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The Impact of UN Sanctions on North Korea’s Luxury Goods Imports

  • Author JEONG Hyung-Gon , BANG Hokyung
  • Date2017-11-22

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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