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Essays On Foreign Aid And Macro Economic Performance Of Sub Saharan African Countries
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Book Synopsis Essays on Foreign Aid and Macro-economic Performance of Sub-Saharan African Countries by : Omar Saleh
Download or read book Essays on Foreign Aid and Macro-economic Performance of Sub-Saharan African Countries written by Omar Saleh and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Foreign aid is a major flow of income into sub-Saharan African (SSA) countries, averaging roughly 12% of GDP over the last four decades. Yet, SSA countries are characterized by very low per capita output, low human capital attainment, and widespread poverty. This dissertation investigates the macroeconomic and welfare effects of foreign aid to SSA countries. The empirical part of the dissertation studies 22 SSA countries, and uses a cointegrated vector autoregressive analysis (CVAR). This methodology identifies long-run effects without imposing strong statistical priors. I introduce tradable and non-tradable sectors into the analysis to determine if the so-called "Dutch Disease" is the reason for the plight of SSA countries. "Dutch Disease" occurs when a positive shock to foreign aid perversely reduces GDP, by decreasing the relative price of tradable to nontradable goods, thus reducing the size of the tradable sector. While I find that aid reduces GDP in eight countries, this result is inconsistent with the "Dutch Disease" as it is not accompanied by large relative price changes. The analysis controls for a number of country-specific characteristics including extraordinary events. Overall, I find non-positive impacts of foreign aid on GDP and the tradable sector, with a few exceptions. I also consider the reverse causal channel and test whether country-specific macroeconomic variables drive foreign aid flows. I find that GDP, tradable output, and tradable and non-tradable goods prices do affect the amount of aid a country receives in 15 countries. These variables have no impact on foreign aid (aid is considered as weakly exogenous) in six countries. The theoretical part of the dissertation develops two dynamic stochastic general equilibrium -- real business cycle -- (DSGE-RBC) models to analyze the effects of foreign aid on human capital investment and the business cycle. The distinguishing feature of the models is to embed a human capital investment in a small open economy model of Mendoza (1991). The first model considers one-sector DSGE model, which is followed by two-sector (tradable and non-tradable) DSGE model. Both models distinguish between physical and human capital investment and allow for labor-leisure choice. In the analysis, labor supply and time spent studying or acquiring skills are optimally chosen. The models are calibrated to match the key features of the Kenyan economy. In both models, a positive aid shock initially has a negative impact on labor supply and output. However, the shock subsequently has a positive effect on physical and human capital investment, and time spent studying. This is due to a positive income effect from the shock. A rise in foreign aid increases consumption; consumption smoothing across periods raises physical and human capital investment, labor productivity, and output. I also find that reducing the volatility of aid has a significant positive effect on human capital investment and welfare. Policymakers should focus on reducing the volatility of foreign aid and not solely concentrate on the average level of aid. The analysis of the two-sector DSGE-RBC model incorporates the role for the "Dutch Disease" mechanism. Consistent with the "Dutch Disease", I find that a shock to foreign aid appreciates the relative price of non-tradable goods that causes the factors of production to reallocate from the tradable sector to the non-tradable sector, leading to a decline in GDP and the tradable output. Finding the "Dutch Disease" result here is not necessarily at odds with the CVAR estimation results as the DSGE-RBC simulation is a short-run analysis and the CVAR estimation is a long-run analysis.
Book Synopsis Macroeconomic Challenges of Scaling Up Aid to Africa by : Yongzheng Yang
Download or read book Macroeconomic Challenges of Scaling Up Aid to Africa written by Yongzheng Yang and published by International Monetary Fund. This book was released on 2006-03-20 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the next decade, African countries are expected to be the largest beneficiaries of increased donor aid, which is intended to improve their prospects for achieving the Millennium Development Goals. This handbook will help these countries assess the macroeconomic implications of increased aid and respond to the associated policy challenges. The handbook is directed at policymakers, practicing economists in African countries, and the staffs of international financial institutions and donor agencies who participate in preparing medium-term strategies for African countries, including in the context of poverty reduction strategy papers. It provides five main guidelines for developing scaling-up scenarios to help countries identify important policy issues involved in using higher aid flows effectively: to absorb as much aid as possible, to boost growth in the short to medium term, to promote good governance and reduce corruption, to prepare an exit strategy should aid levels decrease, and to regularly reassess the policy mix.
