International Aid and Financial Crises in Donor Countries
The global financial crisis has already led to sharp downturns in the developing world. In the past, international aid has been able to offset partially the effects of crises that began in the developing world, but because this crisis began in the wealthy countries, donors may be less willing or able to increase aid in this crisis. Not only have donor-country incomes fallen, but the cause of the drop -- the banking and financial-sector crisis -- may exacerbate the effect on aid flows because of its heavy fiscal costs. This paper estimates how donor-country banking crises have affected aid flows in the past, using panel data from 24 donor countries between 1977 and 2007. The analysis finds that banking crises in donor countries are associated with a substantial additional fall in aid flows, beyond any income-related effects, perhaps because of the high fiscal costs of crisis and the debt hangover in the post-crisis periods. In most specifications, aid flows from crisis-affected countries fall by an average of 20 to 25 percent (relative to the counterfactual) and bottom out only about a decade after the banking crisis hits. In addition, the results confirm that donor-country incomes are robustly related to per-capita aid flows, with an elasticity of about 3. Because all donor countries are being hit hard by the current global recession, and several have also suffered banking-sector crises, there are reasons to expect that aid could fall by a significant amount (again, relative to the counterfactual) in the coming years -- just when aid may be most clearly justified to help smooth exogenous shocks to developing countries.
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dig-okr-109864349 |
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koha |
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Banco Mundial |
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DSpace |
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Estados Unidos |
| countrycode |
US |
| component |
Bibliográfico |
| access |
En linea |
| databasecode |
dig-okr |
| tag |
biblioteca |
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America del Norte |
| libraryname |
Biblioteca del Banco Mundial |
| language |
English |
| topic |
AID FLOWS AID INSTITUTIONS AID PROGRAMS ASSET SALES BAILOUT BAILOUTS BANK BAILOUTS BANK POLICY BANKING SECTORS BANKING SYSTEM BANKING SYSTEMS BANKS BILATERAL AID BUDGET DEFICITS BUDGET SURPLUS CAPITA INCOME CAPITAL FLOW CASH FLOW CHECKS COUNTRY RISK CRISIS COUNTRIES DEBT DEBT OVERHANG DEBT OVERHANGS DEBT RELIEF DEBT STOCKS DEFAULTS DEVELOPING COUNTRIES DEVELOPMENT AID DEVELOPMENT ASSISTANCE DEVELOPMENT COOPERATION DEVELOPMENT ECONOMICS DEVELOPMENT FINANCE DEVELOPMENT ISSUES DEVELOPMENT RESEARCH DISBURSEMENTS DOMESTIC BANKING DOMESTIC CURRENCY DOMESTIC NEEDS DUMMY VARIABLES ECONOMIC CONDITIONS ECONOMIC DOWNTURNS ECONOMIC FLUCTUATIONS ECONOMIC GROWTH ECONOMIC OUTLOOK ECONOMIC RECOVERY ECONOMIC SHOCKS ECONOMIC UNCERTAINTY EMERGING ECONOMIES EMERGING MARKETS EXPENDITURE FEDERAL BUDGET FEDERAL BUDGET DEFICIT FINANCIAL