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• W3125001933 abstract "Recently, Sachs et al. (2004) have argued in favor of a massive increase in foreign aid to Africa in order to escape from a supposed poverty trap. They propose to increase capital stock in one step, through a large, well-targeted infusion of foreign assistance. (1) In their proposal the flow of aid is targeted to a particular set of investments, and specifically public sector investments, so that aid cannot be used for (pp. 144-45). This large amount of aid should be given in form of grants rather than loans. They believe that such a commitment can be enforced through improved monitoring of budget processes and expenditures, perhaps with help of local nongovernmental organizations (p. 145). Unconstrained aid flows would probably be consumed rather than invested. The strategy needs to be designed to ensure that aid is properly invested, and there must be a credible mechanism for enforcing strategy over a relatively long period (p. 146). However, empirical evidence on effectiveness of foreign aid is diseouraging. Recent literature on topic provides ambiguous results on whether foreign aid helps or hinders developing countries. Foreign aid, however, may affect economic growth through indirect channels that cannot be captured by analyzing only direct effect of aid on growth. Aid may alter investment share of GDP, which indirectly affects economic growth, or may also affect government consumption, which is known to have a negative effect on economic growth. As Sachs et al. (2004) argued, unconstrained aid may increase public consumption rather than investment. The effect of aid on growth through these indirect channels is not captured in any of studies on aid effectiveness. There is a large body of literature that documents so-called of natural Foreign aid can also be understood as a sudden windfall of resources and, therefore, in principle could be subject to same rent-seeking processes. Therefore, there may be also curse of unnatural resources. However, international donors argue that foreign aid has, in addition to hypothetical benefit in terms of economic development, a positive impact on process of democratization of developing countries. For this reason, they resist any attempt to impose conditionality in terms of level of democracy in developing countries. In this article we show that foreign aid has a negative impact on democratic stance of developing countries, and on economic growth by reducing investment and increasing government consumption. Therefore, our empirical findings do not support democratization effect of foreign aid nor development effect. Because of these findings we propose and analyze other forms of helping poor countries. For example, way in which aid is disbursed can also affect effectiveness of aid. Maybe mechanism to successfully encourage government to invest rather than to consume has something to do with way in which aid is disbursed. This topic has been largely omitted from academic discussion of effectiveness of aid, even though it is becoming central topic in any international debate on aid effectiveness among policymakers. Indeed, a debate has recently emerged as to whether donors should give grants or loans. The G-7 called for an increased use of grants within IDA-13. Sachs et al. (2004) have also argued in favor of providing aid in form of grants rather than loans. However, there is no empirical evidence that allocating aid in form of grants will improve economic development. We enter into debate by considering distinction between grants and loans, and we analyze their differential effect. Finally, aid recipient countries also receive other resources in addition to foreign aid. Foreign direct investment (FDI) and remittances, for example, reach private sector and families of recipient countries. …" @default.
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• W3125001933 title "DOES FOREIGN AID HELP" @default.
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