Some theories predict that profits facilitate peace in illegal markets, while others predict that profits fuel violence. I provide empirical evidence from drug trafficking in Venezuela. Using an original data set, I compare lethal violence trends in counties near a major trafficking route to...

We use the differential access to credit of oil firms in Venezuela's Orinoco Basin to identify the economic effects of financial and oil sanctions on firm output. Using a panel of monthly firm-level oil production from 2008-2020, we provide difference-in-differences estimates showing that...