期刊名称：Discussion Paper Series / Economics Department, University of Swansea
出版年度：2006
卷号：1
出版社：University of Swansea
摘要：This paper contributes to the empirics of aid and growth by investigating
whether aid modality matters in explaining its effectiveness. For this
purpose, we include the four main aid modalities (project aid, financial
programme aid, technical assistance grants and food aid) as explanatory
variables in an endogenous growth model. Using the GMM-SYS approach
to dynamic panel estimator we test the three main competing specifications
in the aid and growth literature for a sample of aid recipient countries over
the 1974-2001 period. We find that project aid exerts a positive and
significant impact on growth, thus casting doubt on the so-called ¡°micromacro
paradox¡±. Our results also show that financial programme aid
generally impacts on growth negatively, while the impact of non-financial
aid, technical assistance grants and food aid, is statistically insignificant.
We found, however, no evidence to suggest that policy enhances the growth
effect of the aid categories. Our non-linearity tests suggest that only project
aid is associated with diminishing returns. Finally, our results confirm the
finding that climate related conditions affect the working of aid (project).
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