Foreign aid and economic growth in Cameroon: evidence from cointegration tests

Vasudeva N. R. Murthy · Victor Ukpolo · John Mukum Mbaku

39 citations0/0 files storedApplied Economics Letters

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International Development and Aid Monetary Policy and Economic Impact Economic Growth and Productivity

Abstract

Mbaku (1993, 1994) presents empirical evidence to support the hypothesis that in Cameroon, during 1971–90, foreign aid had no impact on economic growth. In this note, we apply the recent technique of unit-root testing and Johansen's maximum likelihood procedure to show, on the contrary, that foreign aid had a positive contribution to economic growth in Cameroon during the period under study. We attribute the differences in the results to the differences in methodology, and the implied optimal lag structure in our study. We contend that cointegration tests are warranted in studies of this nature, before any structural analysis and policy implications of the model, are derived.

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References

1987Co-Integration and Error Correction: Representation, Estimation, and Testing 1979Distribution of the Estimators for Autoregressive Time Series with a Unit Root 1988Statistical analysis of cointegration vectors 1981Likelihood Ratio Statistics for Autoregressive Time Series with a Unit Root 1990MAXIMUM LIKELIHOOD ESTIMATION AND INFERENCE ON COINTEGRATION — WITH APPLICATIONS TO THE DEMAND FOR MONEY 1979Distribution of the Estimators for Autoregressive Time Series With a Unit Root 1982Trends and random walks in macroeconmic time series 1993Co-integration, Error Correction, and the Econometric Analysis of Non-Stationary Data

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