{"id":55353,"date":"2023-12-01T18:44:32","date_gmt":"2023-12-01T17:44:32","guid":{"rendered":"https:\/\/www.wifo.ac.at\/publication\/pro-globalization-via-ftas-in-times-of-covid-19\/"},"modified":"2024-11-07T06:22:55","modified_gmt":"2024-11-07T05:22:55","slug":"pro-globalization-via-ftas-in-times-of-covid-19","status":"publish","type":"publication","link":"https:\/\/www.wifo.ac.at\/en\/publication\/55353\/","title":{"rendered":"Pro-Globalization via FTAs in Times of COVID-19"},"content":{"rendered":"","protected":false},"featured_media":0,"template":"","class_list":["post-55353","publication","type-publication","status-publish","hentry"],"acf":{"subtitle":"","text":"This analysis attempts to offer a counter strategy to the idea of anti-globalization and de-growth that had flared up again since the COVID-19 crisis. All international forecasts expect for the year 2020 the deepest recession since the Great Depression. Countries which can afford it, run a super-Keynesian fiscal policy to fight the crisis, accompanied by an extremely expansionary monetary policy in the USA (Fed) and in the euro area (ECB). As a third policy instrument besides fiscal and monetary policy, an aggressive pro-globalization trade policy could relieve and strengthen the crisis macro policy. To demonstrate which options are available we analyze nine mega free trade agreements, some of them are already in effect, others will be enacted soon. Overall, not the big players in world trade, the EU and the USA win by a simultaneous implementation of the nine FTAs. Japan would be the winner because it participates in four combinations (overlaps) of FTAs: EU\u2013Japan, USA\u2013Japan, CPTPP and RCEP. The USA hardly gain from further globalization. Similarly, the EU 27 cannot profit much from further globalization.","onlinedate":"2020-11-03 12:00:00","lang":"English","publication_series":"","publication_date":"20201101","publication_date_year":"","publication_date_full":false,"publication_num_pages":"51","keywords":"[]","jelcodes":"[]","related_publications":"[]","pdf":385404,"zip":null,"link":"","monthly_report":true,"monthly_report_main":false,"monthly_report_volume":"","monthly_report_pages":"","monthly_report_pages_sort":"0","issue":"617","journal":"WIFO Working Papers","publisher":"","invisible":false,"external":false,"embargo_date":"2020-11-03 12:00:00","types":[44410],"research_groups":[],"collaboration":"","persons":[3917],"persons_data":"[{\"personId\":3917,\"personName\":\"Fritz Breuss\",\"organisationNames\":[]}]","clients":[],"subclients":[],"partners":[],"topics":[41281],"host_publication_title":"","host_publication_subtitle":"","place_of_publication":"","host_publication_editors":"[]","type_description":"","output_media":"","chapter":"","article_number":"","citations":"{\"apa\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_apa rendering_contributiontoperiodical rendering_apa rendering_contributiontoperiodical_apa\\\"><span>Breuss, F.<\\\/span> (2020). <span>Pro-Globalization via FTAs in Times of COVID-19<\\\/span>. <span><em>WIFO Working Papers<\\\/em><\\\/span>, (617). <a onclick=\\\"window.open(this.href, '_blank','noopener,noreferrer'); return false;\\\" href=\\\"https:\\\/\\\/www.wifo.ac.at\\\/wwa\\\/pubid\\\/66570\\\" class=\\\"link\\\"><span>https:\\\/\\\/www.wifo.ac.at\\\/wwa\\\/pubid\\\/66570<\\\/span><\\\/a><\\\/div>\",\"vancouver\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_vancouver rendering_contributiontoperiodical rendering_vancouver rendering_contributiontoperiodical_vancouver\\\"><span>Breuss F<\\\/span>. <span class=\\\"title\\\"><span>Pro-Globalization via FTAs in Times of COVID-19<\\\/span><\\\/span>. <span>WIFO Working Papers<\\\/span>. 2020 Nov;(617).<\\\/div>\",\"bibtex\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_bibtex rendering_contributiontoperiodical rendering_bibtex rendering_contributiontoperiodical_bibtex\\\"><div>@misc{83cab3f3f8144bce801ba17bd024aafc,<\\\/div><div>  title    = \\\"Pro-Globalization via FTAs in Times of COVID-19\\\",<\\\/div><div>  abstract = \\\"This analysis attempts to offer a counter strategy to the idea of anti-globalization and de-growth that had flared up again since the COVID-19 crisis. All international forecasts expect for the year 2020 the deepest recession since the Great Depression. Countries which can afford it, run a super-Keynesian fiscal policy to fight the crisis, accompanied by an extremely expansionary monetary policy in the USA (Fed) and in the euro area (ECB). As a third policy instrument besides fiscal and monetary policy, an aggressive pro-globalization trade policy could relieve and strengthen the crisis macro policy. To demonstrate which options are available we analyze nine mega free trade agreements, some of them are already in effect, others will be enacted soon. Overall, not the big players in world trade, the EU and the USA win by a simultaneous implementation of the nine FTAs. Japan would be the winner because it participates in four combinations (overlaps) of FTAs: EU\u2013Japan, USA\u2013Japan, CPTPP and RCEP. The USA hardly gain from further globalization. Similarly, the EU 27 cannot profit much from further globalization.