CONDITIONS FINANCIAL CRISES FINANCIAL CRISIS FINANCIAL INSTITUTIONS FINANCIAL VOLATILITY FISCAL POLICY FLUCTUATIONS GENERAL EQUILIBRIUM GLOBAL DEVELOPMENT FINANCE GOVERNMENT EXPENDITURES GOVERNMENT REVENUE GOVERNMENT SPENDING GROWTH RATE HUMAN DEVELOPMENT INCOME INCOME GROWTH INCOME LEVEL INCOME LEVELS INFLATION INFLATION RATE INSTRUMENT INTEREST PAYMENTS INTERNATIONAL AID INTERNATIONAL BANK INTERNATIONAL COUNTRY RISK GUIDE INTERNATIONAL MONETARY FUND LABOR FORCE LOAN MARKET VOLATILITY MOTIVATION NEGATIVE IMPACT OF CRISES PER CAPITA INCOME POLITICAL ECONOMY POLITICAL INSTITUTIONS POLITICAL PROCESS POST-CRISIS PERIODS PRIORITIES PRIVATE CAPITAL PRIVATE DEBT PRIVATE FINANCE PUBLIC DEBT PUBLIC INDEBTEDNESS PUBLIC SECTOR DEBT PUBLIC SERVICES REAL EXCHANGE RATE REAL EXCHANGE RATES RECESSION RECESSIONS REPAYMENTS REPAYMENTS OF PRINCIPAL RETURN RETURNS REVIEW OF ECONOMICS SAVINGS STANDARD ERRORS STOCK MARKET STOCK MARKET VOLATILITY SYSTEMIC BANKING CRISES SYSTEMIC BANKING CRISIS TAX TRANSITION ECONOMIES UNEMPLOYMENT UNEMPLOYMENT BENEFITS UNEMPLOYMENT RATE VARIABLE COST WORLD DEVELOPMENT INDICATORS AID FLOWS AID INSTITUTIONS AID PROGRAMS ASSET SALES BAILOUT BAILOUTS BANK BAILOUTS BANK POLICY BANKING SECTORS BANKING SYSTEM BANKING SYSTEMS BANKS BILATERAL AID BUDGET DEFICITS BUDGET SURPLUS CAPITA INCOME CAPITAL FLOW CASH FLOW CHECKS COUNTRY RISK CRISIS COUNTRIES DEBT DEBT OVERHANG DEBT OVERHANGS DEBT RELIEF DEBT STOCKS DEFAULTS DEVELOPING COUNTRIES DEVELOPMENT AID DEVELOPMENT ASSISTANCE DEVELOPMENT COOPERATION DEVELOPMENT ECONOMICS DEVELOPMENT FINANCE DEVELOPMENT ISSUES DEVELOPMENT RESEARCH DISBURSEMENTS DOMESTIC BANKING DOMESTIC CURRENCY DOMESTIC NEEDS DUMMY VARIABLES ECONOMIC CONDITIONS ECONOMIC DOWNTURNS ECONOMIC FLUCTUATIONS ECONOMIC GROWTH ECONOMIC OUTLOOK ECONOMIC RECOVERY ECONOMIC SHOCKS ECONOMIC UNCERTAINTY EMERGING ECONOMIES EMERGING MARKETS EXPENDITURE FEDERAL BUDGET FEDERAL BUDGET DEFICIT FINANCIAL CONDITIONS FINANCIAL CRISES FINANCIAL CRISIS FINANCIAL INSTITUTIONS FINANCIAL VOLATILITY FISCAL POLICY FLUCTUATIONS GENERAL EQUILIBRIUM GLOBAL DEVELOPMENT FINANCE GOVERNMENT EXPENDITURES GOVERNMENT REVENUE GOVERNMENT SPENDING GROWTH RATE HUMAN DEVELOPMENT INCOME INCOME GROWTH INCOME LEVEL INCOME LEVELS INFLATION INFLATION RATE INSTRUMENT INTEREST PAYMENTS INTERNATIONAL AID INTERNATIONAL BANK INTERNATIONAL COUNTRY RISK GUIDE INTERNATIONAL MONETARY FUND LABOR FORCE LOAN MARKET VOLATILITY MOTIVATION NEGATIVE IMPACT OF CRISES PER CAPITA INCOME POLITICAL ECONOMY POLITICAL INSTITUTIONS POLITICAL PROCESS POST-CRISIS PERIODS PRIORITIES PRIVATE CAPITAL PRIVATE DEBT PRIVATE FINANCE PUBLIC DEBT PUBLIC INDEBTEDNESS PUBLIC SECTOR DEBT PUBLIC SERVICES REAL EXCHANGE RATE REAL EXCHANGE RATES RECESSION RECESSIONS REPAYMENTS REPAYMENTS OF PRINCIPAL RETURN RETURNS REVIEW OF ECONOMICS SAVINGS STANDARD ERRORS STOCK MARKET STOCK MARKET VOLATILITY SYSTEMIC BANKING CRISES SYSTEMIC BANKING CRISIS TAX TRANSITION ECONOMIES UNEMPLOYMENT UNEMPLOYMENT BENEFITS UNEMPLOYMENT RATE VARIABLE COST WORLD DEVELOPMENT INDICATORS |
| spellingShingle |
