AGDI currently has about 300 publications.
2015 |
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691. | Kodila-Tedika, Simplice Asongu Oasis A The Effect of Intelligence on Financial Development: A Cross-Country Comparison 2015. Abstract | Links | BibTeX | Tags: Financial Development, Human Capital, Intelligence, Skill @workingpaper{Kodila-Tedika2015h, title = {The Effect of Intelligence on Financial Development: A Cross-Country Comparison}, author = {Simplice Asongu A Oasis Kodila-Tedika}, editor = {African Governance and Development Institute WP/15/002}, url = {http://www.afridev.org/RePEc/agd/agd-wpaper/The-Effect-of-Intelligence-on-Financial-Development.-A-Cross-Country-Comparison.pdf}, year = {2015}, date = {2015-02-01}, abstract = {We assess the correlations between intelligence and financial development in 123 countries using data averages from 2000-2010. Human capital is measured in terms of IQ, cognitive ability & cognitive skills, while financial development is appreciated both from financial intermediary and stock market development perspectives. Short-term financial measures are private and domestic credits whereas long-term financial indicators include: stock market capitalization, stock market value traded and turnover ratio. The following findings are established. (1) With respect to private credit, the positive correlations of IQ and cognitive ability are broadly similar while that of cognitive skills is substantially higher in terms of magnitude. (2) The correlation between intelligence and other financial variables are broadly similar. (3) The underlying findings are broadly confirmed in terms of sign of correlation, though the magnitude of correlation is higher (lower) with the addition of social capital or ethnic fractionalization (institutions or income). (4) When continents are excluded to control for extreme effects, baseline results are confirmed and the following on order of continental importance in financial development is established in increasing magnitude: Africa, Americas, Oceania, Europe & Asia.}, keywords = {Financial Development, Human Capital, Intelligence, Skill}, pubstate = {published}, tppubtype = {workingpaper} } We assess the correlations between intelligence and financial development in 123 countries using data averages from 2000-2010. Human capital is measured in terms of IQ, cognitive ability & cognitive skills, while financial development is appreciated both from financial intermediary and stock market development perspectives. Short-term financial measures are private and domestic credits whereas long-term financial indicators include: stock market capitalization, stock market value traded and turnover ratio. The following findings are established. (1) With respect to private credit, the positive correlations of IQ and cognitive ability are broadly similar while that of cognitive skills is substantially higher in terms of magnitude. (2) The correlation between intelligence and other financial variables are broadly similar. (3) The underlying findings are broadly confirmed in terms of sign of correlation, though the magnitude of correlation is higher (lower) with the addition of social capital or ethnic fractionalization (institutions or income). (4) When continents are excluded to control for extreme effects, baseline results are confirmed and the following on order of continental importance in financial development is established in increasing magnitude: Africa, Americas, Oceania, Europe & Asia. |
692. | Asongu, Oasis Kodila-Tedika Simplice A 2015. Abstract | Links | BibTeX | Tags: Foreign direct investment; Emerging countries; Quantile regression @workingpaper{Asongu2015b_41, title = {Conditional determinants of FDI in fast emerging economies: an instrumental quantile regression approach}, author = {Oasis Kodila-Tedika Simplice A. Asongu}, editor = {African 2015 Governance and Development Institute WP/15/003}, url = {http://www.afridev.org/RePEc/agd/agd-wpaper/Conditional-determinants-of-FDI-in-fast-emerging-economies.pdf}, year = {2015}, date = {2015-02-01}, abstract = {This paper examines FDI determinants in the BRICS and MINT throughout the conditional distributions of FDI for the period 2001-2011. An instrumental variable quantile regression estimation strategy is employed based on the intuition that, the determinants are contingent on initial or existing FDI levels. The following are some of the findings established. First, FDI benefits of GDP growth are more apparent in nations with higher initial levels of FDI. Second, real GDP output would more positively influence FDI in countries where initial levels of FDI are higher. Hence, the market-seeking purposes increases FDI with a larger magnitude in Higher FDI countries. Third, the impact of trade openness has a Kuznets shape for Gross FDI and increasing tendency for Net FDI. The impact of political stability is only significant for Gross FDI in increasing order.}, keywords = {Foreign direct investment; Emerging countries; Quantile regression}, pubstate = {published}, tppubtype = {workingpaper} } This paper examines FDI determinants in the BRICS and MINT throughout the conditional distributions of FDI for the period 2001-2011. An instrumental variable quantile regression estimation strategy is employed based on the intuition that, the determinants are contingent on initial or existing FDI levels. The following are some of the findings established. First, FDI benefits of GDP growth are more apparent in nations with higher initial levels of FDI. Second, real GDP output would more positively influence FDI in countries where initial levels of FDI are higher. Hence, the market-seeking purposes increases FDI with a larger magnitude in Higher FDI countries. Third, the impact of trade openness has a Kuznets shape for Gross FDI and increasing tendency for Net FDI. The impact of political stability is only significant for Gross FDI in increasing order. |
693. | Nwachukwu, Simplice Asongu Jacinta A C The Determinants of Interest Rates in Microbanks: Age and Scale 2015. Abstract | Links | BibTeX | Tags: age, Developing countries, economies of scale, interest rates, microbanks, Microfinance, non-bank financial institutions @workingpaper{Nwachukwu2015b, title = {The Determinants of Interest Rates in Microbanks: Age and Scale}, author = {Simplice Asongu A Jacinta C. Nwachukwu}, editor = {African 2015 Governance and Development Institute WP/15/004}, url = {http://www.afridev.org/RePEc/agd/agd-wpaper/The-Determinants-of-Interest-Rates-in-Microbanks.pdf}, year = {2015}, date = {2015-02-01}, abstract = {This study investigates the legitimacy of the relatively high interest rates charged by those microfinance institutions (MFIs) which have been transformed into regulated commercial banks using information garnered from a panel of 1232 MFIs from 107 developing countries. Results show that formally regulated micro banks have significantly higher average portfolio yields than their unregulated counterparts. By contrast, large-scale MFIs with more than eight years of experience have succeeded in lowering interest rates, but only up to a certain cut-off point. The implication is that policies which help nascent small-scale MFIs to overcome their cost disadvantages form a more effective pricing strategy than do initiatives to transform them into regulated institutions.}, keywords = {age, Developing countries, economies of scale, interest rates, microbanks, Microfinance, non-bank financial institutions}, pubstate = {published}, tppubtype = {workingpaper} } This study investigates the legitimacy of the relatively high interest rates charged by those microfinance institutions (MFIs) which have been transformed into regulated commercial banks using information garnered from a panel of 1232 MFIs from 107 developing countries. Results show that formally regulated micro banks have significantly higher average portfolio yields than their unregulated counterparts. By contrast, large-scale MFIs with more than eight years of experience have succeeded in lowering interest rates, but only up to a certain cut-off point. The implication is that policies which help nascent small-scale MFIs to overcome their cost disadvantages form a more effective pricing strategy than do initiatives to transform them into regulated institutions. |
694. | Asongu, Simplice A On the dynamic effects of foreign aid on corruption 2015. Abstract | Links | BibTeX | Tags: Foreign Aid; Political Economy; Development; Africa @workingpaper{Asongu2015b_42, title = {On the dynamic effects of foreign aid on corruption}, author = {Simplice A Asongu}, editor = {African 2015 Governance and Development Institute WP/15/015}, url = {http://www.afridev.org/RePEc/agd/agd-wpaper/Foreign-aid-volatility-and-lifelong-learning.pdf}, year = {2015}, date = {2015-01-01}, abstract = {We assemble more pieces on the puzzle of the aid-corruption nexus. In essence, we extend the debate on the effect of foreign aid on corruption by providing evidence on dynamic effects of wealth, legal origin, religious-domination, regional proximity, openness to sea, natural resources and politico-economic stability. The empirical evidence from dynamic panel GMM estimation is based on 53 African countries for the period 1996-2010. The findings show that the positive effect of foreign aid on corruption is most significant in: Middle-income, French civil-law, Christian-dominated, non-oil exporting and landlocked countries. Moreover, there is also some scanty evidence of foreign aid increasing corruption-control in Lower Middle income and Not-landlocked countries. Justifications for the dynamics are discussed.}, keywords = {Foreign Aid; Political Economy; Development; Africa}, pubstate = {published}, tppubtype = {workingpaper} } We assemble more pieces on the puzzle of the aid-corruption nexus. In essence, we extend the debate on the effect of foreign aid on corruption by providing evidence on dynamic effects of wealth, legal origin, religious-domination, regional proximity, openness to sea, natural resources and politico-economic stability. The empirical evidence from dynamic panel GMM estimation is based on 53 African countries for the period 1996-2010. The findings show that the positive effect of foreign aid on corruption is most significant in: Middle-income, French civil-law, Christian-dominated, non-oil exporting and landlocked countries. Moreover, there is also some scanty evidence of foreign aid increasing corruption-control in Lower Middle income and Not-landlocked countries. Justifications for the dynamics are discussed. |
695. | Asongu, Christian Nguena Simplice L A Journal Article Equitable and Sustainable Development of Foreign Land Acquisitions: Lessons, Policies and Implications, pp. 1-20, 2015. Abstract | BibTeX | Tags: Governance; Equity; Sustainable Development; Land Grab @article{Asongu_666, author = {Christian Nguena L Simplice A. Asongu}, editor = {Evans Osabuohien}, year = {2015}, date = {2015-01-01}, journal = {Equitable and Sustainable Development of Foreign Land Acquisitions: Lessons, Policies and Implications}, pages = {1-20}, abstract = {Large-scale agricultural land acquisitions have been covered substantially in recent literature. Despite the wealth of theoretical and empirical studies on this subject, there is no study that has reviewed existing literature in light of concerns over sustainable and equitable management. This chapter fills the gap by analyzing and synthesizing available literature to put some structure on existing knowledge. The paper has a threefold contribution to the literature. First, it takes stock of what we know so far about the determinants of land grab. Second, it presents a picture of sustainable and equitable development of the foreign land acquisitions. Third, policy syndromes are examined and policy implications discussed. Based on the accounts, the issues are not about whether agricultural investments are needed, but on how they can be sustainably and equitably managed to make positive contributions to food security and domestic development.}, keywords = {Governance; Equity; Sustainable Development; Land Grab}, pubstate = {published}, tppubtype = {article} } Large-scale agricultural land acquisitions have been covered substantially in recent literature. Despite the wealth of theoretical and empirical studies on this subject, there is no study that has reviewed existing literature in light of concerns over sustainable and equitable management. This chapter fills the gap by analyzing and synthesizing available literature to put some structure on existing knowledge. The paper has a threefold contribution to the literature. First, it takes stock of what we know so far about the determinants of land grab. Second, it presents a picture of sustainable and equitable development of the foreign land acquisitions. Third, policy syndromes are examined and policy implications discussed. Based on the accounts, the issues are not about whether agricultural investments are needed, but on how they can be sustainably and equitably managed to make positive contributions to food security and domestic development. |
2014 |
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696. | Asongu, Simplice A African Development Review, 26 (4), pp. 572–583, 2014. Abstract | Links | BibTeX | Tags: Publications; Piracy; Intellectual property rights; Governance; Africa @article{Asongu_667, author = {Simplice A Asongu}, url = {http://onlinelibrary.wiley.com/doi/10.1111/1467-8268.12113/abstract?userIsAuthenticated=false&deniedAccessCustomisedMessage=}, doi = {10.1111/1467-8268.12113}, year = {2014}, date = {2014-12-16}, journal = {African Development Review}, volume = {26}, number = {4}, pages = {572–583}, abstract = {This paper is an extension of the debate on the nexus between the strength of intellectual property rights (IPRs) and prospects for knowledge economy. It assesses the relationships between software piracy and scientific publications in African countries for which data is available. The findings, which reveal a positive nexus, are broadly consistent with the school of thought postulating that the East Asian miracle has been largely due to weaker IPRs regimes at the early stages of development. As a policy implication, less stringent IPRs regimes on scientific-related software (at least in the short run) will substantially boost contributions to and dissemination of knowledge through scientific and technical publications in Africa. IPRs laws (treaties) on scientific-oriented software should be strengthened in tandem with progress in: (a) scientific and technical publications; and (b) knowledge spillovers essential for economic growth and development. More policy implications are discussed.}, keywords = {Publications; Piracy; Intellectual property rights; Governance; Africa}, pubstate = {published}, tppubtype = {article} } This paper is an extension of the debate on the nexus between the strength of intellectual property rights (IPRs) and prospects for knowledge economy. It assesses the relationships between software piracy and scientific publications in African countries for which data is available. The findings, which reveal a positive nexus, are broadly consistent with the school of thought postulating that the East Asian miracle has been largely due to weaker IPRs regimes at the early stages of development. As a policy implication, less stringent IPRs regimes on scientific-related software (at least in the short run) will substantially boost contributions to and dissemination of knowledge through scientific and technical publications in Africa. IPRs laws (treaties) on scientific-oriented software should be strengthened in tandem with progress in: (a) scientific and technical publications; and (b) knowledge spillovers essential for economic growth and development. More policy implications are discussed. |
697. | Asongu, Simplice A International Journal of Social Economics, 41 (12), pp. 1243 - 1264, 2014. Abstract | Links | BibTeX | Tags: Health, Human Capital, Migration, Wealth @article{Asongu_668, author = {Simplice A Asongu}, url = {http://dx.doi.org/10.1108/IJSE-12-2013-0288}, doi = {10.1108/IJSE-12-2013-0288}, year = {2014}, date = {2014-12-03}, journal = {International Journal of Social Economics}, volume = {41}, number = {12}, pages = {1243 - 1264}, abstract = {Purpose – Owing to lack of relevant data on health human resource (HHR) migration, the empirical dimension of the health-worker crisis debate has remained void despite abundant theoretical literature. A health worker crisis is growing in the world. Shortages in health professionals are reaching staggering levels in many parts of the globe. The paper aims to discuss these issues. Design/methodology/approach – A quantile regression approach is used to examine the determinants of health-worker emigration throughout the conditional distributions of health-worker emigration. This provides an investigation of the determinants when existing emigrations levels matter. The author assesses the determinants of emigration in the health sector through-out the conditional distribution of HHR emigration. Findings – The findings have been presented in two main strands: when existing emigration levels are low and when existing emigration levels are high. In the former case (when existing emigration levels are low), wealth-effects have the following implications. First, while economic prosperity is a good tool against nurse brain drain in middle income countries (MICs), health expenditure is a good instrument against physician brain drain in low income countries (LICs). Second, whereas positive demographic change fuels the problem in LICs, it mitigates the issue in their MIC counterparts. Third, savings, government-effectiveness, foreign-aid and inflationary pressures only accentuate the problem for both income groups. Fourth, corruption-control becomes a vital tool for emigration-control in both income-brackets. Fifth, while trade openness mitigates physician emigration in LICs, financial openness has the opposite effect on nurse emigration. In the latter case (when existing immigration levels are high), the following conclusions have been drawn. First, While economic prosperity fights nurse emigration only in LICs, savings is a tool against physician emigration only in their MIC counterparts. Second, health expenditure and inflationary pressures are relevant tools in the battle against physician resource flight. Third, whereas, government effectiveness is an important policy measure for mitigating emigration in LICs, human development plays a similar role in MICs. Fourth, democracy, press-freedom, foreign-aid and financial openness fuel emigration in either income strata. Fifth, population growth and trade openness are important tools in the fight against brain-drain. Sixth, the HIV infection rate is a deterrent only to nurse emigration. Originality/value – This paper complements existing literature by empirically investigating the World Health Organization hypothetical determinants of health-worker migration in the context of globalization when income-levels matter. In plainer terms, the work explores how the wealth of exporting countries play-out in the determinants of HHR emigration.}, keywords = {Health, Human Capital, Migration, Wealth}, pubstate = {published}, tppubtype = {article} } Purpose – Owing to lack of relevant data on health human resource (HHR) migration, the empirical dimension of the health-worker crisis debate has remained void despite abundant theoretical literature. A health worker crisis is growing in the world. Shortages in health professionals are reaching staggering levels in many parts of the globe. The paper aims to discuss these issues. Design/methodology/approach – A quantile regression approach is used to examine the determinants of health-worker emigration throughout the conditional distributions of health-worker emigration. This provides an investigation of the determinants when existing emigrations levels matter. The author assesses the determinants of emigration in the health sector through-out the conditional distribution of HHR emigration. Findings – The findings have been presented in two main strands: when existing emigration levels are low and when existing emigration levels are high. In the former case (when existing emigration levels are low), wealth-effects have the following implications. First, while economic prosperity is a good tool against nurse brain drain in middle income countries (MICs), health expenditure is a good instrument against physician brain drain in low income countries (LICs). Second, whereas positive demographic change fuels the problem in LICs, it mitigates the issue in their MIC counterparts. Third, savings, government-effectiveness, foreign-aid and inflationary pressures only accentuate the problem for both income groups. Fourth, corruption-control becomes a vital tool for emigration-control in both income-brackets. Fifth, while trade openness mitigates physician emigration in LICs, financial openness has the opposite effect on nurse emigration. In the latter case (when existing immigration levels are high), the following conclusions have been drawn. First, While economic prosperity fights nurse emigration only in LICs, savings is a tool against physician emigration only in their MIC counterparts. Second, health expenditure and inflationary pressures are relevant tools in the battle against physician resource flight. Third, whereas, government effectiveness is an important policy measure for mitigating emigration in LICs, human development plays a similar role in MICs. Fourth, democracy, press-freedom, foreign-aid and financial openness fuel emigration in either income strata. Fifth, population growth and trade openness are important tools in the fight against brain-drain. Sixth, the HIV infection rate is a deterrent only to nurse emigration. Originality/value – This paper complements existing literature by empirically investigating the World Health Organization hypothetical determinants of health-worker migration in the context of globalization when income-levels matter. In plainer terms, the work explores how the wealth of exporting countries play-out in the determinants of HHR emigration. |
698. | Asongu, Voxi Amavilah & Antonio Andrés Simplice R A 2014. Abstract | Links | BibTeX | Tags: Business Dynamics; Knowledge Economy; Development; Africa @workingpaper{Asongu2014b, title = {Economic Implications of Business Dynamics for KE-Associated Economic Growth and Inclussive Development in African Countries}, author = {Voxi Amavilah & Antonio Andrés R Simplice A. Asongu}, editor = {African 2014 Governance and Development Institute WP/14/023}, url = {http://www.afridev.org/RePEc/agd/agd-wpaper/Economic-Implications-of-Business-Dynamics-for-KE-Associated-Economic-Growth-and-Inclusive-Development-in-African-Countries.pdf}, year = {2014}, date = {2014-12-01}, abstract = {This paper develops an empirically-relevant framework (a) to examine whether or not the African business environment hinders or promotes the knowledge economy (KE), (b) to determine how the KE which emerges from such an environment affects economic growth, and (c) how growth in turn relates to the ‘inclusive development’ of 53 African countries during the 1996-2010 time period. The framework provides a modest guide to policymaking about, and further research into, such relationships. We implement the framework by building a three-stage model and rationalizing it as five interrelated hypotheses. To allow greater concentration on the issues that are themselves already complex, our model is very simple, but clear. For example, we make neither an attempt to evaluate causality nor to test for it, even though we suspect the links to be multi-directional – opportunity costs are everywhere. Instead we focus on fundamental relationships between the dynamics of starting business and doing business as expressed in the state of KE, and through it to the inclusive development via the economic growth of those countries. Estimation results indicate that the dynamics of starting and doing business explain strongly a large part of variations in KE. The link between KE and economic growth exists, but it is weak, and we provide plausible reasons for such a result. Despite the weak association between KE and economic growth, KE-influenced growth plays a very important role in inclusive development. In fact, growth of this kind has stronger effects on inclusive development and by implication on poverty reduction, than some of conventional controls in this study such as FDI, foreign aid, and even private investment. There is clearly room for further research to improve the results, but just as clearly practical policy is best served by not neglecting the relationships examined in this paper.}, keywords = {Business Dynamics; Knowledge Economy; Development; Africa}, pubstate = {published}, tppubtype = {workingpaper} } This paper develops an empirically-relevant framework (a) to examine whether or not the African business environment hinders or promotes the knowledge economy (KE), (b) to determine how the KE which emerges from such an environment affects economic growth, and (c) how growth in turn relates to the ‘inclusive development’ of 53 African countries during the 1996-2010 time period. The framework provides a modest guide to policymaking about, and further research into, such relationships. We implement the framework by building a three-stage model and rationalizing it as five interrelated hypotheses. To allow greater concentration on the issues that are themselves already complex, our model is very simple, but clear. For example, we make neither an attempt to evaluate causality nor to test for it, even though we suspect the links to be multi-directional – opportunity costs are everywhere. Instead we focus on fundamental relationships between the dynamics of starting business and doing business as expressed in the state of KE, and through it to the inclusive development via the economic growth of those countries. Estimation results indicate that the dynamics of starting and doing business explain strongly a large part of variations in KE. The link between KE and economic growth exists, but it is weak, and we provide plausible reasons for such a result. Despite the weak association between KE and economic growth, KE-influenced growth plays a very important role in inclusive development. In fact, growth of this kind has stronger effects on inclusive development and by implication on poverty reduction, than some of conventional controls in this study such as FDI, foreign aid, and even private investment. There is clearly room for further research to improve the results, but just as clearly practical policy is best served by not neglecting the relationships examined in this paper. |
699. | ASONGU, Uchenna EFOBI & Ibukun BEECROFT Simplice A Inclusive human development in pre-crisis times of globalisation-driven debts 2014. Abstract | Links | BibTeX | Tags: Debts; globalisation; inequality; inclusive development; Africa @workingpaper{ASONGU2014bb, title = {Inclusive human development in pre-crisis times of globalisation-driven debts}, author = {Uchenna EFOBI & Ibukun BEECROFT Simplice A. ASONGU}, editor = {African 2014 Governance and Development Institute WP/24/14}, url = {http://www.afridev.org/RePEc/agd/agd-wpaper/Inclusive-human-development-in-pre-crisis-times-of-globalisation-driven-debts.pdf}, year = {2014}, date = {2014-12-01}, abstract = {The paper verifies the Azzimonti et al. (2014) conclusions on a sample of 53 African countries for the period 1996-2008. Authors of the underlying study have established theoretical underpinnings for a negative nexus between rising public debt and inequality in OECD nations. We assess the effects of four debt dynamics on inequality adjusted human development. Instrumental variable and interactive regressions were employed as empirical strategies. Two main findings were established which depend on whether debt is endogenous to or interactive with globalisation. First, when external debt is endogenous to globalisation, the effect on inclusive human development is negative, whereas when it is interactive with globalisation, the effect is positive. This may reflect the false economics of pre-conditions. The magnitudes of negative estimates from endogenous related effects were higher than the positive marginal interactive effects. Policy implications were discussed.}, keywords = {Debts; globalisation; inequality; inclusive development; Africa}, pubstate = {published}, tppubtype = {workingpaper} } The paper verifies the Azzimonti et al. (2014) conclusions on a sample of 53 African countries for the period 1996-2008. Authors of the underlying study have established theoretical underpinnings for a negative nexus between rising public debt and inequality in OECD nations. We assess the effects of four debt dynamics on inequality adjusted human development. Instrumental variable and interactive regressions were employed as empirical strategies. Two main findings were established which depend on whether debt is endogenous to or interactive with globalisation. First, when external debt is endogenous to globalisation, the effect on inclusive human development is negative, whereas when it is interactive with globalisation, the effect is positive. This may reflect the false economics of pre-conditions. The magnitudes of negative estimates from endogenous related effects were higher than the positive marginal interactive effects. Policy implications were discussed. |
700. | EFOBI, Ibukun BEECROFT & Simplice ASONGU Uchenna A Foreign Aid and Corruption: Clarifying Murky Empirical Conclusions 2014. Abstract | Links | BibTeX | Tags: Foreign Aid; Political Economy; Development; Africa @workingpaper{EFOBI2014, title = {Foreign Aid and Corruption: Clarifying Murky Empirical Conclusions}, author = {Ibukun BEECROFT & Simplice ASONGU A Uchenna EFOBI}, editor = {African 2014 Governance and Development Institute WP/25/14}, url = {http://www.afridev.org/RePEc/agd/agd-wpaper/Foreign-Aid-and-Corruption.-Clarifying-Murky-Empirical-Conclusions.pdf}, year = {2014}, date = {2014-12-01}, abstract = {This note reconciles an on-going debate on the effect of foreign aid on corruption by introducing a previously missing heterogeneity dimension of aid. The relationship was estimated using dynamic system GMM and quantile regressions (QR). Results show that both narratives in the debate are correct, contingent on the type of development assistance. The QR results are robust to endogeneity when the independent variables of interest are instrumented with their first-lags.}, keywords = {Foreign Aid; Political Economy; Development; Africa}, pubstate = {published}, tppubtype = {workingpaper} } This note reconciles an on-going debate on the effect of foreign aid on corruption by introducing a previously missing heterogeneity dimension of aid. The relationship was estimated using dynamic system GMM and quantile regressions (QR). Results show that both narratives in the debate are correct, contingent on the type of development assistance. The QR results are robust to endogeneity when the independent variables of interest are instrumented with their first-lags. |