Macroeconomic costs of conflict are generally very large, with GDP per capita about 28 percent lower ten years after … conflict onset. This is overwhelmingly driven by private consumption, which falls by 25 percent ten years after conflict onset …. Conflict is also associated with dramatic declines in official trade, with exports (imports) estimated to be 58 (34) percent …

While there is an extensive literature examining the economic impact of conflict and political instability … whether rising conflict and political instability globally over the past several decades led to increased occurrence of … associated with higher probability of systemic banking crises. Unsurprisingly, the duration of a conflict is positively …