Brunhart, Andreas; Geiger, Martin; Hasler, Elias (2025): Fragmentation and uncertainty drags on the Liechtenstein economy. In: Finanzmarktaufsicht Liechtenstein (Hg.): Financial Stability Report 2025, Vaduz 2025, S. 16–19.

The Liechtenstein Institute prepares annual macroeconomic analyses on behalf of the Liechtenstein Financial Market Authority, which are presented in the Financial Stability Report (FSR). The guest article in the FSR 2025 focuses on the strong reaction of the Liechtenstein economy to increasing geopolitical fragmentation and heightened economic uncertainty. It estimates the reaction of real GDP using local projection models and compares it with neighboring countries. The results show that the Liechtenstein economy is affected comparatively strongly and quickly by increased geopolitical fragmentation as well as by economic policy uncertainty.