Political Geography: United States of America / Topic: Capital Flows

Author:: Lachlan Carey and Amn Nasir
Publication Date:: 05-2019
Content Type:: Journal Article
Journal:: Woodrow Wilson School Journal of Public and International Affairs
Institution:: Woodrow Wilson School of Public and International Affairs, Princeton University
Abstract:: The following paper studies three main questions: First, What is the association between increasing concentration and labor and profit shares? Second, is this effect different across sectors? Third, is this effect uniform across advanced economies? The paper finds that while there is a negative relationship between concentration and labor share and a positive relationship between concentration and profit share, the result is more pronounced in the United States than in similar advanced European economies. Moreover, the results are stronger for the manufacturing sector than for the services sector. The paper concludes that this evidence suggests that deviations from perfect competition are likely explained by declining competition in the U.S., whereas these secular trends, such as heterogeneous technology adoption and the declining price of capital, are more likely at play in Europe. Consequently, the paper prioritizes pre-distribution over redistribution.
Topic:: Labor Issues, Economy, Business, and Capital Flows
Political Geography:: United States of America and North America

Author:: Eduardo Levy Yeyati and Eduardo Gómez
Publication Date:: 05-2019
Content Type:: Working Paper
Institution:: The John F. Kennedy School of Government at Harvard University
Abstract:: Recent studies that have emphasized the costs of accumulating reserves for self-insurance purposes have overlooked two potentially important side-effects. First, the impact of the resulting lower spreads on the service costs of the stock of sovereign debt, which could substantially reduce the marginal cost of holding reserves. Second, when reserve accumulation reflects countercyclical LAW central bank interventions, the actual cost of reserves should be measured as the sum of valuation effects due to exchange rate changes and the local-to-foreign currency exchange rate differential (the inverse of a carry trade profit and loss total return flow), which yields a cost that is typically smaller than the one arising from traditional estimates based on the sovereign credit risk spreads. We document those effects empirically to illustrate that the cost of holding reserves may have been considerably smaller than usually assumed in both the academic literature and the policy debate.
Topic:: Financial Crisis, Exchange Rate Policy, International Reserves, and Capital Flows
Political Geography:: Global Focus and United States of America

Author:: Carlos Antonio Flores Pérez
Publication Date:: 06-2019
Content Type:: Working Paper
Institution:: International Security Studies Group (GESI) at the University of Granada
Abstract:: In this article analyses the evolution, throughout the XX century, of criminal networks that had participation in illicit trafficking goods and illegal psychoactive drugs- in the Mexican states of Nuevo León and Tamaulipas, in the border with Texas, United States. Based on the information contained in government documents found in the General Archive of the Nation (AGN) of Mexico, federal criminal courts of the United States and newspaper sources, I show the central role played by federal and state institutional actors to consolidate these networks and their illegal activities through the guarantee of impunity. These actors, along with their partners in the business and criminal fields, set up institutional circuits to protect such traffics and allow the integration of illicit capital in the formal economy.
Topic:: Crime, Narcotics Trafficking, Economy, and Capital Flows
Political Geography:: Central America, North America, Mexico, and United States of America

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