본문 바로가기
KERD
논문KCI 등재

GLOBAL FINANCIAL CRISIS AND FOREIGN DEVELOPMENT ASSISTANCE SHOCKS IN LEAST DEVELOPING COUNTRIES

0

조회

0

다운로드

0

인용

0

참고문헌

키워드

주제분류경제학

초록

This paper evaluates whether the exogenous component of the global financial crisis affects OECD-DAC EU donor countries ODA disbursements to the LDCs and how it impacts on LDCs economic prosperity. Using both static and dynamic panel techniques, we find that global financial crisis in OECD-EU donor countries are causes for the significant downside of ODA flows to the LDCs. Consequently it adversely affects through the various transmission channels (e.g., ODA disbursements, remittances, bilateral financial flows, export growth) to the LDCs economic growth. Our results also explore that due to countercyclical role of ODA flows from the donors’ largely affect to the LDCs economic development process negatively. The robustness checks using alternative estimation technique supports our original estimation results in every context.

Abstract

This paper evaluates whether the exogenous component of the global financial crisis affects OECD-DAC EU donor countries ODA disbursements to the LDCs and how it impacts on LDCs economic prosperity. Using both static and dynamic panel techniques, we find that global financial crisis in OECD-EU donor countries are causes for the significant downside of ODA flows to the LDCs. Consequently it adversely affects through the various transmission channels (e.g., ODA disbursements, remittances, bilateral financial flows, export growth) to the LDCs economic growth. Our results also explore that due to countercyclical role of ODA flows from the donors’ largely affect to the LDCs economic development process negatively. The robustness checks using alternative estimation technique supports our original estimation results in every context.

참고문헌 (57)

