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Does aid mitigate external shocks?

Abstract:

This paper investigates the role of aid in mitigating the adverse effects of commodity export price shocks on growth in commodity-dependent countries. Using a large cross-country dataset, we find that negative shocks matter for short-term growth, while the ex ante risk of shocks does not seem to matter. We also find that both the level of aid and the flexibility of the exchange rate substantially lower the adverse growth effect of shocks. While the mitigating effect of aid is significant in b...

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Publication status:
Published
Peer review status:
Peer reviewed
Version:
Author's Original

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Institution:
University of Oxford
Research group:
Centre for the Study of African Economies
Oxford college:
St Antony's College
Department:
Social Sciences Division - Economics
Role:
Author
More by this author
Institution:
University of Oxford
Research group:
Centre for the Study of African Economies
Department:
Social Sciences Division - Economics
Role:
Author
Series:
Centre for the Study of African Economics Working Paper Series (CSAE WPS)
Publication date:
2007-01-01
URN:
uuid:78286861-2893-4fbd-b563-ac919bdbc822
Local pid:
ora:1683

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