What are the economic and welfare effects of the UN sanctions for North Korea?

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What are the economic and welfare effects of the UN sanctions for North Korea?

use Matlab to apply a model

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What are the economic and welfare effects of the UN sanctions for North Korea?

What are the economic and welfare effects of the UN sanctions for North Korea?

ANSWER


The United Nations organization normally imposes sanctions on different countries with the aim of modifying their behaviors or restricting the export of goods and services that may be of great concern to the trade regulators. Since 2006, North Korea has experienced a total of nine sanctions from the UN following its production of ballistic missile and nuclear programs (Taylor Par 2). Initially, the UN sanctions on North Korea failed to have significant impacts since Russia and China continued to engage in trade. The UN’s sanctions on North Korea involve the ban on condensates, coal, and natural gas liquids, refined petroleum oil and crude oil.