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Title page 1

Contents 1

Abstract 2

1. Introduction 4

2. Econometric Specification 7

3. Data and Sources 9

4. Estimation Results and Analysis 11

4.1. GPR and Trade: Main Findings 11

4.2. GPR and Trade: Mechanisms and Discussion 19

5. Conclusion 23

References 24

Appendix 26

Tables 11

Table 1. GPR Effects on Trade: Industry-level Estimates 11

Table 2. GPR Effects on Trade: Sector-level Estimates 17

Table 3. GPR Effects on Trade: Industry-level Estimates. Robustness 26

Figures 10

Figure 1. Geopolitical Risk Index 10

Figure 2. GPR Effects on Trade: All Industries 15

Figure 3. GPR Effects on Trade: Broad Sectors 16

Figure 4. GPR Effects on Trade: Sector-level Estimates 18

Figure 5. GPR Effects on Trade: Interactions and Mechanisms 20

Figure 6. GPR Effects on Trade: War GPR Categories 21

Figure 7. GPR Effects on Trade: Other GPR Categories 22