Yonsei School of Business

Working through the Yonsei Business Research Institute, YSB has launched a systematic program to track and analyze the economy of North Korea and how the country conducts business.

At a seminar held last fall, Jiyoung Choi, Ph.D., of the Bank of Korea used statistical data on North Korea’s economic growth rate, inflation, and trade structure in discussing changes in its economy. Young Hoon Lee, Ph.D., of the SK Research Institute suggested that the North Korean economy has entered a stable phase of monetary accommodation after its currency reform and undertaking of promotion of credit card usage around big cities. Another presenter, Jin Hyang Kim, Ph.D., with Yeosijae, a private think tank, criticized the tendency toward hasty generalizations about the Gaeseong Industrial Complex from only the point of view of South Korea. Cheon Jo Park, Ph.D., of the Gaeseong Industrial District Foundation, who was the last presenter, spoke on the meaning of North Korea’s self-supporting accounting system and its socialist responsible management system of enterprises. He also explained the recent trends in North Korea’s cost management and adjusted national rationing system.

The North Korea Business Research Seminar seeks to understand the current economy of North Korea and the characteristics of a planned economic system. It aims to improve academic research on North Korean business, encourage further research, and build a research network.