RESEARCH SEMINAR IN INTERNATIONAL ECONOMICS School of Public Policy The University of Michigan Ann Arbor, Michigan 48109-1220 Discussion Paper No. 458 Financial Crisis, Trade, and Fragmentation Alan V. Deardorff University of Michigan April 18, 2000 Recent RSIE Discussion Papers are available on the World Wide Web at: http://www.spp.umich.edu/rsie/workingpapers/wp.html