Book Synopsis Improving Aid to Africa by : Nicolas Van de Walle
Download or read book Improving Aid to Africa written by Nicolas Van de Walle and published by . This book was released on 1996 with total page 156 pages. Available in PDF, EPUB and Kindle. Book excerpt: As foreign aid flows decline and skepticism toward the effectiveness of aid to Africa grows, a major reassessment of aid is needed. While the ineffectiveness of aid to Africa is a long-standing concern, past studies typically have been driven bydonor priorities and have rarely focused on recipient governments. This neglect of the role of African governments is remarkable, since aid constitutes 10 to 15 percent of GNP in many African countries and often represents over half of all public investment. If the impact of official development assistance (ODA) is to be improved, recipient governments must become more involved in the reform of aid. This essay presents the policy findings of a collaborative project of field research and analyses of how African countries use aid resources and of donor/African relations. "The widespread belief of free market economists and nongovernmental organizations that government is the problem and not part of the solution has become a self-fulfilling prophesy in Africa,"writes van de Walle and Johnston, "donors must devote greater attention and resources to help build the capacity of African Governments to effectively manage aid, even as they encourage the central state to retrench from nonessential functions." The study assesses current donor practices and the impact of economic crisis on aid effectiveness in the region; and it offers recommendations to promote management capacity, focusing on the integration of aid resources in development management, sectoral specialization, and public dialogue on aid.
Book Synopsis Africa at a Turning Point? by : Delfin Sia Go
Download or read book Africa at a Turning Point? written by Delfin Sia Go and published by World Bank Publications. This book was released on 2008-04-14 with total page 602 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the mid-1990s, sub-Saharan Africa has experienced an acceleration of economic growth that has produced rising incomes and faster human development. However, this growth contrasts with the continent's experience between 1975 and 1995, when it largely missed out on two decades of economic progress. This disparity between Africa's current experience and its history raises questions about the continent's development. Is there a turnaround in Africa s economy? Will growth persist? 'Africa at a Turning Point?' is a collection of essays that analyzes three interrelated aspects of Africa's recent revival. The first set of essays examines Africa's recent growth in the context of its history of growth accelerations and collapses. It seeks to answer such questions as, is Africa at a turning point? Are the economic fundamentals finally pointing toward more sustainable growth? The second set of essays looks at donor flows, which play a large role in Africa's growth. These essays focus on such issues as the management and delivery of increased aid, and the history and volatility of donor flows to Africa. The third set of essays considers the recent impact of one persistent threat to sustained growth in Africa: commodity price shocks, particularly those resulting from fluctuations in oil prices.
Book Synopsis Killing Sub-Saharan Africa with Aid by : Humphrey Orjiako
Download or read book Killing Sub-Saharan Africa with Aid written by Humphrey Orjiako and published by Nova Publishers. This book was released on 2001 with total page 132 pages. Available in PDF, EPUB and Kindle. Book excerpt: Annotation. Orijiako, who is not identified, examines the hypothesis that rather than promoting growth and development in sub-Saharan Africa, foreign aid interventions may have contributed in no small measure to the poor performance of the region's economies. Challenging conventional views that problems are technical details of delivery or administration, he suggests that an economy operating under appropriate circumstances and conditions may not require foreign aid to succeed, and presents historical records, common sense, and cognate experiments to bolster the view. c. Book News Inc.
