24. Bradsher, K. (2024, October 26). China tightens its hold on minerals needed to make computer chips. The New York Times. https://www.nytimes.com/2024/10/26/business/china-critical-minerals-semiconductors.html 25. International Monetary Fund. (2024.). Global Financial Stability Report. Geopolitics and financial fragmentation: Implications for macro-financial stability (chapter 3). www.imf.org/-/media/Files/Publications/GFSR/2023/April/English/ ch3execsum.ashx 26. Javorcik, B. S., Kitzmüller, L., Shweiger, H., & Yildirim, Y. A. (2023, September). The economic costs of friend-shoring. In S. Aiyar, A. F. Presbitero, & M. Ruta. (Eds), Geoeconomic fragmentation: The economic risks from a fractured world economy (chapter 3). Centre for Economic Policy Research. https://cepr.org/system/files/publication-files/190366- geoeconomic_fragmentation_the_economic_risks_from_a_fractured_world_economy.pdf 27. Gopinath, G. (2024, June 21). Navigating fragmentation, conflict, and large shocks. International Monetary Fund. https://www.imf.org/en/News/Articles/2024/06/21/sp062124-fdmd-nbu-nbp-annual-research-conference 28. Strauch, R., & Giammarioli, N. (2024, May 31). Stronger together: Safeguarding financial stability in a fragmented world. European Stability Mechanism. https://www.esm.europa.eu/blog/stronger-together-safeguarding-financial-stability- fragmented-world 29. Aiyar, S., et al. (2023, January 15). Geoeconomic fragmentation and the future of multilateralism. International Monetary Fund Staff Discussion Notes. https://www.imf.org/en/Publications/Staff-Discussion-Notes/Issues/2023/01/11/ Geo-Economic-Fragmentation-and-the-Future-of-Multilateralism-527266 30. Thedéen, E. (2023, May 23). The links between monetary policy, financial stability and fiscal policy. Bank of International Settlements. https://www.bis.org/review/r230524c.pdf 31. Boehm, C. E., Levchenko, A. A., & Pandalai-Naar, N. (2023, April). The long and short (run) of trade elasticities. American Economic Review, 113(4), 861–905. https://doi.org/10.1257/aer.20210225 32. Baqaee, D. R., & Farhi, E. (2024, March). Networks, barriers, and trade. Econometrica, 92(2), 505–541. https://doi.org/10.3982/ecta17513 33. Boehm, C. E., et al. (2023, April 1). The long and short (run) of trade elasticities. American Economic Review, 113(4), 861–905. https://doi.org/10.1257/aer.20210225 34. Bolhuis, M., et al. (2023, March 24). Fragmentation in global trade: Accounting for commodities. IMF Working Papers, 2023(073), 1. https://doi.org/10.5089/9798400236563.001 35. Egan, B. J., Leiter, M. E., & Sullivan, T. O. (2023, December 13). “Small yard and high fence”: US national security restrictions will further impact US–China trade and investment activity in 2024. Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates. https://www.skadden.com/insights/publications/2023/12/2024-insights/other-regulatory- developments/small-yard-and-high-fence 36. Baqaee, D. R., & Farhi, E. (2024, March). Networks, barriers, and trade. Econometrica, 92(2), 505–541. https://doi.org/10.3982/ecta17513 37. Boehm, C. E., et al. (2023, April 1). The long and short (run) of trade elasticities. American Economic Review, 113(4), 861–905. https://doi.org/10.1257/aer.20210225 38. Bolhuis, M., et al. (2023, March 24). Fragmentation in global trade: Accounting for commodities. IMF Working Papers, 2023(073), 1. https://doi.org/10.5089/9798400236563.001 39. Baqaee, D. R., & Farhi, E. (2024, March). Networks, barriers, and trade. Econometrica, 92(2), 505–541. https://doi.org/10.3982/ecta17513 40. Gopinath, G. (2024, June 21). Navigating fragmentation, conflict, and large shocks. International Monetary Fund. https://www.imf.org/en/News/Articles/2024/06/21/sp062124-fdmd-nbu-nbp-annual-research-conference 41. Aiyar, S., et al. (2023, January 15). Geoeconomic fragmentation and the future of multilateralism. International Monetary Fund Staff Discussion Notes. https://www.imf.org/en/Publications/Staff-Discussion-Notes/Issues/2023/01/11/ Geo-Economic-Fragmentation-and-the-Future-of-Multilateralism-527266 42. International Monetary Fund. (2024). Global Financial Stability Report. Geopolitics and financial fragmentation: Implications for macro-financial stability (chapter 3). www.imf.org/-/media/Files/Publications/GFSR/2023/April/English/ ch3execsum.ashx 43. Draghi, M. (2024, September 9). EU competitiveness: Looking ahead. European Commission. https://commission. europa.eu/topics/strengthening-european-competitiveness/eu-competitiveness-looking-ahead_en 44. Curran, E., & Mohsin, S. (2024, June 16). How the US mopped up a third of global capital flows since Covid. Bloomberg. https://www.bloomberg.com/news/articles/2024-06-16/how-the-us-mopped-up-a-third-of-global-capital- flows-since-covid?embedded-checkout=true 45. Aiyar, S., et al. (2023, January 15). Geoeconomic fragmentation and the future of multilateralism. International Monetary Fund Staff Discussion Notes. https://www.imf.org/en/Publications/Staff-Discussion-Notes/Issues/2023/01/11/ Geo-Economic-Fragmentation-and-the-Future-of-Multilateralism-527266 46. Ibid. 47. Strauch, R., & Giammarioli, N. (2024, May 31). Stronger together: Safeguarding financial stability in a fragmented world. European Stability Mechanism. https://www.esm.europa.eu/blog/stronger-together-safeguarding-financial-stability- fragmented-world Navigating Global Financial System Fragmentation 43

Navigating Global Financial System Fragmentation 2025