KIEP Newsletter Vol. 5 No. 23

KIEP Newsletter Vol. 5 No. 23 | November 24, 2017 | Print

KIEP Surmounting Global Challenges, Creative Response! Korea Institute for International Policy (ISSN: 2288-0348)


The Impact of UN Sanctions on North Korea's Luxury Goods Imports JEONG Hyung-Gon and BANG Hokyung / KIEP Staff Paper 17-02

This paper aims to analyze the economic impacts of UN sanctions on North Korea's banned luxury goods imports. The analysis is based on applying Difference-in-Differences Methods to the gravity model. The results show that North Korea's luxury goods import patterns reflect the aforesaid model. The result of Difference-in-Differences shows that UN Resolutions 1695 and 1718 were ineffective in decreasing North Korea's luxury goods imports. This paper also found that four countries, primarily China, accounted for 91.4% of North Korea's luxury goods imports in 2007, and the share of North Korea's luxury goods accounted for about 5.3% of North Korea's overall imports.

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