Aid, the Real Exchange Rate and Why Policy Matters: The Cases of Morocco and Tunisia
研究了1980-2009年间援助流入对摩洛哥和突尼斯实际汇率的影响，发现摩洛哥出现实际升值而突尼斯未受影响，说明宏观经济框架和供给侧改善对援助效果至关重要。
Every form of foreign-exchange inflow, including aid, can potentially cause real-exchange rate appreciation, with adverse consequences for the production of tradables (‘Dutch Disease’). Whether it does so depends on the policy response to the inflow. This paper investigates the issue for Morocco and Tunisia, over 1980–2009. We find that aid led to a real appreciation in Morocco, but had no effect on Tunisia’s real exchange rate. This confirms the importance of the macroeconomic framework in which aid is provided, and the key role for infrastructure and other supply-side improvements in determining the final real-economy impact of aid and other inflows.