital Market Liberalization: Lessons from the Korean Experience, KIEP Working Papers (December 1999). * Ch 5 (Globalization, Financial Market Opening, and Foreign Capital Inflows) of Cho, Kim and Lee (2001). (2) Causes and Recovery of the Crisis * Lee, Doowon "South Korea's Financial Crisis and Economic Restructuring," Korea Briefing : Challenges and Change at the turn of the Century, edited by Kongdan Oh, published in cooperation with the Asia Society (New York: M.E. Sharpe, Inc. 2000). * Gruenwald, Paul F. (2002) Macroeconomic Performance during the Crisis, The International Symposium on Economic Reform and Future Agenda: Four Years after Korea s Economic Crisis, KDI, Seoul, Korea. * Jones, Randall S. (2002) Economic Restructuring and Institutional Changes in Korea in the Wake of the 1997 Crisis, International Symposium on Economic Reform and Future Agenda: Four Years after Korea s Economic Crisis, KDI, Seoul, Korea. ** Chopra, Ajai, Kenneth Kang, Meral Karasulu, Hong Liang, Henry Ma, and Anthony Richards (2001), From

10 LY TOPIC & CONTENTS Crisis to Recovery in Korea: Strategy, Achievements, and Lessons, IMF Working Paper No. 01/154). (3) Implications and Side-Effects ** Cho, Yoon Je, Economic Adjustment Program of Korea After the Crisis: What Have We Learned from the Korean Economic Adjustment Program?, Korean Crisis and Recovery, edited by David T. Coe and Se-Jik Kim, IMF & KIEP (2002). * Chung, Chae-Schick and Se-Jik Kim, New Evidence on High Interest Rate Policy During the Korean Crisis, Korean Crisis and Recovery, edited by David T. Coe and Se-Jik Kim, IMF & KIEP (2002). * Lee, Doowon (2002), The Economic Reform and Its Aftermath of South Korea, Global Economic Review, Vol. 30, No. 4. * Lee, Doowon, The Role of Foreign Capital in The S outh Korean Financial Crisis and Recovery, After Cris is: Adjustment, Recovery and Fragility in East Asia, ed ited by Jayati Ghosh & C.P. Chandrasekhar (New Delh i: Tulika Books, July 2009) (4) International Comparisons * Park, Yung Chul and Jong Wha Lee, Recovery and Sustainability in East Asia, Korean Crisis and Recovery, edited by David T. Coe and Se-Jik Kim, IMF & KIEP (2002). * Ch. 4 (Banking Reform: The Whys and How Tos) of Cho, Lee-Jay, Yoon Hyung Kim, and Chung H. Lee, Restructuring the National Economy (KDI: December 2001). * Ramli, R. & P. Nuryadin, Ten Years of Economic Crisis, Monetarist and Neoliberal Solutions: Old Wine in New Bottles, After Crisis: Adjustment, Recovery and Fragility in East Asia, edited by Jayati Ghosh & C.P. Chandrasekhar (New Delhi: Tulika Books, July 2009) Topic 13: July 19,20 The 2008 Global Financial Crisis and East Asia * Ch 4. The Economic and Social Commission for Asia

11 LY TOPIC & CONTENTS and the Pacific in The Global Economic and Financial Crisis: Regional Impacts, Responses, and Solutions, UNESCAP (2009). * Reinhart, Carmen M and Kenneth S. Rogoff, A Panoramic View of Eight Centuries of Financial Crises, NBER Working Paper Series No (March, 2008). ** Reinhart, Carmen M and Kenneth S. Rogoff, An Equal Opportunity Menace, American Economic Review (2008). * Refer to (International Monetary Fund). Part III. Sectional Analysis of the Korean Economy Topic 14: July 21 Macroeconomic Management (1) Macroeconomic Management of East Asia ** Ch 3 (Macroeconomic Stability and Export Growth) of World Bank (1993) * Ch 3 (The Political Economy of South Korea: Fifty Years of Macroeconomic Management ) by Lawrence Krause in KDI (1997). (2) Macroeconomic Balance and Saving/Consumption Hypotheses * Ch. 8 (Saving, Investment, and External Balance in South Korea) of Haggard et al. (1994). * Ch. 9 (The Consumption and Savings Behavior of Koreans) of Song (2005). (3) Capital Accumulation and Investment ** Ch 5 (Strategies for Rapid Accumulation) of World Bank (1993) * Ch. 9 (Saving and the Cost of Capital) of Ito, Takatoshi, The Japanese Economy (Cambridge, Mass, : MIT Press, 1992). Refer to (National Bureau of Statistics of China) for the Chinese statistics.

