Consider the Social Capital Index developed by the Joint Economic Committee. States shaded red and orange have the lowest levels of social capital, whereas states shaded green and blue have the highest levels of social capital. Each of the five states in the lowest decile of social capital—Louisiana, Nevada, New Mexico, Florida, and Arizona—consistently rank below the median on each subindex, suggesting that each subindex captures related features of social capital. Similarly, the six states in the highest decile of social capital—Utah, Minnesota, Wisconsin, New Hampshire, Vermont, and Colorado—tend to rank above the median across subindexes. Of the 21 cross-state correlations among the seven subindexes, all but one are positive.
- Date Posted:
- July 19, 2023
The US current account deficit, the largest deficit of all, is mainly financed via portfolio debt flows. Geographically, the financing of the US current account deficit has become increasingly mediated by financial centers in recent years. This contrasts with the pre-GFC period, when the US current account deficit was financed largely through reserve accumulation from surplus countries. Balance-of-payments data show a declining role for China.