\\\",<\\\/div><div>  keywords = \\\" Globalization, International Trade Policy, Model Simulations, COVID-19\\\",<\\\/div><div>  author   = \\\"Fritz Breuss\\\",<\\\/div><div>  note     = \\\"Pro-Globalization via FTAs in Times of COVID-19\\\",<\\\/div><div>  year     = \\\"2020\\\",<\\\/div><div>  month    = nov,<\\\/div><div>  language = \\\"English\\\",<\\\/div><div>  journal  = \\\"WIFO Working Papers\\\",<\\\/div><p>}<\\\/p><\\\/div>\",\"ris\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_ris rendering_contributiontoperiodical rendering_ris rendering_contributiontoperiodical_ris\\\"><p>TY  - GEN<\\\/p><p>T1  - Pro-Globalization via FTAs in Times of COVID-19<\\\/p><p>AU  - Breuss, Fritz<\\\/p><p>N1  - Pro-Globalization via FTAs in Times of COVID-19<\\\/p><p>PY  - 2020\\\/11<\\\/p><p>Y1  - 2020\\\/11<\\\/p><p>N2  - This analysis attempts to offer a counter strategy to the idea of anti-globalization and de-growth that had flared up again since the COVID-19 crisis. All international forecasts expect for the year 2020 the deepest recession since the Great Depression. Countries which can afford it, run a super-Keynesian fiscal policy to fight the crisis, accompanied by an extremely expansionary monetary policy in the USA (Fed) and in the euro area (ECB). As a third policy instrument besides fiscal and monetary policy, an aggressive pro-globalization trade policy could relieve and strengthen the crisis macro policy. To demonstrate which options are available we analyze nine mega free trade agreements, some of them are already in effect, others will be enacted soon. Overall, not the big players in world trade, the EU and the USA win by a simultaneous implementation of the nine FTAs. Japan would be the winner because it participates in four combinations (overlaps) of FTAs: EU\u2013Japan, USA\u2013Japan, CPTPP and RCEP. The USA hardly gain from further globalization. Similarly, the EU 27 cannot profit much from further globalization.<\\\/p><p>AB  - This analysis attempts to offer a counter strategy to the idea of anti-globalization and de-growth that had flared up again since the COVID-19 crisis. All international forecasts expect for the year 2020 the deepest recession since the Great Depression. Countries which can afford it, run a super-Keynesian fiscal policy to fight the crisis, accompanied by an extremely expansionary monetary policy in the USA (Fed) and in the euro area (ECB). As a third policy instrument besides fiscal and monetary policy, an aggressive pro-globalization trade policy could relieve and strengthen the crisis macro policy. To demonstrate which options are available we analyze nine mega free trade agreements, some of them are already in effect, others will be enacted soon. Overall, not the big players in world trade, the EU and the USA win by a simultaneous implementation of the nine FTAs. Japan would be the winner because it participates in four combinations (overlaps) of FTAs: EU\u2013Japan, USA\u2013Japan, CPTPP and RCEP. The USA hardly gain from further globalization. Similarly, the EU 27 cannot profit much from further globalization.<\\\/p><p>KW  -  Globalization<\\\/p><p>KW  -  International Trade Policy<\\\/p><p>KW  -  Model Simulations<\\\/p><p>KW  -  COVID-19<\\\/p><p>M3  - WIFO series<\\\/p><p>JO  - WIFO Working Papers<\\\/p><p>JF  - WIFO Working Papers<\\\/p><p>ER  - <\\\/p><\\\/div>\"}","scientific_assistance":"[]","scientific_review":"[]","version":"","release_date":null,"expiration_date":null,"surveyor":"","research_assistance":"","edv":"","additional_info_de":"","additional_info_en":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Pro-Globalization via FTAs in Times of COVID-19 - WIFO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.wifo.ac.at\/en\/publication\/55353\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pro-Globalization via FTAs in Times of COVID-19\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.wifo.ac.at\/en\/publication\/55353\/\" \/>\n<meta property=\"og:site_name\" content=\"WIFO\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/WIFOat\/\" \/>\n<meta property=\"article:modified_time\" content=\"2024-11-07T05:22:55+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.wifo.ac.at\/wp-content\/uploads\/2024\/05\/WIFO-Gebaeude-FotoAlexanderMueller-www.alexandermueller.at-IMG_6326-Bearbeitet-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1280\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:site\" content=\"@WIFOat\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/publication\\\/55353\\\/\",\"url\":\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/publication\\\/55353\\\/\",\"name\":\"Pro-Globalization via FTAs in Times of COVID-19 - 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