Kim and Yang and Lankov on the Rise of the Informal Economy

We are currently in a holding pattern, waiting to find out whether the closure of Kaesong, multilateral and bilateral sanctions and the designation of North Korea as a jurisdiction of money-laundering concern will have significant material effect on the economy. An important issue going forward will be whether the process that we call “marketization from below” is a source of economic and political resilience or whether these activities will also be vulnerable to mounting external constraints, a

Source: Peterson Institute (PIIE)