메뉴 건너뛰기




Volumn 44, Issue 20, 2012, Pages 2537-2550

Does foreign aid increase private investment? Evidence from panel cointegration

Author keywords

Foreign aid; Panel cointegration; Private investment

Indexed keywords

AID FLOW; COINTEGRATION ANALYSIS; INTERNATIONAL AID; INVESTMENT; PANEL DATA;

EID: 80051770308     PISSN: 00036846     EISSN: 14664283     Source Type: Journal    
DOI: 10.1080/00036846.2011.566183     Document Type: Article
Times cited : (28)

References (66)
  • 2
    • 33947732216 scopus 로고    scopus 로고
    • Labour market reforms, growth, and unemployment in labour-exporting countries in the Middle East and North Africa
    • Agénor, P.-R., Nabli, M. K., Yousef, T. and Jensen, H. T. (2007) Labour market reforms, growth, and unemployment in labour-exporting countries in the Middle East and North Africa, Journal of Policy Modeling, 29, 277-309.
    • (2007) Journal of Policy Modeling , vol.29 , pp. 277-309
    • Agénor, P.-R.1    Nabli, M.K.2    Yousef, T.3    Jensen, H.T.4
  • 3
    • 21144463725 scopus 로고
    • Macroeconomic uncertainty and private investment
    • Aizenmann, J. and Marion, N. P. (1993) Macroeconomic uncertainty and private investment, Economics Letters, 41, 207-10.
    • (1993) Economics Letters , vol.41 , pp. 207-210
    • Aizenmann, J.1    Marion, N.P.2
  • 5
    • 0027725734 scopus 로고
    • Adjustment to external imbalance and investment slumps in developing countries
    • Bleaney, M. and Greenaway, D. (1993) Adjustment to external imbalance and investment slumps in developing countries, European Economic Review, 37, 577-85.
    • (1993) European Economic Review , vol.37 , pp. 577-585
    • Bleaney, M.1    Greenaway, D.2
  • 6
    • 0030460228 scopus 로고    scopus 로고
    • Politics and the effectiveness of foreign aid
    • Boone, P. (1996) Politics and the effectiveness of foreign aid, European Economic Review, 40, 289-329.
    • (1996) European Economic Review , vol.40 , pp. 289-329
    • Boone, P.1
  • 7
    • 2342650196 scopus 로고    scopus 로고
    • Foreign aid, institutions, and governance in sub-Saharan Africa
    • Bröutigam, D. A. and Knack, S. (2004) Foreign aid, institutions, and governance in sub-Saharan Africa, Economic Development and Cultural Change, 52, 255-85.
    • (2004) Economic Development and Cultural Change , vol.52 , pp. 255-285
    • Bröutigam, D.A.1    Knack, S.2
  • 8
    • 22944476445 scopus 로고    scopus 로고
    • A parametric approach to the estimation of cointegrating vectors in panel data
    • Breitung, J. (2005) A parametric approach to the estimation of cointegrating vectors in panel data, Econometric Reviews, 24, 151-73.
    • (2005) Econometric Reviews , vol.24 , pp. 151-173
    • Breitung, J.1
  • 11
    • 0011707329 scopus 로고    scopus 로고
    • World Bank Policy Research Working Paper No. 2688, The World Bank, Washington, DC
    • Collier, P. and Dehn, J. (2001) Aid, shocks, and growth, World Bank Policy Research Working Paper No. 2688, The World Bank, Washington, DC.
    • (2001) Aid, shocks, and growth
    • Collier, P.1    Dehn, J.2
  • 12
    • 2942545677 scopus 로고    scopus 로고
    • Development effectiveness: What have we learnt?
    • Collier, P. and Dollar, D. (2004) Development effectiveness: what have we learnt?, Economic Journal, 114, F244-71.
    • (2004) Economic Journal , vol.114
    • Collier, P.1    Dollar, D.2
  • 14
    • 79952550151 scopus 로고    scopus 로고
    • Does investment lead to greater output? A panel error-correction model analysis
    • Crowder, W. J. and de Jong, P. (2011) Does investment lead to greater output? A panel error-correction model analysis, Applied Economics, 43, 773-85.
