Structuralism and orthodox economics failed to help African countries overcome their backwardness because these countries lack efficient institutions and have not reached the critical value of human capital beyond which an economy generates self-sustaining development. These findings legitimized...

This paper focuses on the macroeconomic management of large inflows of foreign aid. It investigates the extent to which African countries have coordinated fiscal and macroeconomic responses to aid surges. In practice, we construct a panel dataset to investigate the level of aid 'absorption' and...