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On Net External Assets in Regions And States of the U.S.A

  • Petr Duczynski
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    We present rough estimates of net external assets for 8 regions and 51 states of the United States. These estimates have been derived from the data on gross state product and state personal income. We identify the largest creditors and debtors and observe relatively important disparities in net external assets across the states and regions. The analysis is also focused on various trends in the indebtedness of regional economies. Using the correlation matrices for selected base years, the degree of capital mobility across regions and states is quantified. We provide some evidence that states are more open to capital flows than regions. In the end, the convergence of net external assets between 1980 and 2000 is confirmed.

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    Article provided by University of Economics, Prague in its journal Prague Economic Papers.

    Volume (Year): 2009 (2009)
    Issue (Month): 4 ()
    Pages: 342-352

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    Handle: RePEc:prg:jnlpep:v:2009:y:2009:i:4:id:358:p:342-352
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    1. Bayoumi, Tamim & Goldstein, Morris & Woglom, Geoffrey, 1995. "Do Credit Markets Discipline Sovereign Borrowers? Evidence from US States," CEPR Discussion Papers 1088, C.E.P.R. Discussion Papers.
    2. Oved Yosha & Bent E. Sorensen & Ariell Reshef & Sebnem Kalemli-Ozcan, 2007. "Why Does Capital Flow to Rich States?," 2007 Meeting Papers 828, Society for Economic Dynamics.
    3. Robert J. Barro, 2013. "Inflation and Economic Growth," Annals of Economics and Finance, Society for AEF, vol. 14(1), pages 121-144, May.
    4. Lane, Philip R. & Milesi-Ferretti, Gian Maria, 2001. "The external wealth of nations: measures of foreign assets and liabilities for industrial and developing countries," Journal of International Economics, Elsevier, vol. 55(2), pages 263-294, December.
    5. Petr Duczynski, 2000. "Capital Mobility in NeoClassical Models of Growth: Comment," American Economic Review, American Economic Association, vol. 90(3), pages 687-694, June.
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