12 5 (07.25 ~ 07.29) LY TOPIC & CONTENTS Topic 15: July 25 Fiscal Policy (1) Effect of Fiscal Policy * Lindbeck, Assar, Ch. 3 Public Finance for Developing Countries in Liberalization in the Process of Economic Development, edited by Krause, Lawrence B and Kihwan Kim (1991). * Ch 6 (The Role of Tax and Fiscal Policies) by Kim, Dong-Kun and Seong-Hyeon Whang in KDI (1997). (2) Structures of Tax Revenues and Government Expenditures ** Ch. 5 (Fiscal Policy in Korea) of Haggard, Stephan, Richard N. Cooper, Susan Collins, Choongsoo Kim and Sung-Tae Ro, Macroeconomic Policy and Adjustment in Korea: (Harvard institute for International Development, 1994). (3) Problems and Challenges ** Feyzioglu, Tarhan, Michael Skaarup, and Murtaza Syed, Addressing Korea s Long-Term Fiscal Challenges IMF Working Paper, WP/08/27 (2008). * Refer to (Ministry of Strategy and Finance) and (Korea Institute of Public Finance). Homework # 3 Introduce a case study of an industrial (or trade) policy of a country of your choice. Topic 16: July 26 The Financial Market (1) The Role of Financial Sector in Economic Development * Park, Yung-Chul, Financial Repression, Liberalization, and Development in Developing Countries, KDI Working Paper No (May 1987) * Ch. 1 (Theories of Financial Development and the Relevance of Korean Experience) and *Ch. 3 (Korea s Regulated Financial Institutions) of Cole, David and Yung-Chul Park, Financial Development in Korea: (Harvard University Press, 1980). * David Cole, Financial Development in Korea, , KDI Working Paper (June 1979).

13 LY TOPIC & CONTENTS (2) The Korean Financial Market Structures and Reforms ** Summary & Ch. 3 (The Evolution of Financial Sector Policies and Directed Credit Programs in Korea) of Cho, Yoon Je and Joon Kyung Kim, Credit Policies and the Industrialization of Korea, KDI (December 1997) * Ch 5 (Financial Policies and Institutional Innovation) by Pyung-Joo Kim in KDI (1997). (3) International Comparisons of the Financial System * Ch. 5 (Financial Markets and Monetary Policy, pp ) of Ito, Takatoshi, The Japanese Economy (Cambridge, Mass, : MIT Press, 1992). * Refer to (Bank of Korea), (Ministry of Strategy and Finance), and (Korea Institute of Finance). Topic 17: July 27 Market Structure and Industrial Policy (1) Market Structure and Concentration of Economic Power: issue of Chaebol * Jones, Leroy P., Ch. 16 Big Business Groups in South Korea: Causation, Growth, and Policies of Cho and Kim (1994) ** Ch. 7 (Industrial Structure and Policy) and Ch. 11 (Understanding the Korean Management System) of Song (2005). * Ch 10 (Evolution of Industrial Organization and Policy Response in Korea) of KDI (1997). * Ch. 5 (The Spiraling of Market Power) of Amsden, Alice, Asia s Next Giant: South Korea and Late Industrialization (Oxford University Press, 1989). * Yoo, Seong-Min, Ch.10 Evolution of Government- Business Interface in Korea: Progress to Date and Reform Agenda Ahead of Cho, Kim and Lee (2001). * Yoo, Seong Min, Chaebol in Korea: Misconceptions, Realities, and Policies, KDI Working Paper (March 1995). (2) Industrial Policy

