Foreign Aid and Economic Growth: A Cointegration Test for Cambodia
Journal of Economics and Behavioral Studies, 2013, vol. 5, issue 2, 117-121
Recent studies have shown that foreign aid can have either a positive or a negative impact on economic growth. Due to this lack of general consensus the effectiveness of foreign aid for economic growth remains a contentious issue. This paper estimates a structural VECM for the period 1971-2009 and examines the long-run relationship between foreign aid and economic growth of an aid-dependent Asian economy, Cambodia. Johansen cointegration test indicates a significantly positive long-run effect of foreign aid on economic growth of Cambodia for the period of study.
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Persistent link: https://EconPapers.repec.org/RePEc:rnd:arjebs:v:5:y:2013:i:2:p:117-121
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