impact of debt service payments and aid flows in cross- country growth and investment regressions . Based on the regressions …

paper, we offer a re-examination of the literature on the aidsavings, aid-investment, and aid-growth relationships, and a …

effectiveness of aid is highly sensitive to the choice of estimator and the set of control variables. When investment and human … capital are controlled for, no positive effect of aid is found. Yet, aid continues to impact on growth via investment. We …