1 Introduction 2

2 Data 7

3 Macroeconomic effects of conflicts 10

  3.1 Empirical strategy 10

  3.2 Main Results 11

  3.3 Spillovers and Macroeconomic Dynamics 12

  3.4 Robustness checks 16

4 Macroeconomic dynamics after conflict 18

  4.1 Empirical strategy 19

  4.2 Main Results 19

5 Postconflict dynamics: firm-level evidence 21

  5.1 Empirical strategy 22

  5.2 Results 23

6 Conclusion 25