AID FLOWS AID INSTITUTIONS AID PROGRAMS ASSET SALES BAILOUT BAILOUTS BANK BAILOUTS BANK POLICY BANKING SECTORS BANKING SYSTEM BANKING SYSTEMS BANKS BILATERAL AID BUDGET DEFICITS BUDGET SURPLUS CAPITA INCOME CAPITAL FLOW CASH FLOW CHECKS COUNTRY RISK CRISIS COUNTRIES DEBT DEBT OVERHANG DEBT OVERHANGS DEBT RELIEF DEBT STOCKS DEFAULTS DEVELOPING COUNTRIES DEVELOPMENT AID DEVELOPMENT ASSISTANCE DEVELOPMENT COOPERATION DEVELOPMENT ECONOMICS DEVELOPMENT FINANCE DEVELOPMENT ISSUES DEVELOPMENT RESEARCH DISBURSEMENTS DOMESTIC BANKING DOMESTIC CURRENCY DOMESTIC NEEDS DUMMY VARIABLES ECONOMIC CONDITIONS ECONOMIC DOWNTURNS ECONOMIC FLUCTUATIONS ECONOMIC GROWTH ECONOMIC OUTLOOK ECONOMIC RECOVERY ECONOMIC SHOCKS ECONOMIC UNCERTAINTY EMERGING ECONOMIES EMERGING MARKETS EXPENDITURE FEDERAL BUDGET FEDERAL BUDGET DEFICIT FINANCIAL CONDITIONS FINANCIAL CRISES FINANCIAL CRISIS FINANCIAL INSTITUTIONS FINANCIAL VOLATILITY FISCAL POLICY FLUCTUATIONS GENERAL EQUILIBRIUM GLOBAL DEVELOPMENT FINANCE GOVERNMENT EXPENDITURES GOVERNMENT REVENUE GOVERNMENT SPENDING GROWTH RATE HUMAN DEVELOPMENT INCOME INCOME GROWTH INCOME LEVEL INCOME LEVELS INFLATION INFLATION RATE INSTRUMENT INTEREST PAYMENTS INTERNATIONAL AID INTERNATIONAL BANK INTERNATIONAL COUNTRY RISK GUIDE INTERNATIONAL MONETARY FUND LABOR FORCE LOAN MARKET VOLATILITY MOTIVATION NEGATIVE IMPACT OF CRISES PER CAPITA INCOME POLITICAL ECONOMY POLITICAL INSTITUTIONS POLITICAL PROCESS POST-CRISIS PERIODS PRIORITIES PRIVATE CAPITAL PRIVATE DEBT PRIVATE FINANCE PUBLIC DEBT PUBLIC INDEBTEDNESS PUBLIC SECTOR DEBT PUBLIC SERVICES REAL EXCHANGE RATE REAL EXCHANGE RATES RECESSION RECESSIONS REPAYMENTS REPAYMENTS OF PRINCIPAL RETURN RETURNS REVIEW OF ECONOMICS SAVINGS STANDARD ERRORS STOCK MARKET STOCK MARKET VOLATILITY SYSTEMIC BANKING CRISES SYSTEMIC BANKING CRISIS TAX TRANSITION ECONOMIES UNEMPLOYMENT UNEMPLOYMENT BENEFITS UNEMPLOYMENT RATE VARIABLE COST WORLD DEVELOPMENT INDICATORS AID FLOWS AID INSTITUTIONS AID PROGRAMS ASSET SALES BAILOUT BAILOUTS BANK BAILOUTS BANK POLICY BANKING SECTORS BANKING SYSTEM BANKING SYSTEMS BANKS BILATERAL AID BUDGET DEFICITS BUDGET SURPLUS CAPITA INCOME CAPITAL FLOW CASH FLOW CHECKS COUNTRY RISK CRISIS COUNTRIES DEBT DEBT OVERHANG DEBT OVERHANGS DEBT RELIEF DEBT STOCKS DEFAULTS DEVELOPING COUNTRIES DEVELOPMENT AID DEVELOPMENT ASSISTANCE DEVELOPMENT COOPERATION DEVELOPMENT ECONOMICS DEVELOPMENT FINANCE DEVELOPMENT ISSUES DEVELOPMENT RESEARCH DISBURSEMENTS DOMESTIC BANKING DOMESTIC CURRENCY DOMESTIC NEEDS DUMMY VARIABLES ECONOMIC CONDITIONS ECONOMIC DOWNTURNS ECONOMIC FLUCTUATIONS ECONOMIC GROWTH ECONOMIC OUTLOOK ECONOMIC RECOVERY ECONOMIC SHOCKS ECONOMIC UNCERTAINTY EMERGING ECONOMIES EMERGING MARKETS EXPENDITURE FEDERAL BUDGET FEDERAL BUDGET DEFICIT FINANCIAL CONDITIONS FINANCIAL CRISES FINANCIAL CRISIS FINANCIAL INSTITUTIONS FINANCIAL VOLATILITY FISCAL POLICY FLUCTUATIONS GENERAL EQUILIBRIUM GLOBAL DEVELOPMENT FINANCE GOVERNMENT EXPENDITURES GOVERNMENT REVENUE GOVERNMENT SPENDING GROWTH RATE HUMAN DEVELOPMENT INCOME INCOME GROWTH INCOME LEVEL INCOME LEVELS INFLATION INFLATION RATE INSTRUMENT INTEREST PAYMENTS INTERNATIONAL AID INTERNATIONAL BANK INTERNATIONAL COUNTRY RISK GUIDE INTERNATIONAL MONETARY