due to financial fragmentation, particularly between countries with more divergent business and fiscal cycles. We show …

Increasing fragmentation of production across borders is changing the nature of international competition. As a result …-skilled workers, highlighting the uneven distributional effects of fragmentation. The results show that a GVC perspective is needed to …

internationally integrated Supply and Use Tables from the WIOD. The inclusion of international fragmentation alters the underlying …

?nd that fragmentation risk increased sharply after Lehman?s bankruptcy and during the sovereign debt crisis. …