Time Preference and International Lending and Borrowing in an Overlapping-Generations Model
用代际交叠模型分析两个仅时间偏好不同的经济体在封闭与开放下的资本形成、国际收支和福利差异，发现低时间偏好国稳态下经常账户盈余，但高时间偏好国短期内可能因开放受损。
Two economies, represented by Diamond-type overlapping-generations models and differing only in their pure rates of time preference, are joined together. Capital formation, balance-of-payments behavior, and welfare are compared under autarky and openness. With a positive natural rate of growth, the low-time-preference country runs a current account surplus in the steady state but not necessarily outside it. If preexisting capital is not shiftable between countries, integration in the world economy makes the high-time-preference country worse off in the short run. The ranking of stationary utility levels under autarky and openness is ambiguous.