A dynamic analysis of the Korea-Japan free trade area: simulations with the G-cubed Asia-Pacific model

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A dynamic analysis of the Korea-Japan free trade area: simulations with the G-cubed Asia-Pacific model

Author Info

Warwick McKibbin
Jong-Wha Lee
Inkyo Cheong

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Abstract

This paper explores the effects of the proposed free trade agreement between Japan and Korea. Our experiments are based on a new dynamic simulation model, called the Asia-Pacific G-cubed Model, which incorporates the rational expectations and intertemporal optimizing behaviour of agents. The simulations show that both Korea and Japan benefit from the bilateral FTA although other countries lose. The output gains from the FTA are estimated to be larger when trade liberalization is undertaken by a tariff reduction that is more gradually phased-in than rapid. JEL Classification : F15

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Publisher Info
Article provided by Korean International Economic Association in its journal International Economic Journal.

Volume (Year): 18 (2004)
Issue (Month): 1 (March)
Pages: 3-32
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Handle: RePEc:taf:intecj:v:18:y:2004:i:1:p:3-32

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Related research
Keywords: Japan; Korea; Fta; Dynamic;

References listed on IDEAS
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Martin Feldstein & Charles Horioka, 1980. "Domestic Savings and International Capital Flows," NBER Working Papers 0310, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
Other versions:
- Feldstein, Martin & Horioka, Charles, 1980. "Domestic Saving and International Capital Flows," Economic Journal, Royal Economic Society, vol. 90(358), pages 314-29, June. [Downloadable!] (restricted)
McKibbin, Warwick J. & Wilcoxen, Peter J., 1998. "The theoretical and empirical structure of the G-Cubed model," Economic Modelling, Elsevier, vol. 16(1), pages 123-148, January. [Downloadable!] (restricted)
Other versions:
- McKibbin, W.J. & Wilcoxen, P.J., 1995. "The Theoretical and Empirical Structure of the G-Cubed Model," Papers 118, Brookings Institution - Working Papers.
- W. J. McKibbin & P. J. Wilcoxen, . "The Theoretical and Empirical Structure of the G-Cubed Model," Discussion Papers 118, Brookings Institution International Economics. [Downloadable!]
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Roger H. Gordon & A. Lans Bovenberg, 1994. "Why is Capital so Immobile Internationally?: Possible Explanations and Implications for Capital Income Taxation," NBER Working Papers 4796, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
Other versions:
- Gordon, R.H. & Bovenberg, A.L., 1994. "Why Is Capital So Immobile Internationally?: Possible Explanations and Implications for Capital Income Taxation," Working Papers 358, Research Seminar in International Economics, University of Michigan.
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McKibbin, W.J., 1997. "Regional and Multiregional Trade Liberalization: The Effects on Trade, Investment and Welfare," Papers 134, Brookings Institution - Working Papers.

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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

Drusilla K. Brown & Kozo Kiyota & Robert M. Stern, 2004. "Computational Analysis of the Menu of U.S.-Japan Trade Policies," Working Papers 515, Research Seminar in International Economics, University of Michigan. [Downloadable!]
Other versions:
- Drusilla K. Brown & Kozo Kiyota & Robert M. Stern, 2004. "Computational Analysis of the Menu of U.S.-Japan Trade Policies," Hi-Stat Discussion Paper Series d04-63, Institute of Economic Research, Hitotsubashi University. [Downloadable!]
- Drusilla K. Brown & Kozo Kiyota & Robert M. Stern, 2006. "Computational Analysis of the Menu of US-Japan Trade Policies," The World Economy, Blackwell Publishing, vol. 29(6), pages 805-855, 06. [Downloadable!] (restricted)
ANDO Mitsuyo, 2009. "Impacts of FTAs in East Asia: CGE Simulation Analysis," Discussion papers 09037, Research Institute of Economy, Trade and Industry (RIETI). [Downloadable!]
Kozo Kiyota & Robert M. Stern, 2007. "Economic Effects of a Korea-U.S. Free Trade Agreement," Working Papers 557, Research Seminar in International Economics, University of Michigan. [Downloadable!]
Park, Innwon, 2008. "Regional Trade Agreements in East Asia: Will They Be Sustainable?," MPRA Paper 5068, University Library of Munich, Germany. [Downloadable!]
Other versions:
- Innwon Park, 2009. "Regional Trade Agreements in East Asia: Will They Be Sustainable? ," Asian Economic Journal, East Asian Economic Association, vol. 23(2), pages 169-194, 06. [Downloadable!] (restricted)
Drusilla K. Brown & Alan V. Deardorff & Robert M Stern, 2002. "Multilateral, Regional, and Bilateral Trade-Policy Options for the United States and Japan," Working Papers 490, Research Seminar in International Economics, University of Michigan. [Downloadable!]
Other versions:
- Drusilla K. Brown & Alan V. Deardorff & Robert M. Stern, 2001. "Multilateral, Regional, and Bilateral Trade-Policy Options for the United States and Japan," Discussion Papers Series, Department of Economics, Tufts University 0112, Department of Economics, Tufts University. [Downloadable!]
- Drusilla K. Brown & Alan V. Deardorff & Robert M. Stern, 2001. "Multilateral, Regional, and Bilateral Trade-Policy Options for the United States and Japan," Discussion Papers Series, Department of Economics, Tufts University 0109, Department of Economics, Tufts University. [Downloadable!]
- Drusilla K. Brown & Alan V. Deardorff & Robert M Stern, 2001. "Multilateral, Regional, and Bilateral Trade-Policy Options for the United States and Japan," Working Papers 469, Research Seminar in International Economics, University of Michigan. [Downloadable!]
- Drusilla K. Brown & Alan V. Deardorff & Robert M. Stern, 2003. "Multilateral, Regional and Bilateral Trade-Policy Options for the United States and Japan," The World Economy, Blackwell Publishing, vol. 26(6), pages 803-828, 06. [Downloadable!] (restricted)

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