Abstract
In light of the discussions about the single European market and in light of the tensions in commercial relations between Japan and the European Union, I formalized the two phenomena into an AGE model with imperfect competition. The purpose of the present work is to provide some estimates of how the welfare of Japan and the European Union may be affected by the completion of the single European market, and by European and Japanese trade policy such as unilateral and bilateral free-trade experiments. The structure of the present model is basically derived from the model of Burniaux and Waelbroeck (1992).
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