This paper suggests that inequality in landownership is a non-financial hurdle for human capital accumulation. It is the first to present evidence that inequality in landownership had an adverse effect on the level of public education in the Korean colonial period. Using a fixed effects model,...

Since the conventional current account uses cash-flow accounting, it is potentially devoid of economic meaning. Assessing foreign assets at market values and including expected transfers from abroad, we report two measures of the external surplus that are grounded in economic theory. Our first...