FUND LABOR FORCE LOAN MARKET VOLATILITY MOTIVATION NEGATIVE IMPACT OF CRISES PER CAPITA INCOME POLITICAL ECONOMY POLITICAL INSTITUTIONS POLITICAL PROCESS POST-CRISIS PERIODS PRIORITIES PRIVATE CAPITAL PRIVATE DEBT PRIVATE FINANCE PUBLIC DEBT PUBLIC INDEBTEDNESS PUBLIC SECTOR DEBT PUBLIC SERVICES REAL EXCHANGE RATE REAL EXCHANGE RATES RECESSION RECESSIONS REPAYMENTS REPAYMENTS OF PRINCIPAL RETURN RETURNS REVIEW OF ECONOMICS SAVINGS STANDARD ERRORS STOCK MARKET STOCK MARKET VOLATILITY SYSTEMIC BANKING CRISES SYSTEMIC BANKING CRISIS TAX TRANSITION ECONOMIES UNEMPLOYMENT UNEMPLOYMENT BENEFITS UNEMPLOYMENT RATE VARIABLE COST WORLD DEVELOPMENT INDICATORS Knack, Steve Dang, Hai-Anh Rogers, Halsey International Aid and Financial Crises in Donor Countries |
| description |
The global financial crisis has already
led to sharp downturns in the developing world. In the past,
international aid has been able to offset partially the
effects of crises that began in the developing world, but
because this crisis began in the wealthy countries, donors
may be less willing or able to increase aid in this crisis.
Not only have donor-country incomes fallen, but the cause of
the drop -- the banking and financial-sector crisis -- may
exacerbate the effect on aid flows because of its heavy
fiscal costs. This paper estimates how donor-country banking
crises have affected aid flows in the past, using panel data
from 24 donor countries between 1977 and 2007. The analysis
finds that banking crises in donor countries are associated
with a substantial additional fall in aid flows, beyond any
income-related effects, perhaps because of the high fiscal
costs of crisis and the debt hangover in the post-crisis
periods. In most specifications, aid flows from
crisis-affected countries fall by an average of 20 to 25
percent (relative to the counterfactual) and bottom out only
about a decade after the banking crisis hits. In addition,
the results confirm that donor-country incomes are robustly
related to per-capita aid flows, with an elasticity of about
3. Because all donor countries are being hit hard by the
current global recession, and several have also suffered
banking-sector crises, there are reasons to expect that aid
could fall by a significant amount (again, relative to the
counterfactual) in the coming years -- just when aid may be
most clearly justified to help smooth exogenous shocks to
developing countries. |
| topic_facet |
AID FLOWS AID INSTITUTIONS AID PROGRAMS ASSET SALES BAILOUT BAILOUTS BANK BAILOUTS BANK POLICY BANKING SECTORS BANKING SYSTEM BANKING SYSTEMS BANKS BILATERAL AID BUDGET DEFICITS BUDGET SURPLUS CAPITA INCOME CAPITAL FLOW CASH FLOW CHECKS COUNTRY RISK CRISIS COUNTRIES DEBT DEBT OVERHANG DEBT OVERHANGS DEBT RELIEF DEBT STOCKS DEFAULTS DEVELOPING COUNTRIES DEVELOPMENT AID DEVELOPMENT ASSISTANCE DEVELOPMENT COOPERATION DEVELOPMENT ECONOMICS DEVELOPMENT FINANCE DEVELOPMENT ISSUES DEVELOPMENT RESEARCH DISBURSEMENTS DOMESTIC BANKING DOMESTIC CURRENCY DOMESTIC NEEDS DUMMY VARIABLES ECONOMIC CONDITIONS ECONOMIC DOWNTURNS ECONOMIC FLUCTUATIONS ECONOMIC GROWTH ECONOMIC OUTLOOK ECONOMIC RECOVERY ECONOMIC