CEPR：2025年日内瓦28：地缘政治紧张局势和国际碎片化：证据与影响报告（英文版）

Throughout history, geopolitical dynamics have influenced the international financial architecture and the patterns of cross-border capital flows.1 The recent resurgence of geopolitical tensions has raised the specter of geopolitical fragmentation dividing the international order into competing economic blocs. The realignment of trade and finance in the wake of the Ukraine invasion, the intensifying strategic competition between China and the West, and the recent imposition of high tariffs by