Foreign aid, the real exchange rate, and economic growth in the aftermath of civil wars

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dc.contributor.authorElbadawi, Ibrahim A.
dc.contributor.authorKaltani, Linda
dc.contributor.authorSchmidt Hebbel, Klaus
dc.date.accessioned2024-01-10T13:48:32Z
dc.date.available2024-01-10T13:48:32Z
dc.date.issued2008
dc.description.abstractForeign aid, the real exchange rate (RER), and economic growth are three key variables that shape the aftermath of civil wars in many developing countries. Panel estimations drawn from a sample of 39 conflict and 44 nonconflict countries between 1970 and 2004 indicate that although postconflict countries receive larger aid flows and exhibit moderate RER overvaluation after peace is attained, overvaluation cannot be traced to aid. Yet foreign aid is among the significant determinants of the equilibrium RER. Aid is also an important determinant of economic growth, particularly after peace is reached. Aid exhibits decreasing returns, however, and interacts negatively with RER overvaluation. RER overvaluation reduces growth, but this effect is ameliorated by financial development. Postconflict policies should therefore aim to use aid prudently, avoid RER misalignment, and support financial and capital market development to achieve high and stable growth in the aftermath of war and beyond.
dc.fechaingreso.objetodigital2024-04-29
dc.format.extent28 páginas
dc.fuente.origenWOS
dc.identifier.doi10.1093/wber/lhm024
dc.identifier.eissn1564-698X
dc.identifier.issn0258-6770
dc.identifier.urihttps://doi.org/10.1093/wber/lhm024
dc.identifier.urihttps://repositorio.uc.cl/handle/11534/79374
dc.identifier.wosidWOS:000253859500006
dc.information.autorucInstituto de Economía;Schmidt-Hebbel K;S/I;99699
dc.issue.numero1
dc.language.isoen
dc.nota.accesocontenido parcial
dc.pagina.final140
dc.pagina.inicio113
dc.publisherOXFORD UNIV PRESS
dc.revistaWORLD BANK ECONOMIC REVIEW
dc.rightsacceso restringido
dc.subjectPURCHASING POWER PARITY
dc.subjectDUTCH DISEASE
dc.subjectPOLICIES
dc.subjectAFRICA
dc.subject.ods01 No Poverty
dc.subject.ods10 Reduced Inequality
dc.subject.ods08 Decent Work and Economic Growth
dc.subject.odspa01 Fin de la pobreza
dc.subject.odspa10 Reducción de las desigualdades
dc.subject.odspa08 Trabajo decente y crecimiento económico
dc.titleForeign aid, the real exchange rate, and economic growth in the aftermath of civil wars
dc.typeartículo
dc.volumen22
sipa.codpersvinculados99699
sipa.indexWOS
sipa.trazabilidadCarga SIPA;09-01-2024
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