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Do individual US states have a balance of payments, too, and should they?

Most, if not all, US states are forbidden in their constitutions from running a deficit.  They are forbidden by the U.S. Constitution from imposing import or export duties.  Capital markets and most large banks are, at minimum, national in scope.  They can charter banks that are confined to their states.  States do not issue currency, though I do not know if they are specifically precluded from doing so. They can issue bonds. They can charter corporations that are inherently of national or international scope, depending on the desire of the corporation. I have never heard discussion of a state's "balance of payments."  I do hear continually about budget deficits.

"It is not necessary to have hope in order to persevere."

by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Sat May 31st, 2008 at 11:27:13 PM EST
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