  1. Where Does It Hurt: The Impact of the Financial Crisis on Developing Countries, "ActionAid", ActionAid, ~ (2009)
  2. Alesina, A., "Who Gives Foreign Aid to Whom and Why?", Journal of Economic Growth, 5(1), pp.33~63 (2000)
  3. Ang, J. B., "Does Foreign Aid Promote Growth? Exploring the Role of Financial Liberalization", Review of Development Economics, 14(2), pp.197~212 (2010)
  4. Arellano, M., "Some Tests of Specification for Panel Data : Monte Carlo Evidence and an Application to Employment Equations", The Review of Economic Studies, 58(2), pp.277~297 (1991)
  5. Arellano, M., "Another Look at the Instrumental Variable Estimation of Error-Components Models", Journal of Econometrics, 68(1), pp.29~51 (1995)
  6. Baltagi, B. H., "A Monte Carlo Study for Pooling Time Series of Cross-Section Data in the Simultaneous Equations Model", International Economic Review, 25(3), pp.603~624 (1984)
  7. Baltagi, B. H., "Econometric Analysis of Panel Data" (2005), Wiley
  8. Seven Deadly Sins: Reflections on Donor Failings, "Birdsall, N.", Center for Global Development, ~, pp.Working Paper, 50 (2004)
  9. Blundell, R., "Initial Conditions and Moment Restrictions in Dynamic Panel Data Models", Journal of Econometrics, 87(1), pp.115~143 (1998)
  10. GMM Estimation of Empirical Growth Models, "Bond, S. R.", Centre for Economic Policy Research, ~ (2001)
  11. Boone, P., "The Impact of Foreign Aid on Savings and Growth" (1994), London School of Economics and Political Science
  12. Boone, P., "Politics and the Effectiveness of Foreign Aid", European Economic Review, 40(2), pp.289~329 (1996)
  13. Bulir, A., "Volatility of Development Aid: From the Frying Pan into the Fire?", World Development, 36(10), pp.2048~2066 (2008)
  14. Burnside, C., "Aid, Policies, and Growth", American Economic Review, 90(4), pp.847~868 (2000)
  15. Burnside, C., "Aid, Policies, and Growth : Reply", The American Economic Review, 94(3), pp.781~784 (2004)
  16. The Global Financial Crisis: Financial Flows to Developing Countries Set to Fall by One Quarter, "Cali, M.", Overseas Development Institute, ~ (2008)
  17. International Aid and Financial Crises in Donor Countries, "Dang, H. A.", World Bank, ~, pp.World Bank Policy Research Working Paper, WPS5162 (2009)
  18. Dang, H. A., "How Financial Crises in Donor Countries Affected Aid", World Bank Research Digest, 4(3), pp.7~8 (2010)
  19. DerSimonian, R., "Meta-Analysis in Clinical Trials", Controlled Clinical Trials, 7(3), pp.177~188 (1986)
  20. Easterly, W., "Can Foreign Aid Buy Growth?", The Journal of Economic Perspectives, 17(3), pp.23~48 (2003)
  21. Easterly, W., "Aid, Policies, and Growth : Comment", The American Economic Review, 94(3), pp.774~780 (2004)
  22. Faini, R., "Foreign Aid and Fiscal Policy" (2006), Centre for Economic Policy Research
  23. Frot, E., "The Consequences of Financial Crises on Aid" (2009), Stockholm School of Economics
  24. Grant, R., "The Global Crisis in Foreign Aid" (1998), Syracuse Univ Press
  25. Greene, W. H., "Econometric Analysis (Vol. 5)" (2003), Prentice Hall Inc
  26. Group, W. B., "Migration and Remittances Factbook" (2011), World Bank
  27. Sub-Saharan Africa: Growth, Savings, and Investment, 1986-93, "Hadjimichael, M.", International Monetary Fund, ~, pp.IMF Occasional Paper, 118 (1995)
  28. Hansen, H., "Aid and Growth Regressions", Journal of Development Economics, 64(2), pp.547~570 (2001)
  29. Hedges, L. V., "Fixed-and Random-Effects Models in Meta-Analysis", Psychological Methods, 3(4), pp.486~504 (1998)
  30. Holtz-Eakin, D., "Estimating Vector Autoregressions with Panel Data", Econometrica, pp.371~395 (1988)
  31. "Fitting Generalized Estimating Equation (GEE) Regression Models in Stata" (2001)[URL]
  32. Jones, C. I., "Intermediate Goods and Weak Links in the Theory of Economic Development", American Economic Journal : Macroeconomics, 3(2), pp.1~28 (2011)
  33. Karras, G., "Foreign Aid and Long-Run Economic Growth : Empirical Evidence for a Panel of Developing Countries", Journal of International Development, 18(1), pp.15~28 (2006)
  34. Kimura, H., "Is Foreign Aid a Vanguard of Foreign Direct Investment? A Gravity-Equation Approach", World Development, 38(4), pp.482~497 (2010)
  35. Kögel, T., "Did the Association Between Fertility and Female Employment within OECD Countries Really Change its Sign?", Journal of Population Economics, 17(1), pp.45~65 (2004)
  36. Fixed and Mixed Effects Models in Meta-Analysis, "Konstantopoulos, S.", Institute for the Study of Labor, ~, pp.Discussion Paper, 2198 (2006)
  37. Lachenmaier, S., "Effects of Innovation on Employment : A Dynamic Panel Analysis", International Journal of Industrial Organization, 29(2), pp.210~220 (2011)
  38. Liang, K. Y., "Longitudinal Data Analysis Using Generalized Linear Models", Biometrika, 73(1), pp.13~22 (1986)
  39. Will the Global Financial Crisis Lead to Lower Foreign Aid? A First Look at United States ODA, "Mendoza, R. U.", Fordham University, Department of Economics, ~ (2009)
  40. Business Cycle Fluctuations, Large Shocks, and Development Aid: New Evidence, "Minoiu, C.", International Monetary Fund, ~ (2010)
  41. Mold, A., "Aid Flows in Times of Crises", Conference on Development Cooperation in Times of Crisis and on Achieving The MDGs (2010), IFEMA Convention Centre
  42. The Financial Crisis of 2008 and the Developing Countries, "Naudé, W. A.", United Nations University, ~ (2009)
  43. Harmonising Donor Practices for Effective Aid Delivery, "OECD", The Organization for Economic Cooperation and Development, ~ (2003)
  44. Trends and Recent Developments in Foreign Direct Investment, "OECD", The Organization for Economic Cooperation and Development, ~ (2004)
  45. DAC Statistical Reporting Directives, Development Assistance Committee, "OECD", The Organization for Economic Cooperation and Development, ~ (2010)
  46. Pallage, S., "Foreign Aid and the Business Cycle", Review of International Economics, 9(4), pp.641~672 (2001)
  47. Aid and Growth: What Does the Cross-Country Evidence Really Show?, "Rajan, R.", National Bureau of Economic Research, ~ (2005)
  48. Reinhart, C. M., "The Aftermath of Financial Crises" (2009), National Bureau of Economic Research
  49. Roodman, D., "History Says Financial Crisis Will Suppress Aid" (2008), Centre for Global Development
  50. Schmidt, F. L., "Development of a General Solution to the Problem of Validity Generalization", Journal of Applied Psychology, 62(5), pp.529~540 (1977)
  51. The Consequences of Fiscal Episodes in OECD Countries for Aid Supply, "Sèna Kimm, G.", Federal Reserve Bank, ~, pp.Working Paper, 00613161 (2011)
  52. Stata, C., "Stata Reference Manual 12 (Vol. 4)" (2011), Stata Press
  53. Te Velde, D. W., "Donor Responses to the Global Financial Crisis: A Stock Take" (2009), Overseas Development Institute
  54. Treasurry, H. M., "G7 Finance Ministers Conclusions on Development", pp.2005~ (2005)
  55. World Investment Report 2009, "UNCTAD", United Nations Conference on Trade and Development, ~ (2009)
  56. 2011-Annual Report: Delivering Results in a World of 7 Billion, "UNFPA", United Nations Population Fund, ~ (2011)
  57. Global Development Finance: External Debt of Developing Countries, "World Bank", World Bank, ~ (2012)

관련 논문AI추천

이 간행물의 다른 논문 (4건)