Book Synopsis Aid, Taxation, and Development by : Christopher S. Adam
Download or read book Aid, Taxation, and Development written by Christopher S. Adam and published by World Bank Publications. This book was released on 1998 with total page 63 pages. Available in PDF, EPUB and Kindle. Book excerpt: Designing effective aid programs requires accurately diagnosing problems. Under current donor efforts to promote democratization and institutional development, the shift from policy to institutional conditionality reflects an attempt by Africa's donors to recast the aid relationship from one that at best secures temporary policy changes to one that permanently alters institutions in favor of sustained growth and development. The design of effective aid programs depends on the diagnosis of the problem. To say that institutional failures are central to Africa's poor economic performance is not to repudiate early interpretations based on policy failures and capital shortages. Institutional failures produce policy failures that in turn produce capital shortages or the equivalent. Adam and O'Connell focus on the core of the evolving (mainly external) diagnosis of the African development problem, making these main points, among others: * Tax and taxlike distortions tend to be high and volatile in Africa. These influence the allocation of national wealth and can reduce both the level and productivity of domestic investment. The composition of domestic investment seems to be more important in explaining poor African growth than the level of domestic investment. * Policy-generated uncertainty (under-emphasized in the literature) can activate socially inefficient self-insurance mechanisms that reduce growth. When leaders have substantial discretion about policy, as they do in most African countries, executive transitions become a major source of uncertainty. * Patronage is heavily used in African systems of personal rule. Governments use distortionary taxes to finance transfers to politically powerful groups. * A government that is captive to a favored group will trade off growth for transfers, if the group is small enough relative to the government's disposable resources. In such a case, conditional aid can be ineffective in spurring growth and investment, even when the potential gains from aid are great. * Conditionality is required to secure the gains from aid when nonrepresentative political structures generate a conflict of interest between donors and recipient governments. When donors are in a strong bargaining position, conditionality agreements that mandate a reduction in distortionary taxes will also require that some part of lost revenues be made up by cuts in politically motivated transfers. But policy conditionality is difficult to enforce and even when perfectly enforceable is subject to the problem of aid dependency. * To avoid aid dependency, donors must focus on conditionality that shifts the no aid point. Under current donor efforts to promote democratization and institutional development, the shift from policy to institutional conditionality reflects an attempt by Africa's donors to recast the aid relationship from one that at best secures temporary policy changes to one that permanently alters institutions in favor of sustained growth and development. This paper-a product of the Development Research Group-is part of the research project Analytical Perspectives on Aid Effectiveness in Sub-Saharan Africa (RPO 680-18). The study was funded by the Bank's Research Support Budget.
Book Synopsis Echoes Across Borders by : Hany Abdel-Latif
Download or read book Echoes Across Borders written by Hany Abdel-Latif and published by International Monetary Fund. This book was released on 2024-05-17 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper quantifies the macroeconomic spillover effects of conflict within sub-Saharan African (SSA) countries using a new Conflict Spillover Index (CSI), which accounts for conflict intensity and distance from conflict-affected countries. Our findings reveal an escalation in conflict spillovers across SSA since 2011, marked by considerable cross-country heterogeneity. Impulse responses show that conflict spillovers shocks significantly and persistently hinder economic growth, while concurrently elevating inflation in the “home” country. Conflict spillover shocks are also associated with increases in (current) government spending and government debt. Furthermore, the international trade transmission channel of spillovers operates mostly through increased imports, while negative effects on FDI winddown over time. Moreover, state-dependent impulse responses underscore the importance of good governance, fiscal space, and foreign aid in attenuating the adverse macroeconomic spillover effects of conflict. The detrimental impact of conflict on output is more severe in environments with weaker governance and limited fiscal space. Government expenditures tend to rise following a spillover shock in contexts of high governmental effectiveness, possibly reflecting the use of policy buffers to respond to shocks. In that context, the papers shed light on important factors to promote resilience in SSA economies.
Book Synopsis The Developmental Effectiveness of Aid to Africa by : Tony Killick
Download or read book The Developmental Effectiveness of Aid to Africa written by Tony Killick and published by World Bank Publications. This book was released on 1991 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: Aid to Sub-Saharan Africa has been less effective in promoting economic development than has aid to other regions. Policies in the recipient countries of Africa - though certainly not the only factor - play the most important role in determining aid's effectiveness. At the heart of the problem is politics, and the solution rests in the hands of the people of Africa.
Book Synopsis Achieving the Millennium Development Goals in Sub-Saharan Africa by :
Download or read book Achieving the Millennium Development Goals in Sub-Saharan Africa written by and published by World Bank Publications. This book was released on 2005 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The authors present an integrated macroeconomic approach to monitoring progress toward achieving the Millennium Development Goals (MDGs) in Sub-Saharan Africa. At the heart of their approach is a macroeconomic model that captures key linkages between foreign aid, public investment (disaggregated into education, infrastructure, and health), the supply side, and poverty. The model is linked through cross-section regressions to indicators of malnutrition, infant mortality, life expectancy, and access to safe water. A composite MDG indicator is also calculated. The functioning of the framework is illustrated by simulating the impact of an increase in aid and a debt write-off for Niger at the MDG horizon of 2015, under alternative assumptions about the degree of efficiency of public investment. The authors' approach can serve as the building block of Strategy Papers for Human Development (SPAHD), a more encompassing concept than the current "Poverty Reduction" Strategy Papers."
