The Macroeconomic Management of Increased Aid: Policy Lessons from Recent Experience

Shekhar S. Aiyar · Andrew Berg

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International Development and Aid Monetary Policy and Economic Impact Global Financial Crisis and Policies

Abstract

This paper investigates the macroeconomic challenges created by a surge in aid inflows. It develops an analytical framework for examining possible policy responses to increased aid, in terms of absorption and spending of aid—where the central bank controls absorption through monetary policy and the sale of foreign exchange and the fiscal authority controls spending. Different combinations of absorption and spending lead to different macroeconomic consequences.

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