The volatility of aid

David Fielding · George Mavrotas

46 citations0/0 files storedRePEc: Research Papers in Economics

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International Development and Aid Global trade and economics Global Financial Crisis and Policies

Abstract

Issues related to the volatility of aid flows are now becoming crucial in view of their relevance to the achievement of the Millennium Development Goals. The paper examines aid volatility using data for 66 aid recipients over the period 1973-2002. We improve upon earlier work in this important area by disaggregating total aid inflows into sector and programme aid. In this way we avoid focussing on a single aggregate, unlike most previous studies on aid volatility. We also adopt a different methodology to capture aid volatility. The institutional quality of the aid recipient affects the stability of sector aid but not that of programme assistance. Moreover, more open economies, which tend to be smaller and richer, ceteris paribus, are associated with more volatile sector aid flows.

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References

2003Testing for unit roots in heterogeneous panels 1997Postwar U.S. Business Cycles: An Empirical Investigation 2000Who Gives Foreign Aid to Whom and Why?2003Governance Matters III: Governance Indicators for 1996–2002 2003Institutions, trade, and growth 2000Aid instability as a measure of uncertainty and the positive impact of aid on growth 2008Counting Chickens When They Hatch: The Short Term Effect of Aid on Growth 2003Aid Volatility: An Empirical Assessment

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2006Volatility of Development Aid 2007Foreign Aid Heterogeneity: Issues and Agenda 2006The political economy of development aid as main source of foreign finance for poor African countries: loss of policy space and possible alternatives from East Asia 2012The impact of the Interaction between institutional quality and aid volatility on growth: theory and evidence 2006Volatility of Development Aid: From the Frying Pan into the Fire?2010

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