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In monetary economies, international differences in rates of time preference do not in general lead to long run trade imbalances --in sharp contrast with Butter's 119811 results on non-monetary overlapping generation economies. This claim is documented within the context of a simple twocountry framework in which new immortal families enter each economy over time, with the two countries differing only in their subjective discount rates. Even if consumers are more "impatient" at home than abroad,doi:10.3386/w2822 fatcat:3yucgcfmurb5hk6ulilino3gpu