国际货币基金组织：地理经济碎片化与国际多元化效益（英文版）

This paper applies the two-country open -economy model with trade in stocks and bonds ofCoeurdacier et al. (201 0) to quantify the loss of international diversification benefits for major advancedeconomies, which have a significant presence in intemational financial markets, under geoeconomicfragmentation. We perform counterfactual simulations under different hypothetical fragmentation scenarios inwhich these economies are unable to trade with geopolitically distant countries, as measured by