期刊名称：Discussion Paper Series / Economics Department, University of Swansea
出版年度：2005
卷号：1
出版社：University of Swansea
摘要：This paper investigates the effects of international aid transfers on the public sector behaviour in
the recipient economies. It contributes to the fiscal response literature on three main fronts.
Firstly, the paper overcomes the problem of using econometric estimates to approximate public
sector fiscal targets, by incorporating the economic relationships that determine the targets into
the reduced form equations. Secondly, the equations derived from the solution of the model can
be tested using relatively sophisticated econometric techniques including cointegration and panel
data techniques. Thirdly, the paper departs from the existing literature by using the panel data
estimation techniques to empirically test the model. The key findings of the paper, based on a
relatively large sample of aid recipient countries over the 1970-2000 period, can be summarised
as follows. 1) Aid affects positively and significantly public investment; 2) The results also show
that aid has a positive and significant on government consumption; 3) with respect to revenue,
contrary to general belief we find no evidence that aid reduces government revenue collection
effort; 4) aid affects negatively and significantly public sector borrowing; and 5) we also found
evidence that debt servicing is major constraint to public investment in developing countries. Our
results are robust across different estimation techniques.
关键词：Public sector fiscal behaviour; aid; Panel data
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