    • (2011) Applied Economics , vol.43 , pp. 773-785
    • Crowder, W.J.1    de Jong, P.2
  • 15
    • 67349203815 scopus 로고    scopus 로고
    • Reasonable expectations and the First Millennium Development Goal: How much can aid achieve?
    • Dalgaard, C.-J. and Erickson, L. (2009) Reasonable expectations and the First Millennium Development Goal: how much can aid achieve?, World Development, 37, 1170-81.
    • (2009) World Development , vol.37 , pp. 1170-1181
    • Dalgaard, C.-J.1    Erickson, L.2
  • 17
    • 2942548810 scopus 로고    scopus 로고
    • On the empirics of foreign aid and growth
    • Daalgard, C.-H., Hansen, H. and Tarp, F. (2004) On the empirics of foreign aid and growth, Economic Journal, 114, 191-216.
    • (2004) Economic Journal , vol.114 , pp. 191-216
    • Daalgard, C.-H.1    Hansen, H.2    Tarp, F.3
  • 20
    • 0033368688 scopus 로고    scopus 로고
    • The search for the key: Aid, investment and policies in Africa
    • Dollar, D. and Easterly, W. (1999) The search for the key: aid, investment and policies in Africa, Journal of African Economies, 8, 546-77.
    • (1999) Journal of African Economies , vol.8 , pp. 546-577
    • Dollar, D.1    Easterly, W.2
  • 21
    • 28344433524 scopus 로고    scopus 로고
    • Do panel data permit the rescue of the Balassa-Samuelson hypothesis for Latin American countries?
    • Drine, I. and Rault, C. (2003) Do panel data permit the rescue of the Balassa-Samuelson hypothesis for Latin American countries?, Applied Economics, 35, 351-9.
    • (2003) Applied Economics , vol.35 , pp. 351-359
    • Drine, I.1    Rault, C.2
  • 23
    • 38749146335 scopus 로고    scopus 로고
    • Does foreign aid distort incentives and hurt growth? Theory and evidence from 75 aid-recipient countries
    • Economides, G., Kalyvitis, S. and Phillippopoulos, A. (2008) Does foreign aid distort incentives and hurt growth? Theory and evidence from 75 aid-recipient countries, Public Choice, 134, 463-88.
    • (2008) Public Choice , vol.134 , pp. 463-488
    • Economides, G.1    Kalyvitis, S.2    Phillippopoulos, A.3
  • 25
    • 27944485334 scopus 로고    scopus 로고
    • Aid and growth in sub-Saharan Africa: Accounting for transmission mechanisms
    • Gomanee, K., Girma, S. and Morrissey, O. (2005) Aid and growth in sub-Saharan Africa: accounting for transmission mechanisms, Journal of International Development, 17, 1055-76.
    • (2005) Journal of International Development , vol.17 , pp. 1055-1076
    • Gomanee, K.1    Girma, S.2    Morrissey, O.3
  • 26
    • 0003028174 scopus 로고
    • Private investment in developing countries
    • Greene, J. and Villanueva, D. (1991) Private investment in developing countries, IMF Staff Papers, 38, 33-58.
    • (1991) IMF Staff Papers , vol.38 , pp. 33-58
    • Greene, J.1    Villanueva, D.2
  • 30
    • 43949122212 scopus 로고    scopus 로고
    • The long-run relationship between outward FDI and domestic output: Evidence from panel data
    • Herzer, D. (2008a) The long-run relationship between outward FDI and domestic output: evidence from panel data, Economics Letters, 100, 146-9.
    • (2008) Economics Letters , vol.100 , pp. 146-149
    • Herzer, D.1
  • 31
    • 52949118551 scopus 로고    scopus 로고
    • The causal relationship between domestic and outward foreign investment: Evidence for Italy
    • Herzer, D. (2008b) The causal relationship between domestic and outward foreign investment: evidence for Italy, Applied Financial Economics Letters, 4, 307-10.
