or, How I learned to stop worrying and love event data.
Nobody in their right mind would think that the chances of civil war in Denmark and Mauritania are the same. One is a well-established democracy with a GDP of $38,000 per person and which ranks in the top 10 by Human Development Index (HDI), while the other is a fledgling republic in which the current President gained power through a military coup, with a GDP of $2,000 per person and near the bottom of the HDI rankings. A lot of existing models of civil war do a good job at separating such countries on the basis of structural factors like those in this example: regime type, wealth, ethnic diversity, military spending. Ditto for similar structural models of other expressions of political conflict, like coups and insurgencies. What they fail to do well is to predict the timing of civil wars, insurgencies, etc. in places like Mauritania that we know are at risk because of their structural characteristics. And this gets worse as you leave the conventional country-year paradigm and try to predict over shorter time periods.
The reason for this is obvious when you consider the underlying variance structure. First, to predict something that changes, say dissident-government conflict, the nature of relationships between political parties, or political conflict, you need predictors that change.