production and volume of trade if time zones of the trading nations are non-overlapping. This implies a positive effect of … distance on the volume of trade in general and virtual trade in particular. It is also shown that exploitation of time zone … differences raises welfare and ensures capital accumulation. The paper builds on the emerging literature on time zones and pure …

and ensures capital accumulation. The note builds on the emerging literature on time zones and pure theory of … increase in the production and volume of trade if time zones of the trading nations are non-overlapping. This implies a … positive effect of distance on the volume of trade. It is also shown that exploitation of time zone difference raises welfare …