The investment volatility-dampening role of foreign aid in poor sub-Saharan African countries

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dc.contributor.authorBalcilar, Mehmet
dc.contributor.authorOlasehinde-Williams, Godwin
dc.contributor.authorTokar, Berkan
dc.date.accessioned2023-01-18T10:18:22Z
dc.date.available2023-01-18T10:18:22Z
dc.date.issued2022en_US
dc.departmentFakülteler, İşletme Fakültesi, Yönetim Bilişim Sistemleri (İngilizce) Bölümüen_US
dc.description.abstractSustained investment is required for economic growth. Investment however often experiences severe volatility in poor countries, making spending plans difficult to formulate, and diminishing growth potentials. Foreign aid serves as an important source of complementary financing for sustained investment. This paper thus studies the effect of aid inflows on total investment volatility in 19 heavily indebted poor subSaharan African countries over the period 1980–2018. Employing the cross-sectionally augmented distributed lag (CS-DL) estimation technique for long-run coefficients in dynamic heterogeneous panels with cross-sectional dependence along with bootstrap panel causality testing, we show that aid has an inverse relationship with investment volatility. We thus conclude that aid can be viewed as a dampening factor for investment volatility in poor countries. We also show that the ability of sudden reductions in aid inflows to trigger investment volatility is bigger than the ability of sudden increases in aid inflows to lower investment volatility.en_US
dc.identifier.doi10.1080/09638199.2022.2030392en_US
dc.identifier.scopus2-s2.0-85125859257en_US
dc.identifier.scopusqualityN/Aen_US
dc.identifier.urihttps://hdl.handle.net/11467/6046
dc.identifier.urihttps://doi.org/10.1080/09638199.2022.2030392
dc.identifier.wosWOS:000760052400001en_US
dc.identifier.wosqualityQ3en_US
dc.indekslendigikaynakWeb of Scienceen_US
dc.indekslendigikaynakScopusen_US
dc.language.isoenen_US
dc.publisherRoutledgeen_US
dc.relation.ispartofJournal of International Trade and Economic Developmenten_US
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanıen_US
dc.rightsinfo:eu-repo/semantics/embargoedAccessen_US
dc.subjectInvestment volatility; aid; HIPC; cross-sectional dependence; slope heterogeneity; CS-DL; bootstrappanel Granger causalityen_US
dc.titleThe investment volatility-dampening role of foreign aid in poor sub-Saharan African countriesen_US
dc.typeArticleen_US

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