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The Search for the Key: Aid, Investment and Policies in Africa

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Author Info
Dollar, David
Easterly, William

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Abstract

The traditional aid-to-investment-to-growth linkages are not very robust, especially for African economies. Aid does not necessarily finance investment and investment does not necessarily promote growth. Differences in economic policy, on the other hand, can explain much of the difference in growth performances. Furthermore, domestic politics rather than aid or conditionality has been the main determinant of policy reform. Where societies and governments have succeeded in putting growth-enhancing policies into place, aid has provided useful support. The combination of good policies and aid has created a productive environment for private investment and growth. Copyright 1999 by Oxford University Press.

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Publisher Info
Article provided by Oxford University Press in its journal Journal of African Economies.

Volume (Year): 8 (1999)
Issue (Month): 4 (December)
Pages: 546-77
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Handle: RePEc:oup:jafrec:v:8:y:1999:i:4:p:546-77

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  1. Harms, Philipp & Lutz, Matthias, 2003. "Aid, Governance, and Private Foreign Investment: Some Puzzling Findings and a Possible Explanation," Discussion Paper Series 26128, Hamburg Institute of International Economics. [Downloadable!]
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  2. Stéphane Pallage & Michel A. Robe & Catherine Bérubé, 2004. "On the Potential of Foreign Aid as Insurance," Cahiers de recherche 0404, CIRPEE. [Downloadable!]
  3. Ratha, Dilip, 2001. "Complementarity between multilateral lending and private flows to developing countries : some empirical results," Policy Research Working Paper Series 2746, The World Bank. [Downloadable!]
  4. Pablo Selaya & Eva R. Sunesen, 2008. "Does Foreign Aid Increase Foreign Direct Investment?," Discussion Papers 08-04, University of Copenhagen. Department of Economics. [Downloadable!]
  5. Devarajan, Shantayanan & Easterley, William R. & Pack, Howard, 2001. "Is investment in Africa too low or too high : macro and micro evidence," Policy Research Working Paper Series 2519, The World Bank. [Downloadable!]
  6. Gomanee, Karuna & Girma, Sourafel & Morrissey, Oliver, 2005. "Aid and Growth in Sub-Saharan Africa: Accounting for Transmission Mechanisms," Working Papers RP2005/60, World Institute for Development Economic Research (UNU-WIDER). [Downloadable!]
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  7. Collier, Paul & Dollar, David, 2000. "Can the world cut poverty in half ? how policy reform and effective aid can meet international development goals," Policy Research Working Paper Series 2403, The World Bank. [Downloadable!]
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  8. Kane, Sam & Eicher, Carl K., 2004. "Foreign Aid And The African Farmer," Staff Papers 11602, Michigan State University, Department of Agricultural, Food, and Resource Economics. [Downloadable!]
  9. A. Dalmazzo & Guido De Blasio, 2001. "Resources and Incentives to Reform: A Model and Some Evidence on Sub-Saharan African Countries," IMF Working Papers 01/86, International Monetary Fund. [Downloadable!]
  10. Kraay, Aart & Raddatz, Claudio, 2005. "Poverty traps, aid, and growth," Policy Research Working Paper Series 3631, The World Bank. [Downloadable!]
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  11. John Serieux, 2008. "Financial Liberalization and Domestic Resource Mobilization in Africa: an Assessment," Working Papers 45, International Policy Centre for Inclusive Growth. [Downloadable!]
  12. Birdsall, Nancy & Claessens, Stijn & Diwan, Ishac, 2002. "Will HIPC Matter? The Debt Game and Donor Behaviour in Africa," Working Papers UNU-WIDER Research Paper , World Institute for Development Economic Research (UNU-WIDER). [Downloadable!]
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  13. Theodora Kosma & Dimitri G. Demekas & James McHugh, 2002. "The Economics of Post Conflict Aid," IMF Working Papers 02/198, International Monetary Fund. [Downloadable!]
  14. M. Uður Karakaplan & Bilin Neyaptý & Selin Sayek, 2005. "Aid and Foreign Direct Investment : International Evidence," Departmental Working Papers 0505, Bilkent University, Department of Economics. [Downloadable!]
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  15. Collier, Paul & Dollar, David, 1999. "Aid allocation and poverty reduction," Policy Research Working Paper Series 2041, The World Bank. [Downloadable!]
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  16. Bigsten , Arne & Kayizzi-Mugerwa, Steve, 2000. "The Political Economy of Policy Failure in Zambia," Working Papers in Economics 23, Göteborg University, Department of Economics. [Downloadable!]
  17. Philipp Harms & Matthias Lutz, 2004. "The Macroeconomic Effects of Foreign Aid: A Survey," University of St. Gallen Department of Economics working paper series 2004 2004-11, Department of Economics, University of St. Gallen. [Downloadable!]
  18. Bjerg, Christina & Bjørnskov, Christian & Holm, Anne, 2007. "Growth, Debt Burdens and Alleviating Effects of Foreign Aid in Least Developed Countries," Working Papers 07-1, University of Aarhus, Aarhus School of Business, Department of Economics. [Downloadable!]
  19. KIMURA Hidemi & TODO Yasuyuki, 2007. "Is Foreign Aid a Vanguard of FDI? A Gravity-Equation Approach," Discussion papers 07007, Research Institute of Economy, Trade and Industry (RIETI). [Downloadable!]
  20. Abreu, Orlando, 2001. "The African economy," FEUNL Working Paper Series wp399, Universidade Nova de Lisboa, Faculdade de Economia. [Downloadable!]
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