SHOCKS ECONOMIC UNCERTAINTY EMERGING ECONOMIES EMERGING MARKETS EXPENDITURE FEDERAL BUDGET FEDERAL BUDGET DEFICIT FINANCIAL CONDITIONS FINANCIAL CRISES FINANCIAL CRISIS FINANCIAL INSTITUTIONS FINANCIAL VOLATILITY FISCAL POLICY FLUCTUATIONS GENERAL EQUILIBRIUM GLOBAL DEVELOPMENT FINANCE GOVERNMENT EXPENDITURES GOVERNMENT REVENUE GOVERNMENT SPENDING GROWTH RATE HUMAN DEVELOPMENT INCOME INCOME GROWTH INCOME LEVEL INCOME LEVELS INFLATION INFLATION RATE INSTRUMENT INTEREST PAYMENTS INTERNATIONAL AID INTERNATIONAL BANK INTERNATIONAL COUNTRY RISK GUIDE INTERNATIONAL MONETARY FUND LABOR FORCE LOAN MARKET VOLATILITY MOTIVATION NEGATIVE IMPACT OF CRISES PER CAPITA INCOME POLITICAL ECONOMY POLITICAL INSTITUTIONS POLITICAL PROCESS POST-CRISIS PERIODS PRIORITIES PRIVATE CAPITAL PRIVATE DEBT PRIVATE FINANCE PUBLIC DEBT PUBLIC INDEBTEDNESS PUBLIC SECTOR DEBT PUBLIC SERVICES REAL EXCHANGE RATE REAL EXCHANGE RATES RECESSION RECESSIONS REPAYMENTS REPAYMENTS OF PRINCIPAL RETURN RETURNS REVIEW OF ECONOMICS SAVINGS STANDARD ERRORS STOCK MARKET STOCK MARKET VOLATILITY SYSTEMIC BANKING CRISES SYSTEMIC BANKING CRISIS TAX TRANSITION ECONOMIES UNEMPLOYMENT UNEMPLOYMENT BENEFITS UNEMPLOYMENT RATE VARIABLE COST WORLD DEVELOPMENT INDICATORS |
| author |
Knack, Steve Dang, Hai-Anh Rogers, Halsey |
| author_facet |
Knack, Steve Dang, Hai-Anh Rogers, Halsey |
| author_sort |
Knack, Steve |
| title |
International Aid and Financial Crises in Donor Countries |
| title_short |
International Aid and Financial Crises in Donor Countries |
| title_full |
International Aid and Financial Crises in Donor Countries |
| title_fullStr |
International Aid and Financial Crises in Donor Countries |
| title_full_unstemmed |
International Aid and Financial Crises in Donor Countries |
| title_sort |
international aid and financial crises in donor countries |
| publishDate |
2009-12-01 |
| url |
http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20091229212514 https://hdl.handle.net/10986/4349 |
| work_keys_str_mv |
AT knacksteve internationalaidandfinancialcrisesindonorcountries AT danghaianh internationalaidandfinancialcrisesindonorcountries AT rogershalsey internationalaidandfinancialcrisesindonorcountries |
| _version_ |
1807157327205236736 |
| spelling |
dig-okr-1098643492024-08-08T16:14:35Z International Aid and Financial Crises in Donor Countries Knack, Steve Dang, Hai-Anh Rogers, Halsey AID FLOWS AID INSTITUTIONS AID PROGRAMS ASSET SALES BAILOUT BAILOUTS BANK BAILOUTS BANK POLICY BANKING SECTORS BANKING SYSTEM BANKING SYSTEMS BANKS BILATERAL AID BUDGET DEFICITS BUDGET SURPLUS CAPITA INCOME CAPITAL FLOW CASH FLOW CHECKS COUNTRY RISK CRISIS COUNTRIES DEBT DEBT OVERHANG DEBT OVERHANGS DEBT RELIEF DEBT STOCKS DEFAULTS DEVELOPING COUNTRIES DEVELOPMENT AID DEVELOPMENT ASSISTANCE DEVELOPMENT COOPERATION DEVELOPMENT ECONOMICS DEVELOPMENT FINANCE DEVELOPMENT ISSUES DEVELOPMENT RESEARCH DISBURSEMENTS DOMESTIC BANKING DOMESTIC CURRENCY DOMESTIC NEEDS DUMMY VARIABLES ECONOMIC CONDITIONS ECONOMIC DOWNTURNS ECONOMIC FLUCTUATIONS ECONOMIC GROWTH ECONOMIC OUTLOOK ECONOMIC RECOVERY ECONOMIC SHOCKS ECONOMIC UNCERTAINTY EMERGING