外援的宏观经济效应综述.pdf

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The Macroeconomic Effects of Foreign Aid:
A Survey


Philipp Harms and Matthias Lutz

September 2004 Discussion Paper no. 2004-11



Department of Economics University of St. Gallen
Editor: Prof. Jörg Baumberger
University of St. Gallen
Department of Economics
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The Macroeconomic Effects of Foreign Aid:
A Survey*

Philipp Harms
Matthias Lutz












Authors’ addresses: Philipp Harms Matthias Lutz
Study Center Gerzensee Institute of Economics
. Box 21 Bodanstrasse 1
3115 Gerzensee 9000 St. Gallen
Switzerland Switzerland
Tel.: [phone] Tel.: [phone]
Fax: [phone] Fax: [phone]
Email: philipp.******@ Email: matthias.******@
Abstract
Research on the macroeconomic effects of aid has expanded rapidly in recent years. In
this paper, we provide a survey of this literature. We start by reviewing some theoreti-
cal models that suggest a positive impact of aid on investment and growth. We then
discuss the empirical evidence, giving particular attention to the role of institutions and
policies in determining aid effectiveness. As a general conclusion, we suggest adopting
a more disaggregate perspective with respect both to different types of aid and to vari-
ous aspects of governance.

Keywords
foreign aid, economic growth, institutions, governance

JEL Classifications
F35, F43, O16, O19
1. Introduction

Foreign aid flows from DAC countries to the developing world stagnated during the 1990s,
reaching a low point in 1997 at $48