Rigorous Speculation: The Collapse and Revival of the North Korean Economy

Marcus Noland, Sherman Robinson and Tao Wang

No WP99-1, Working Paper Series from Peterson Institute for International Economics

Abstract: In this paper we use cross-entropy estimation techniques to construct the underlying data base for a computable general equilibrium model (CGE) of the North Korean economy, starting from incomplete data ridden with gross measurement errors. The cross-entropy estimation approach is powerful and flexible, allowing us to make full use of what information we have in whatever form. CGE modeling forces internal consistency. The end product is a model that incorporates fragmentary information in a rigorous way and allows us to examine the implications of a number of alternative scenarios including rehabilitation of flood-affected lands, liberalization of the international trade regime, and military demobilization.

Date: 1999
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Journal Article: Rigorous Speculation: The Collapse and Revival of the North Korean Economy (2000)
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