La volatilité de l'aide, les recettes d'exportation et l'investissement privé domestique en zone CEMAC

Abstract

Investment is considered as one of the main channels through which aid affects economic growth. This paper shows that aid volatility has a negative impact on domestic private investment in CEMAC countries, but that if we take into consideration export revenue (through an interactive variable), the effect is mitigated. The dependence of these countries on export revenue rather than on aid renders aid volatility inconsequential. Donors should therefore pay attention to stabilising export revenue which is more volatile and detrimental than aid flows.

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