Controversy over the aggregate impact of foreign aid has focused on reduced form estimates of the aid-growth link. The causal chain, through which aid affects developmental outcomes including growth, has received much less attention. We address this gap by: (i) specifying a structural model of...

The emergence of climate finance has the potential to catalyze positive changes in the institutional architecture and distribution mechanisms for financial flows to lower income countries. The nature of the challenge of development in the context of climate change argues for recipient country...