Despite the widespread occurrence of humanitarian emergencies such as epidemics, earthquakes, droughts, floods and violent conflict and despite the significant financial resources devoted to humanitarian assistance, systematic learning from such interventions using rigorous theory-based impact...

This paper examines fungibility as a possible explanation for the "missing link" between foreign aid and economic growth. The composition of aid plays a crucial role in determining the composition of government spending and, consequently, the magnitude of fungibility and its impact on growth....