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US-Japan Economic Relations after TPP

Overview

Leader Yasuyuki Todo, Professor, Waseda University
Researcher Petr Matous (University of Sydney)
Term October 3, 2017 - March 31, 2018
Research Outline

Research Outline (Background, Objectives, Methods, etc)

This project provides some policy recommendations on US-Japan economic relations after TPP, based on results from empirical economic research. The empirical evidence includes:

- Simulation results on benefits from TPP: The US may not have benefited much from TPP.
- Effects of globalization on economic growth through knowledge diffusion: Such effects are not incorporated in standard simulations of free trade agreements.
- Effects of globalization on income inequality: Inequality has shrunk at the global level but widened within developed countries.
- Vicious cycles between protectionism and economic stagnation

Policy recommendations generated from the evidence include:
- TPP11 may be difficult to conclude.
- The US-Japan FTA should be concluded, but both countries need to compromise (Japan in agriculture, and the US in the automobile industry).
- Research collaborations between the US and Japan should also be promoted to stimulate knowledge diffusion and innovation.

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