Aid and the Supply Side: Public Investment, Export Performance, and Dutch Disease in Low-Income Countries.
Contemporary policy debates on the macroeconomics of aid often concentrate on short-run Dutch disease effects, ignoring the possible supply-side impact of aid-financed public expenditure. In the simple model of aid and public expenditure presented here, public infrastructure generates an intertemporal productivity spillover, which may exhibit a sector-specific bias. The model also provides for a learning-by-doing externality, through which total factor productivity in the tradable sector is a...Expand abstract
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