Fragmentation of stages of the production process is determined by international cost differences and by the benefits … between these stages.  This paper looks at both cost minimising and equilibrium fragmentation under different technological …

viewed as a threat. And, the Arab world’s economic fragmentation into isolated geographic units further undermines the … prospects for private sector development. We explain this economic fragmentation as a manifestation of centralized and segmented …

We show in an exchange economy with liquidity constraints that the volume of trade and asset prices depend on both the … supply of liquidity by the Central Bank and on the liquidity of assets and commodities.  As a result, monetary aggregates are … economy with heterogeneous agents and short-term liquidity effects, where monetary costs act as transaction costs and the …

impact on spreads and delineate the opposing effects of liquidity and market segmentation. Finally, we show that other …

of a tax on market liquidity and welfare for all market participants. …