    • (2008) Applied Financial Economics Letters , vol.4 , pp. 307-310
    • Herzer, D.1
  • 32
    • 80051769893 scopus 로고    scopus 로고
    • CREDIT Research Paper No. 09, 01, Centre for Research in Economic Development and International Trade, Nottingham
    • Herzer, D. and Morrissey, O. (2009) The long-run effect of aid on domestic output, CREDIT Research Paper No. 09, 01, Centre for Research in Economic Development and International Trade, Nottingham.
    • (2009) The long-run effect of aid on domestic output
    • Herzer, D.1    Morrissey, O.2
  • 34
    • 77952421225 scopus 로고    scopus 로고
    • A spatio-temporal model of house prices in the USA
    • Holly, S., Pesaran, M. H. and Yamagata, T. (2010) A spatio-temporal model of house prices in the USA, Journal of Econometrics, 158, 160-73.
    • (2010) Journal of Econometrics , vol.158 , pp. 160-173
    • Holly, S.1    Pesaran, M.H.2    Yamagata, T.3
  • 35
    • 0013498103 scopus 로고    scopus 로고
    • Testing for unit roots in heterogeneous panels
    • Im, K. S., Pesaran, M. H. and Shin, Y. (2003) Testing for unit roots in heterogeneous panels, Journal of Econometrics, 115, 53-74.
    • (2003) Journal of Econometrics , vol.115 , pp. 53-74
    • Im, K.S.1    Pesaran, M.H.2    Shin, Y.3
  • 37
    • 0034239468 scopus 로고    scopus 로고
    • Modelling of cointegration in the vector autoregressive model
    • Johansen, S. (2000) Modelling of cointegration in the vector autoregressive model, Economic Modelling, 17, 359-73.
    • (2000) Economic Modelling , vol.17 , pp. 359-373
    • Johansen, S.1
  • 38
    • 35448971123 scopus 로고    scopus 로고
    • On the estimation and inference of a cointegrated regression in panel data
    • Kao, C. and Chiang, M. (2000) On the estimation and inference of a cointegrated regression in panel data, Advances in Econometrics, 15, 179-222.
    • (2000) Advances in Econometrics , vol.15 , pp. 179-222
    • Kao, C.1    Chiang, M.2
  • 39
    • 0025188597 scopus 로고
    • Private investment and economic growth in developing countries
    • Khan, M. and Reinhart, C. M. (1990) Private investment and economic growth in developing countries, World Development, 18, 19-27.
    • (1990) World Development , vol.18 , pp. 19-27
    • Khan, M.1    Reinhart, C.M.2
  • 40
    • 0035646350 scopus 로고    scopus 로고
    • Aid dependence and the quality of governance
    • Knack, S. (2001) Aid dependence and the quality of governance, Southern Economic Journal, 68, 310-29.
    • (2001) Southern Economic Journal , vol.68 , pp. 310-329
    • Knack, S.1
  • 41
    • 0007664031 scopus 로고
    • Investment and macroeconomic adjustment: The case of East Asia
    • in, (Eds) L. Serven and A. Solimano, The World Bank, Washington, DC
    • Larrain, F. and Vergara, R. (1993) Investment and macroeconomic adjustment: the case of East Asia, in Striving for Growth After Adjustment (Eds) L. Serven and A. Solimano, The World Bank, Washington, DC, pp. 229-74.
    • (1993) Striving for Growth After Adjustment , pp. 229-274
    • Larrain, F.1    Vergara, R.2
  • 42
    • 0001062569 scopus 로고    scopus 로고
    • Likelihood-based cointegration tests in heterogeneous panels
    • Larsson, R., Lyhagen, J. and Löthegren, M. (2001) Likelihood-based cointegration tests in heterogeneous panels, Econometrics Journal, 4, 109-42.
