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Finance in conflict and reconstruction

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Author Info

  • Tony Addison

    (World Institute for Development Economics Research (WIDER) of the United Nations University, Helsinki)

  • Philippe Le Billon

    (Overseas Development Institute, London)

  • S. Mansoob Murshed

    (World Institute for Development Economics Research (WIDER) of the United Nations University, Helsinki)

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    Abstract

    The relationship between an economy's financial sector and the occurrence and resolution of conflict may at first sight appear tenuous. Banking systems, financial regulation, and currency arrangements do not appear to be relevant in understanding why nations collapse or why people kill each other. However, the linkages between the financial sector and issues of conflict are closer than one might expect. Narrow development-development that fails to reduce poverty and which exacerbates initial inequalities-is an important cause of conflict (but, needless to say, not the only one). Narrow development must be financed-and it is financed in ways that increase poverty and inequality and raise a society's propensity to violent conflict. During conflict, finance (both internal and external) can be decisive in determining who wins, as well as the duration of war. Rebuilding the financial system is important to reconstruction from war, since otherwise private investment is constrained. But 'post-conflict' economies generally have weak regulatory authorities, and the financial system may be flooded with unsound loans, leading to economic problems that can endanger economic recovery and therefore peace. Copyright © 2001 John Wiley & Sons, Ltd.

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    File URL: http://hdl.handle.net/10.1002/jid.844
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    Bibliographic Info

    Article provided by John Wiley & Sons, Ltd. in its journal Journal of International Development.

    Volume (Year): 13 (2001)
    Issue (Month): 7 ()
    Pages: 951-964

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    Handle: RePEc:wly:jintdv:v:13:y:2001:i:7:p:951-964

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    Web page: http://www3.interscience.wiley.com/journal/5102/home

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. Christopher J. Jarvis, 1999. "The Rise and Fall of the Pyramid Schemes in Albania," IMF Working Papers 99/98, International Monetary Fund.
    2. M. Hashem Pesaran, 1999. "Economic Trends and Macroeconomic Policies in Post-Revolutionary Iran," Working Papers 9902, Economic Research Forum, revised Jan 1999.
    3. Mosley, Paul & Hulme, David, 1998. "Microenterprise finance: Is there a conflict between growth and poverty alleviation?," World Development, Elsevier, vol. 26(5), pages 783-790, May.
    4. E. V. K. Fitzgerald, 1997. "Paying for the war: Macroeconomic stabilization in poor countries under conflict conditions," Oxford Development Studies, Taylor & Francis Journals, vol. 25(1), pages 43-65.
    5. Addison, Tony & Geda, Alemayehu, 2001. "Ethiopia's New Financial Sector and Its Regulation," Working Paper Series UNU-WIDER Research Paper , World Institute for Development Economic Research (UNU-WIDER).
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    Cited by:
    1. Tony Addison & Alemayehu Geda & Philippe Le Billon & S Mansoob Murshed, 2005. "Reconstructing and Reforming the Financial System in Conflict and 'Post-Conflict' Economies," Journal of Development Studies, Taylor & Francis Journals, vol. 41(4), pages 703-718.
    2. Addison, Tony & Murshed, S. Mansoob, 2002. "Transnational Terrorism as a Spillover of Domestic Disputes in Other Countries," Working Paper Series UNU-WIDER Research Paper , World Institute for Development Economic Research (UNU-WIDER).
    3. Audrey Rose Menard, 2014. "Do natural resources condition the aid-governance relationship? Evidence from Africa," Economics Bulletin, AccessEcon, vol. 34(2), pages 1317-1326.
    4. Murshed, S. Mansoob & Gates, Scott, 2004. "Spatial Horizontal Inequality and the Maoist Insurgency in Nepal," Working Paper Series UNU-WIDER Research Paper , World Institute for Development Economic Research (UNU-WIDER).

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