In comparison with the welfare gains from the U.S. and Japan bilateral FTAs, the gains from both unilateral trade liberalization by the United States, Japan, and the FTA partners and global (multilateral) free trade are shown to be rather substantial and more uniformly positive for all countries in the global trading system. The U.S. and Japan FTAs are based on “hub” and “spoke” arrangements. We show that the spokes emanate out in different and often overlapping directions, suggesting that the complex of bilateral FTAs may create distortions of the global trading system.
Brown, D., Kiyota, K. and Stern, R. (2010), "Chapter 11 Computational Analysis of the Menu of U.S.–Japan Trade Policies", Gilbert, J. (Ed.) New Developments in Computable General Equilibrium Analysis for Trade Policy (Frontiers of Economics and Globalization, Vol. 7), Emerald Group Publishing Limited, Bingley, pp. 303-355. https://doi.org/10.1108/S1574-8715(2010)0000007014Download as .RIS
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