14 LY TOPIC & CONTENTS ** Leipziger, D. M. and Peter A. Petri, Ch. 19 Korean Industrial Policy: Legacies of the Past and Directions for the Future of Cho and Kim (1994). * Ch 4 (Policy-based Loans) & Ch 6 (The Effectiveness of Credit Policies in Korea) of Cho, Yoon Je and Joon Kyung Kim, Credit Policies and the Industrialization of Korea, KDI (December 1997) ** Ch. 1 (Introduction) of Komiya, Ryutaro, Masahiro Okuno, and Kotaro Suzumura, Industrial Policy of Japan (Academic Press, 1988). * Noguchi, Yukio, Forecasting Japan s Future: The Lessons of History, The 1940 System, American Economic Review, Vol. 88, No. 2 (1998). * Ch. 7 (Industrial Structure and Policy) of Ito, Takatoshi, The Japanese Economy (Cambridge, Mass, : MIT Press, 1992). * Refer to (Fair Trade Commission), Korea Economic Research Institute ( an affiliation of the Federation of Korean Industries ( Also refer to (Ministry of Knowledge Economy) and (Small and Medium Business Administration). Topic 18: July 28 The International Economic Issues in East Asia * Plummer, Michael G. The Global Economic Crisis and Its Implications for Asian Economic Cooperation, Policy Studies 55, East-West Center (2009). * Kawai, Masahiro, and Ganeshan Wignaraja, The Asian Noodle Bowl: Is It Serious for Business, ADBI Working Paper Series, No. 136 (2009). * Refer to (Ministry of Foreign Affairs and Trade), (Korea Trade and Investment Promotion Agency), (Korea Institute for International Economic Policy.

15 LY TOPIC & CONTENTS ( for English version, Korea International Trade Association). Also refer to (United States Trade Representative), and (World Trade Organization), (Asian Development Bank), (United Nations Conference in Trade and Development). 6 (08.01 ~ 08.04) Topic 20: August 1 The North Korean Economy and Inter-Korean Economic Relation (1) The Evolution of the North Korean Economy * Ch. 3 (The North Korean Economy) of Noland, Marcus, Avoiding the Apocalypse (2001). * Chung, Hong-Tack and Jin Park, Ch. 16 North Korean Economy: A Historical Assessment of KDI (1997). * Lee, Doowon, "Assessing North Korean Economic Reform: Historical Trajectory, Opportunities and Constraints," Pacific Focus, Vol. ⅧI, No. 2, pp. 5-29, Fall (LW). (2) Recent Status and Prospects for Change * Lee, Doowon, Lessons of transition economies reform for North Korea, The System Transformation of the transition economies (Seoul: Yonsei University Press, 1997). * Ch. 7 (The Prospects of Successful Reform in the North) of Noland, Marcus, Avoiding the Apocalypse (2001). * Lee, Doowon, The Economic Outlook for Reconciliation and Reunification, Korea Briefing : First Steps Toward Reconciliation and Reunification, edited by Kongdan Oh and Ralph C. Hassig, published in cooperation with the Asia Society (New York: M.E. Sharpe, Inc. 2002) * North Korea Development Report 2002/03, edited by Choong Yong Ahn (KIEP, January 2001) * Haggard, Stephan and Marcus Noland, Follow the Money: North Korea s External Resources and Constraints, Korea s Economy Vol. 24 (KEI, 2008) (3) Inter-Korean Economic Relation * Lee, Doowon, "Inter-Korean Economic Relation:

16 LY TOPIC & CONTENTS Rivaled Past, Unbalanced Present, and Integrated Future," Yonsei Economics Studies, Vol. II, No.1, pp , Spring (LW). (4) Unification Scenarios and Unification Cost * Noland, Marcus, Sherman Robinson, and Tao Wang, "Modeling Korean Unification", Journal of Comparative Economics, Vol. 28, (2000). (DF). ** Ch. 8 (The Implications of North Korean Collapse) of Noland, Marcus, Avoiding the Apocalypse (2001). * Refer to (Ministry of Unification), The world factbook of (5) Comparison with German Unification * Park, Kwang Jack, A Study on Restructuring and Privatization of the East German State-owned Enterprises (in Korean), The Comparative Economic Review, Vol. 9, No. 1 (2002).