International Risk-Sharing in a Fragmented World
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https://www.nber.org/papers/w35389
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This paper studies how geopolitical risk shapes financial fragmentation and international risk-sharing, using bilateral official lending data from 1910 to 2024. We document that when geopolitical risk is high, bilateral lending increasingly follows geopolitical alignment. Because geopolitically
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美国国家经济研究局创建时间：
2026-06-01
