Diversification and Specialization of U.S. States

42 Pages Posted: 3 Oct 2016

See all articles by Janet Koech

Janet Koech

Federal Reserve Banks - Federal Reserve Bank of Dallas

Mark A. Wynne

Federal Reserve Bank of Dallas

Date Written: 2016-09-01

Abstract

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.

JEL Classification: F10, F16, F22, F30, G21

Suggested Citation

Koech, Janet and Wynne, Mark A., Diversification and Specialization of U.S. States (2016-09-01). Globalization and Monetary Policy Institute Working Paper No. 284, Available at SSRN: https://ssrn.com/abstract=2846345 or http://dx.doi.org/10.24149/gwp284

Janet Koech (Contact Author)

Federal Reserve Banks - Federal Reserve Bank of Dallas

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Mark A. Wynne

Federal Reserve Bank of Dallas ( email )

PO Box 655906
Dallas, TX 75265-5906
United States
214-922-5159 (Phone)
214-922-5194 (Fax)

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