    • (2001) Econometrics Journal , vol.4 , pp. 109-142
    • Larsson, R.1    Lyhagen, J.2    Löthegren, M.3
  • 43
    • 0033444729 scopus 로고    scopus 로고
    • Numerical distribution functions of likelihood ratio tests for cointegration
    • MacKinnon, J. G., Haug, A. A. and Michelis, L. (1999) Numerical distribution functions of likelihood ratio tests for cointegration, Journal of Applied Econometrics, 14, 563-77.
    • (1999) Journal of Applied Econometrics , vol.14 , pp. 563-577
    • McKinnon, J.G.1    Haug, A.A.2    Michelis, L.3
  • 44
    • 0001187515 scopus 로고    scopus 로고
    • A comparative study of unit root tests with panel data and a new simple test
    • Madalla, G. S. and Wu, S. (1999) A comparative study of unit root tests with panel data and a new simple test, Oxford Bulletin of Economics and Statistics, 61, 631-52.
    • (1999) Oxford Bulletin of Economics and Statistics , vol.61 , pp. 631-652
    • Madalla, G.S.1    Wu, S.2
  • 45
    • 0025009922 scopus 로고
    • The effects of foreign resource inflows on composition of aggregate expenditure in developing countries: A seemingly unrelated model
    • Mahdavi, S. (1990) The effects of foreign resource inflows on composition of aggregate expenditure in developing countries: a seemingly unrelated model, Kyklos, 43, 111-37.
    • (1990) Kyklos , vol.43 , pp. 111-137
    • Mahdavi, S.1
  • 47
    • 33750302044 scopus 로고    scopus 로고
    • Controversies over the impact of development aid: It works; it doesn't; it can, but that depends
    • McGillivray, M., Feeny, S., Hermes, N. and Lensink, R. (2006) Controversies over the impact of development aid: it works; it doesn't; it can, but that depends, Journal of International Development, 18, 1031-50.
    • (2006) Journal of International Development , vol.18 , pp. 1031-1050
    • McGillivray, M.1    Feeny, S.2    Hermes, N.3    Lensink, R.4
  • 49
    • 33744540121 scopus 로고    scopus 로고
    • Has government investment crowded out private investment in India?
    • Mitra, P. (2006) Has government investment crowded out private investment in India?, American Economic Review, 96, 337-41.
    • (2006) American Economic Review , vol.96 , pp. 337-341
    • Mitra, P.1
  • 50
    • 0034794856 scopus 로고    scopus 로고
    • Macroeconomic factors and investment in Africa
    • Mlambo, K. and Oshikoya, T. W. (2001) Macroeconomic factors and investment in Africa, Journal of African Economies, 10, 12-47.
    • (2001) Journal of African Economies , vol.10 , pp. 12-47
    • Mlambo, K.1    Oshikoya, T.W.2
  • 51
    • 84936526430 scopus 로고
    • Aid, the public sector and the market in less developed countries
    • Mosley, P., Hudson, J. and Horrel, S. (1987) Aid, the public sector and the market in less developed countries, Economic Journal, 97, 616-41.
    • (1987) Economic Journal , vol.97 , pp. 616-641
    • Mosley, P.1    Hudson, J.2    Horrel, S.3
  • 52
    • 21444461187 scopus 로고    scopus 로고
    • Public and private investment and economic growth in Mexico
    • Nazmi, N. and Ramirez, M. D. (1997) Public and private investment and economic growth in Mexico, Contemporary Economic Policy, 15, 65-75.
    • (1997) Contemporary Economic Policy , vol.15 , pp. 65-75
    • Nazmi, N.1    Ramirez, M.D.2
  • 53
    • 0001447776 scopus 로고
    • Econometric issues in the analysis of regressions with generated regressors
    • Pagan, A. (1984) Econometric issues in the analysis of regressions with generated regressors, International Economic Review, 25, 221-47.
    • (1984) International Economic Review , vol.25 , pp. 221-247
    • Pagan, A.1
  • 54
    • 0041110046 scopus 로고    scopus 로고
    • Critical values for cointegration tests in heterogeneous panels with multiple regressors
    • Pedroni, P. (1999) Critical values for cointegration tests in heterogeneous panels with multiple regressors, Oxford Bulletin of Economics and Statistics, 61, 653-70.
