Aid Volatility, Human Capital, and Growth
研究了援助波动性如何通过影响教育投资激励，进而对低收入国家的教育成果和经济增长产生负面效应，并利用面板数据证实了教育援助波动性与教育成果之间的负相关关系。
We study the effect of aid volatility on education outcomes and economic growth, in a model that focuses on a low-income economy where acquiring skills benefits from public subsidies partly financed through foreign aid. By creating uncertainty about the net return to education, a high degree of aid volatility mitigates agents’ incentives to invest in skills. If savings and growth depend on the composition of the labor force, aid volatility may have an adverse effect on the mean growth rates of investment and output. Panel data regressions for a group of aid-dependent countries provide robust evidence of a negative relationship between the volatility of education aid and schooling outcomes.