May 20, 2024

ABOUT THE AUTHOR

Peter Ward

Peter Ward

Peter Ward is a research fellow at the Sejong Institute. His work focuses on North Korean politics, the economy and society. He has a Ph.D. from the University of Vienna.

Analysis

Why are foreign exchange rates soaring in North Korea?

Global inflation, signs of looming food shortages may be driving forex market in DPRK

Peter WardPeter WardAugust 19, 2022
Analysis

The flaws in the Bank of Korea’s estimates of North Korean economic activity

Questionable assumptions underlie researchers’ methods and findings, as DPRK economy remains a statistical black hole

Peter WardPeter WardAugust 10, 2022
Analysis

How Kim Jong Un created space for North Korean firms to set prices — with limits

Documents show DPRK leader reinstated agreed price system his father rolled back but stopped short of true free market

Peter WardPeter WardAugust 2, 2022
Analysis

How North Korean businesses skirted state-set price controls to survive

Collapse of Soviet Union led Pyongyang to create markets for enterprises to trade, but a backlash rolled back reforms

Peter WardPeter WardJuly 21, 2022
Analysis

North Korea’s largest-ever banknote signals changes underfoot in monetary system

50,000-won denomination appears to be result of state efforts to push enterprises away from using foreign currency

Peter WardPeter WardJune 22, 2022
Analysis

How COVID-19 and drought shaped North Korea’s priorities at latest party plenum

Leadership signaled focus on agriculture and construction as it deals with effects of long-term trade shutdown

Peter WardPeter WardJune 13, 2022
Analysis

Factor markets: Who really owns the land, labor and capital in North Korea?

Actual control and right to buy and sell are increasingly determined by access to funds, not by state fiat

Peter WardPeter WardJune 6, 2022
Analysis

Why some North Koreans actually benefit from sanctions on their country

Measures targeting DPRK’s weapons programs can serve interests of security institutions, military and firms

Peter WardPeter WardMay 31, 2022
Analysis

Why North Korea’s pharmacies are unequipped to confront COVID-19

Private market actors are necessary for the DPRK’s drug distribution system to function, but supplies are highly limited

Peter WardPeter WardMay 26, 2022
Analysis

Russia faces North Korea-level sanctions, but can’t escape them like Pyongyang

Russia’s economy is far larger and more connected to the rest of the world than the DPRK’s

Peter WardPeter WardApril 26, 2022
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