    • (1999) Oxford Bulletin of Economics and Statistics , vol.61 , pp. 653-670
    • Pedroni, P.1
  • 55
    • 33745290412 scopus 로고    scopus 로고
    • Estimation and inference in large heterogeneous panels with a multifactor error structure
    • Pesaran, M. H. (2006) Estimation and inference in large heterogeneous panels with a multifactor error structure, Econometrica, 74, 967-1012.
    • (2006) Econometrica , vol.74 , pp. 967-1012
    • Pesaran, M.H.1
  • 56
    • 34248177429 scopus 로고    scopus 로고
    • A simple panel unit root test in the presence of cross-section dependence
    • Pesaran, M. H. (2007) A simple panel unit root test in the presence of cross-section dependence, Journal of Applied Econometrics, 22, 265-312.
    • (2007) Journal of Applied Econometrics , vol.22 , pp. 265-312
    • Pesaran, M.H.1
  • 59
    • 55549114029 scopus 로고    scopus 로고
    • Aid and growth: What does the cross-country evidence really show?
    • Rajan, R. R. and Subramanian, A. (2008) Aid and growth: what does the cross-country evidence really show?, Review of Economics and Statistics, 90, 643-65.
    • (2008) Review of Economics and Statistics , vol.90 , pp. 643-665
    • Rajan, R.R.1    Subramanian, A.2
  • 60
    • 0003289147 scopus 로고
    • Empirical investment equations in developing countries
    • in, (Eds) L. Serven and A. Solimano, The World Bank, Washington, DC
    • Rama, M. (1993) Empirical investment equations in developing countries, in Striving for Growth After Adjustment (Eds) L. Serven and A. Solimano, The World Bank, Washington, DC, pp. 107-46.
    • (1993) Striving for Growth After Adjustment , pp. 107-146
    • Rama, M.1
  • 61
    • 3042846612 scopus 로고    scopus 로고
    • The impact of public investment on private investment spending in Latin America: 1980-1995
    • Ramirez, M. D. (2000) The impact of public investment on private investment spending in Latin America: 1980-1995, Atlantic Economic Journal, 28, 210-25.
    • (2000) Atlantic Economic Journal , vol.28 , pp. 210-225
    • Ramirez, M.D.1
  • 62
    • 0026277717 scopus 로고
    • Policy uncertainty and private investment in developing countries
    • Rodrik, D. (1991) Policy uncertainty and private investment in developing countries, Journal of Development Economics, 36, 229-42.
    • (1991) Journal of Development Economics , vol.36 , pp. 229-242
    • Rodrik, D.1
  • 63
    • 0004649049 scopus 로고
    • Private investment and macroeconomic adjustment: A survey
    • in, (Eds) L. Serven and A. Solimano, The World Bank, Washington, DC
    • Servén, L. and Solimano, A. (1993) Private investment and macroeconomic adjustment: a survey, in Striving for Growth After Adjustment (Eds) L. Serven and A. Solimano, The World Bank, Washington, DC, pp. 81-106.
    • (1993) Striving for Growth After Adjustment , pp. 81-106
    • Servén, L.1    Solimano, A.2
  • 64
    • 0030390221 scopus 로고    scopus 로고
    • Foreign aid and private investment in developing economies
    • Snyder, D. W. (1996) Foreign aid and private investment in developing economies, Journal of International Development, 8, 735-45.
    • (1996) Journal of International Development , vol.8 , pp. 735-745
    • Snyder, D.W.1
  • 65
    • 0002155693 scopus 로고
    • The impact of foreign capital inflows on domestic savings in underdeveloped countries
    • Weisskopf, T. (1972) The impact of foreign capital inflows on domestic savings in underdeveloped countries, Journal of International Economics, 2, 25-38.
    • (1972) Journal of International Economics , vol.2 , pp. 25-38
    • Weisskopf, T.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.