Understanding Trade Fragmentation

Florencia Airaudo, François de Soyres, Ece Fisgin, Alexandre Gaillard, Keith Richards, Ana Maria Santacreu and Henry L. Young

No 2025-12-12, FEDS Notes from Board of Governors of the Federal Reserve System (U.S.)

Abstract: A large empirical literature, including Gopinath et al. (2025), finds that geopolitical distance has become an increasingly important determinant of bilateral trade flows. This work has fueled debate about the consequences of fragmentation and the extent to which global value chains are being reshaped.

Date: 2025-12-12
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Persistent link: https://EconPapers.repec.org/RePEc:fip:fedgfn:2025-12-12

DOI: 10.17016/2380-7172.3960

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