The Real Exchange Rate, Foreign Aid and Macroeconomic Transmission Mechanisms in Tanzania and Ghana

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A recent study of 36 sub-Saharan African countries found a positive impact of aid in the majority of these countries. However, for Tanzania and Ghana, two major aid recipients, aid did not seem to have been equally beneficial. This study singles out these two countries for a more detailed empirical investigation. The focus is on the effect of aid when allowing external and nominal factors to play a role in the macroeconomic transmission mechanism. We conclude that when monetary and external factors are properly accounted for, then aid has been pivotal to growth in both real GDP and investment.
Original languageEnglish
JournalJournal of Development Studies
Volume53
Issue number7
Pages (from-to)1075-1103
Number of pages29
ISSN0022-0388
DOIs
Publication statusPublished - 2017

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