find strong evidence of fungibility at the aggregate level: almost 70 percent of total aid is fungible in our sample. We … also find that investment aid is more fungible than other categories of aid. In the presence of fungibility, there is no …This paper examines fungibility as a possible explanation for the "missing link" between foreign aid and economic …

, sought to contribute to the debate on two counts. First, the study examines the effect of elections on debt servicing in … Africa. Second, the study investigates the joint effect of economic development and elections on debt servicing in Africa … periods are associated with lower debt servicing in Africa, and (2) economic development is significant in enhancing debt …

Does foreign aid promote aggregate economic growth? In contrast to widespread perceptions, academic studies of this … of recent empirics and (ii) calculate plausible ranges for the rate of return to aid. Our results highlight the long …-run nature of aid investments and indicate the return to aid falls in ranges commonly accepted for public investments. We find no …