ECONOMIES EMERGING MARKETS EXPENDITURE FEDERAL BUDGET FEDERAL BUDGET DEFICIT FINANCIAL CONDITIONS FINANCIAL CRISES FINANCIAL CRISIS FINANCIAL INSTITUTIONS FINANCIAL VOLATILITY FISCAL POLICY FLUCTUATIONS GENERAL EQUILIBRIUM GLOBAL DEVELOPMENT FINANCE GOVERNMENT EXPENDITURES GOVERNMENT REVENUE GOVERNMENT SPENDING GROWTH RATE HUMAN DEVELOPMENT INCOME INCOME GROWTH INCOME LEVEL INCOME LEVELS INFLATION INFLATION RATE INSTRUMENT INTEREST PAYMENTS INTERNATIONAL AID INTERNATIONAL BANK INTERNATIONAL COUNTRY RISK GUIDE INTERNATIONAL MONETARY FUND LABOR FORCE LOAN MARKET VOLATILITY MOTIVATION NEGATIVE IMPACT OF CRISES PER CAPITA INCOME POLITICAL ECONOMY POLITICAL INSTITUTIONS POLITICAL PROCESS POST-CRISIS PERIODS PRIORITIES PRIVATE CAPITAL PRIVATE DEBT PRIVATE FINANCE PUBLIC DEBT PUBLIC INDEBTEDNESS PUBLIC SECTOR DEBT PUBLIC SERVICES REAL EXCHANGE RATE REAL EXCHANGE RATES RECESSION RECESSIONS REPAYMENTS REPAYMENTS OF PRINCIPAL RETURN RETURNS REVIEW OF ECONOMICS SAVINGS STANDARD ERRORS STOCK MARKET STOCK MARKET VOLATILITY SYSTEMIC BANKING CRISES SYSTEMIC BANKING CRISIS TAX TRANSITION ECONOMIES UNEMPLOYMENT UNEMPLOYMENT BENEFITS UNEMPLOYMENT RATE VARIABLE COST WORLD DEVELOPMENT INDICATORS The global financial crisis has already led to sharp downturns in the developing world. In the past, international aid has been able to offset partially the effects of crises that began in the developing world, but because this crisis began in the wealthy countries, donors may be less willing or able to increase aid in this crisis. Not only have donor-country incomes fallen, but the cause of the drop -- the banking and financial-sector crisis -- may exacerbate the effect on aid flows because of its heavy fiscal costs. This paper estimates how donor-country banking crises have affected aid flows in the past, using panel data from 24 donor countries between 1977 and 2007. The analysis finds that banking crises in donor countries are associated with a substantial additional fall in aid flows, beyond any income-related effects, perhaps because of the high fiscal costs of crisis and the debt hangover in the post-crisis periods. In most specifications, aid flows from crisis-affected countries fall by an average of 20 to 25 percent (relative to the counterfactual) and bottom out only about a decade after the banking crisis hits. In addition, the results confirm that donor-country incomes are robustly related to per-capita aid flows, with an elasticity of about 3. Because all donor countries are being hit hard by the current global recession, and several have also suffered banking-sector crises, there are reasons to expect that aid could fall by a significant amount (again, relative to the counterfactual) in the coming years -- just when aid may be most clearly justified to help smooth exogenous shocks to developing countries. 2012-03-19T19:14:32Z 2012-03-19T19:14:32Z 2009-12-01 http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20091229212514 https://hdl.handle.net/10986/4349 English Policy Research working paper ; no. WPS 5162 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank application/pdf text/plain |