Aid and Dutch Disease in the South Pacific and in Other Small Island States
研究了援助对10个太平洋岛国宏观经济的影响，发现援助导致实际汇率升值和贸易品部门收缩，但不同国家结果各异，并分析了决定援助宏观影响的国家特征。
Abstract The impact of aid on the macro-economy is ambiguous. Aid that increases expenditure may cause real exchange rate appreciation. However, if the capital stock in the traded goods sector rises then output might not contract, and if investment in the non-traded goods sector is relatively productive then real exchange rate appreciation could be avoided. We examine aid inflows in 10 Pacific island states, and find them to produce a variety of outcomes. Applying our model to other small island states around the world, we analyse the country-specific characteristics that determine the macroeconomic impact of aid, and draw policy conclusions.