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Volatility of Development Aid: An Update

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  • Aleš Bulíř
  • A Javier Hamann

Abstract

The positive impact of foreign aid is limited by the erratic behavior of aid flows. The introduction in 1999 of various initiatives anchored in IMF Poverty Reduction Strategy Papers aimed at strengthening coordination among donors, improving the design of financial support programs, and improving domestic records of policy implementation should have led to an improvement in the time series properties of aid flows. We find no evidence of any fundamental changes in the way aid has been delivered during 2000–03. If anything, aid volatility has worsened somewhat and the information value of long-term lending commitments has declined. We take these results to mean that the main causes of the volatility and unpredictability of aid, and the broader issue of macroeconomic instability in low-income countries, may not have been addressed in a systematic manner by the donor community. IMF Staff Papers (2007) 54, 727–739. doi:10.1057/palgrave.imfsp.9450023

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Bibliographic Info

Article provided by Palgrave Macmillan in its journal IMF Staff Papers.

Volume (Year): 54 (2007)
Issue (Month): 4 (November)
Pages: 727-739

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Handle: RePEc:pal:imfstp:v:54:y:2007:i:4:p:727-739

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Cited by:
  1. Bah, El-hadj M. & Ward, Jeremy, 2011. "Effectiveness of foreign aid in Small Island Developing States," MPRA Paper 32062, University Library of Munich, Germany.
  2. Pierre-Richard Agénor & Joshua Aizenman, 2007. "Aid Volatility and Poverty Traps," NBER Working Papers 13400, National Bureau of Economic Research, Inc.
  3. Christopher Kilby, 2010. "Informal influence in the Asian Development Bank," Villanova School of Business Department of Economics and Statistics Working Paper Series 13, Villanova School of Business Department of Economics and Statistics.
  4. Christopher Kilby, 2010. "An empirical assessment of informal influence in the World Bank," Villanova School of Business Department of Economics and Statistics Working Paper Series 9, Villanova School of Business Department of Economics and Statistics.

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