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Time Patience Does Not Lead to a Capital-intensive Nation

Author

Listed:
  • Yoshiyasu Ono

    (Institute of Social and Economic Research, Osaka University)

  • Akihisa Shibata

    (Institute of Economic Research, Kyoto University)

Abstract

Specialization patterns in a dynamic Heckscher-Ohlin (HO) 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.

Suggested Citation

  • Yoshiyasu Ono & Akihisa Shibata, 2003. "Time Patience Does Not Lead to a Capital-intensive Nation," KIER Working Papers 574, Kyoto University, Institute of Economic Research.
    • Handle: RePEc:kyo:wpaper:574
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    Cited by:

    1. Yoshiyasu Ono & Akihisa Shibata, 2006. "Long‐run Specialization," Review of International Economics, Wiley Blackwell, vol. 14(1), pages 1-15, February.

    More about this item

    Keywords

    time-patience differential; dynamic Heckscher-Ohlin model; specialization pattern; financial asset trade;
    All these keywords.

    JEL classification:

    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory

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