Civil war is often caused by poverty, and further demolishes existing capital. Such a vicious circle is detrimental for economic development of countries experiencing civil war. Civil war may also contribute to creative destructions of traditional economic, social and political system, leading...

A general equilibrium model featuring multiple realistic sources of financial frictions is developed to study how different constraints interact in equilibrium. We highlight, distinguish, and evaluate their differential impacts and rich interactions. The economic impact of financial inclusion...