's initial level of domestic political fragmentation. We emphasize the role of the 'Military Revolution', which raised the cost …

paper evaluates the impact of dark trading and fragmentation in visible order books on liquidity. We consider global … traditional market only. We find that fragmentation in visible order books improves global liquidity, whereas dark trading has a … detrimental effect. In addition, local liquidity is lowered by fragmentation in visible order books, which suggests that the …

stages is bounded only by the fragmentation of the underlying engineering process, and lower frictions monotonically increase …

tests for contagion (i.e., an intensification in the transmission of shocks across countries), fragmentation (a reduction in … substantial fragmentation from 2010 onward. Flight to quality was present at the height of the crisis, but has largely dissipated … in yields following the OMT announcement, the high current degree of fragmentation poses difficult challenges for policy …

of trade are higher with fragmentation for most countries but interestingly, for a large block of countries, these … variables fall following fragmentation. Countries with moderate trade costs engage in market-oriented assembly, while those with … trade accelerate as trade costs go to zero with and without fragmentation. …

paper is motivated by recent evidence that trade has greatly expanded on the extensive margin (aka fragmentation, offshoring … understood, a sufficient condition for all countries to gain from fragmentation is that the relative world prices of initially … results in interesting subtleties as initially-traded goods change their trade status following fragmentation. I illustrate …