Book Synopsis External Assistance and Policies for Growth in Africa by : Mrs.Claire Liuksila
Download or read book External Assistance and Policies for Growth in Africa written by Mrs.Claire Liuksila and published by International Monetary Fund. This book was released on 1995-12-15 with total page 104 pages. Available in PDF, EPUB and Kindle. Book excerpt: This booklet is a collection of papers presented at a seminar on policies for growth in Africa, held in Paris in February 1995 and sponsored by the Ministry of Finance of Japan. The seminar focused on four broad themes: how to enable the private sector to play a lead role in the growth process in Africa; how to boost domestic savings and help the financial sector to contribute to the mobilization and efficient us of resources; how to facilitate foreign aid and make it more effective; and, what are the essential elements of sound debt management practices?
Book Synopsis New Partnership for Africa's Development by : Mr.Saleh M. Nsouli
Download or read book New Partnership for Africa's Development written by Mr.Saleh M. Nsouli and published by International Monetary Fund. This book was released on 2004-09-14 with total page 180 pages. Available in PDF, EPUB and Kindle. Book excerpt: Adopted in 2001, the New Partnership for Africa’s Development (NEPAD) represents a new vision to place African countries on a path toward poverty reduction, sustainable growth, and full integration in the world economy. This conference volume includes papers selected from a high-level seminar in December 2002 held in Dakar, Senegal, organized by the IMF Institute in the context of the program of the Joint Africa Institute (JAI). The papers focus on the challenges confronting NEPAD in reducing poverty, promoting trade, attracting capital flows, and effecting institutional reforms.
Book Synopsis The Effect of Foreign Aid on Economic Growth in Developing Countries by : Semere Tesfamariam Kahsay
Download or read book The Effect of Foreign Aid on Economic Growth in Developing Countries written by Semere Tesfamariam Kahsay and published by . This book was released on 2020-03-06 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Effects of Macroeconomic Stability on Growth, Savings, and Investment in Sub-Saharan Africa by :
Download or read book Effects of Macroeconomic Stability on Growth, Savings, and Investment in Sub-Saharan Africa written by and published by . This book was released on 1994 with total page 130 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Contending Theories on Development Aid by : Leslie O. Omoruyi
Download or read book Contending Theories on Development Aid written by Leslie O. Omoruyi and published by Routledge. This book was released on 2017-09-20 with total page 156 pages. Available in PDF, EPUB and Kindle. Book excerpt: This title was first published in 2001: This thorough and comprehensive examination of the nature and pattern of post-Cold War aid to sub-Saharan Africa provides incisive, comparative case studies of the motivations behind the foreign aid policies of key members of the Development Association Committee (DAC). In one of the most rigorous contemporary efforts to evaluate the adequacy of the dominant theories of international relations on an important subject like foreign aid, Dr Omoruyi eschews easy answers to the problem of Africa's marginalization in the international system. He provides thoughtful, innovative suggestions for promoting a new development partnership between industrialized countries and Africa using a sophisticated quantitative method of inquiry, making this text a valuable contribution to social science literature on research methods.
Book Synopsis Foreign Aid and Development by : Finn Tarp
Download or read book Foreign Aid and Development written by Finn Tarp and published by Routledge. This book was released on 2000-08-17 with total page 522 pages. Available in PDF, EPUB and Kindle. Book excerpt: Peter Hjertholm, Editorial Assistant Aid has worked in the past but can be made to work better in the future. In this important new book, leading economists and political scientists, including experienced aid practitioners, re-examine foreign aid. The evolution of development doctrine over the past fifty years is critically investigated, and conven
Download or read book Dead Aid written by Dambisa Moyo and published by Macmillan. This book was released on 2009-03-17 with total page 209 pages. Available in PDF, EPUB and Kindle. Book excerpt: Debunking the current model of international aid promoted by both Hollywood celebrities and policy makers, Moyo offers a bold new road map for financing development of the world's poorest countries.
Book Synopsis Foreign Aid and Economic Growth in Sub-Saharan African Countries by : Santos Bila
Download or read book Foreign Aid and Economic Growth in Sub-Saharan African Countries written by Santos Bila and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: