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02-data/intermediate/wos_sample/b5e19ab19243173c2feb137711030c74-akobeng-eric/info.yaml

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+abstract: 'Purpose This paper examines the relationship between foreign aid,
+
+  institutional democracy and poverty. The paper explores the direct
+
+  effect of foreign aid on poverty and quantifies the facilitating role of
+
+  democracy in harnessing foreign aid for poverty reduction in Sub-Saharan
+
+  Africa (SSA). Design/methodology/approach The paper attempts to address
+
+  the endogenous relationship between foreign aid and poverty by employing
+
+  the two-stage least squares instrumental variable (2SLS-IV) estimator by
+
+  using GDP per capita of the top five Organization for Economic
+
+  Co-operation and Development (OECD) countries sending foreign aid to SSA
+
+  countries scaled by the inverse of the land area of the SSA countries to
+
+  stimulate an exogenous variation in foreign aid and its components. The
+
+  initial level of democracy is interacted with the senders'' GDP per
+
+  capita to also instrument for the interaction terms of democracy,
+
+  foreign aid and its components. Findings The results suggest that
+
+  foreign aid reduces poverty and different components of foreign aid have
+
+  different effects on poverty. In particular, multilateral source and
+
+  grant type seem to be more significant in reducing poverty than
+
+  bilateral source and loan type. The study further reveals that
+
+  democratic attributes of free expression, institutional constraints on
+
+  the executive, guarantee of civil liberties to citizens and political
+
+  participation reinforce the poverty-reducing effects of aggregate
+
+  foreign aid and its components after controlling for mean household
+
+  income, GDP per capita and inequality. Research limitations/implications
+
+  The methodological concern related to modeling the effects of foreign
+
+  aid on poverty is endogeneity bias. To estimate the relationship between
+
+  foreign aid, democracy and poverty in SSA, this paper relies on a
+
+  2SLS-IV estimator with GDP per capita of the top five aid-sending OECD
+
+  countries scaled by the inverse of land area of the SSA countries as an
+
+  external instrument for foreign aid. The use of the five top OECD''s
+
+  Development Assistance Committee (OECD-DAC) countries is due to the
+
+  availability of foreign aid data for these countries. However,
+
+  non-OECD-DAC countries such as China and South Africa may be important
+
+  source of foreign aid to some SSA countries. Practical implications The
+
+  findings further suggest that the marginal effect of foreign aid in
+
+  reducing poverty is increasing with the level of institutional
+
+  democracy. In other words, foreign aid contributes more to poverty
+
+  reduction in countries with democratic dispensation. This investigation
+
+  has vital implications for future foreign aid policy, because it alerts
+
+  policymakers that the effectiveness of foreign aid can be strengthened
+
+  by considering the type and source of aid. Foreign aid and quality
+
+  political institution may serve as an important mix toward the
+
+  achievement of the Sustainable Development Goals 2030 and the Africa
+
+  Union Agenda 2063. Social implications As the global economy faces
+
+  economic and social challenges, SSA may not be able to depend heavily on
+
+  foreign partners to finance the region''s budget. There is the need for
+
+  African governments to also come out with innovative ways to mobilize
+
+  own resources to develop and confront some of the economic challenges to
+
+  achieve the required reduction in poverty. This is a vision that every
+
+  country in Africa must work toward. Africa must think of new ways of
+
+  generating wealth internally for development so as to complement foreign
+
+  aid flows and also build strong foundation for welfare improvement,
+
+  self-reliance and sustainable development.
+
+  Originality/value This existing literature does not consider how
+
+  democracy enhances the foreign aid and poverty relationship. The
+
+  existing literature does not explore how democracy enhances grants,
+
+  loans, multilateral and bilateral aid effectiveness in reducing poverty.
+
+  This paper provides the first-hand evidence of how institutional
+
+  democracy enhances the poverty-reducing effects of foreign aid and its
+
+  components. The paper uses exogenous variation in foreign aid to
+
+  quantify the direct effect of foreign aid and its components on poverty.'
+affiliation: 'Akobeng, E (Corresponding Author), Lancaster Univ Ghana, Dept Business
+  Studies, Accra, Ghana.
+
+  Akobeng, Eric, Lancaster Univ Ghana, Dept Business Studies, Accra, Ghana.'
+author: Akobeng, Eric
+author-email: e.akobeng@lancaster.edu.gh
+author_list:
+- family: Akobeng
+  given: Eric
+da: '2023-09-28'
+doi: 10.1108/JES-05-2019-0225
+earlyaccessdate: APR 2020
+files: []
+issn: 0144-3585
+journal: JOURNAL OF ECONOMIC STUDIES
+keywords: Democracy; Poverty; Foreign aid
+keywords-plus: 'POVERTY REDUCTION; DOMESTIC SAVINGS; GROWTH; REMITTANCES; POLICIES;
+
+  INEQUALITY; ASSISTANCE; IMPACT'
+language: English
+month: OCT 26
+number: '7'
+number-of-cited-references: '67'
+pages: 1689-1710
+papis_id: 9672336f473d48f5accafcbf54f30ffb
+ref: Akobeng2020harnessingforeign
+times-cited: '3'
+title: 'Harnessing foreign aid for the poor: role of institutional democracy'
+type: Article
+unique-id: WOS:000530055200001
+usage-count-last-180-days: '5'
+usage-count-since-2013: '19'
+volume: '47'
+web-of-science-categories: Economics
+year: '2020'