Time Patience and Specialization Patterns in the Presence of Asset Trade
研究开放经济中，在允许国际借贷时，不同耐心程度国家的长期专业化模式如何变化，发现耐心较低的国家可能专业化于资本密集型产业。
Specialization patterns in an open‐economy two‐sector growth model with endogenous capital accumulation are examined in the presence of free international lending and borrowing. Without free international lending and borrowing it is known that, whereas the less (time‐)patient country decumulates real capital, the more patient country accumulates real capital and eventually specializes in a capital‐intensive industry. However, free trade of international financial assets causes a dramatic change in long‐run specialization patterns. In this case the less patient country may well specialize in the capital‐intensive industry and the more patient country in the labor‐intensive industry.