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Journal Article
Asia recalls 1997 crisis as investors await Fed tapering
Asian economies now appear better positioned to deal with adverse external financial shocks.
Report
The euro and the dollar in the crisis and beyond
The euro has survived its first decade, overcoming questions about its viability and political and economic raison d'tre. ?The Euro and the Dollar in the Crisis and Beyond,? a conference sponsored by Bruegel, the Peterson Institute for International Economics and the Federal Reserve Bank of Dallas, marked the milestone on March 17, 2010, with discussions of Europe?s monetary integration, the euro?s global role relative to the dollar and the currency?s prospects in the aftermath of the 2008?09 global recession.
Report
T-Shirt's Journey to Market
The life of a T-shirt ? from its origins in a Lubbock, Texas, cotton field to its final days in a usedclothing store in Tanzania?aptly tells the story of globalization, comparative advantage, trade regimes, proximity to market and modern retailing.
Journal Article
Cheaper crude oil affects consumer prices unevenly
The recent crude oil price decline is reflected in lower pump prices for gasoline. Other consumer prices are also affected, but the impact and the speed of transmission vary considerably.
Journal Article
Global and National Shocks Explain A Large Share of State Job Growth
Global and U.S. national shocks on average appear to equally explain more than half of the fluctuations in state employment growth, an important measure of assessing real economic activity. The overall assessment, however, conceals a wide variation among states.
Journal Article
Bringing banking to the masses, one phone at a time
More than half of the world?s adult population lacks access to formal financial services. The proportion is greater in developing countries, where 64 percent on average do not have bank accounts, compared with 17 percent in developed nations. Mobile communications technology is fast becoming a conduit of change. Cell phone subscriptions have mushroomed to cover 75 percent of the global population, enabling mobile banking networks to sprout and reach the unbanked, disproportionately in developing nations.
Working Paper
Diversification and specialization of U.S. states
This paper documents the evolution of the international relationships of individual U.S. states along three dimensions: trade, migration, and finance. We examine how specialized or diversified state economies differ in terms of the products they export and with whom they trade, the origins of the immigrants who live in the state, and the origins of the foreign banks operating in the state. We show that states that are diversified along one of these dimensions are often quite specialized along others. New York is?perhaps, not surprisingly?the most diversified state in terms of global linkages.
Report
Africa—Missing Globalization's Rewards?
Globalization increases integration of world economies through trade, financial ties, information exchange, technology and the movement of people. The rising importance of world trade and capital flows reflects enhanced economic and financial linkages. Nations with superior access to world markets can more fully exploit their competitive advantages, opening their economies to international competition. With greater capital flows and freedom of capital movement, resources more effectively move to their most productive locations, contributing to rising living standards.
Journal Article
Global, National Business Cycles and Energy Explain Texas Metro Growth
A mix of global, national and state-specific shocks help drive employment fluctuations between U.S. states. Econometric modeling shows such differences among metropolitan areas also reflect a mix of shocks. Texas cities strongly tied to oil and gas activity appear more affected by energy-sector shocks than other metros in the state.
Journal Article
China's slowdown may be worse than official data suggest
To get a more accurate picture of China's economy, economists examine other measures of activity that closely track growth but are less prone to political interference than output data. Industrial electricity consumption, a major production input, serves as such a proxy.