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1. Adam and Buffie (2006) Aid shock: Persistent 12.5% increase in net aid inflows. Further circumstances: Analysis with different assumptions about sector-specific productivity spill-overs from public investment (neutral, domestic bias, export bias). Fiscal policy: Spend aid in full Monetary policy: No sterilisation (implicit) Exchange rate: Fixed (implicit) Responding variable: Real exchange rate Appreciation With domestic-biased productivity spill-overs, RER recovers quickly and depreciates in the long run; quite persistent appreciation otherwise. Total exports Decrease Permanent effect only in the absence of productivity spill-overs; with positive spill-overs of either type, exports increase in the long run.
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2. Adam C. (2013) Dutch Disease and Foreign Aid. In: Palgrave Macmillan (eds) The New Palgrave Dictionary of Economics. Palgrave Macmillan, London (https://rd.springer.com/referenceworkentry/10.1057%2F978-1349 -95121-5_2864-1) Adam, C. S., & Bevan, D. L. (2006). Aid and the supply side: Public investment, export performance, and Dutch disease in low-income countries. The World Bank Economic Review, 20(2), 261-290.

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9. Botswana 2013:03 Aid surge Uncommented in bank reports, odd entry. No unusual behaviour of other variables.
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10. Botswana 2015:03 M2 surge Generally loose monetary policy, potentially measurement issue.
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11. Buffie, E., Adam, C., O’Connell, S., & Pattillo, C. (2008). Riding the wave: Monetary responses to aid surges in low-income countries. European Economic Review, 52(8), 1378-1395.

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14. Burundi 2007:12 Aid surge Debt write-off by Central Bank.
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15. Burundi 2012:01 REER surge Debt write-off by Central Bank.
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16. Bwire, T., Lloyd, T. & Morrissey, O. (2017). Fiscal Reforms and the Fiscal Effects of Aid in Uganda. Journal of Development Studies, 53(7), 1019-1036.

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29. Kenya 2004:01 BoT drop Uncommented in CB reports. Likely adjustments at the beginning of the year.
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30. Kenya 2005:01 BoT surge Uncommented in CB reports. Likely adjustments at the beginning of the year.
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31. Kenya 2014:06 Reserves surge, Claims drop Sale of the USD 2 billion sovereign bond in international financial markets.
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37. Mauritius 2012:11 Aid surge Unusually large disbursment (~4SD).
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40. No More Dutch Disease? 25 APPENDICES A1. DUMMIES ACCOUNTING FOR OUTLIERS Country Date Type of outlier Notes Botswana 2005:06 REER drop 12 percent nominal devaluation of the Pula.
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41. O’Connell, S., Adam, C., Buffie, E., & Pattillo, C. (2005). Managing external volatility: Central bank options in lowincome countries. Monetary Policy in Emerging Markets and Other Developing Countries.
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42. Portillo, R., Berg, M. A., Gottschalk, J., & Zanna, L. F. (2010). The macroeconomics of medium-term aid scalingup scenarios. Washington DC: International Monetary Fund, IMF Working Paper 10/160.
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43. Prati, A. and Tressel, T. (2006), Aid Volatility and Dutch Disease: Is There a Role for Macroeconomic Policies? Washington DC: International Monetary Fund, IMF Working Paper 06/145.

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46. Tanzania 2011:05 M2 surge Not reflected in CB report, probably measurement issue (ca. 9SD outlier).
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47. Uganda 2008:01 Aid drop, BoT surge Likely adjustments to BoT at beginning of the year, coinciding with unusually large aid disbursment (influential). A2 SUMMARY OF KEY PREDICTIONS IN THEORETICAL LITERATURE The following summarises key features of the major theoretical models cited on the macroeconomic impact of foreign aid inflows, including predictions under different policy scenarios and circumstances. It seeks to provide an overview of the vast variety of cases considered in the literature.
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48. Uhlig, H. (2005). What are the effects of monetary policy on output? Results from an agnostic identification procedure. Journal of Monetary Economics, 52(2), 381-419.

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14. Dynamic aid allocation. (2015). Temple, Jonathan ; Postel-Vinay, Fabien ; Carter, Patrick.
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20. Is Foreign Aid Panacea for African Problems? The Case of Namibia. (2013). Rena, Ravinder ; RavinderRena, .
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21. Aid for trade, infrastructure, and growth. (2013). Naito, Takumi.
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26. Dynamic Aid Allocation. (2013). Temple, Jonathan ; Postel-Vinay, Fabien ; Carter, Patrick.
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27. Trend Shocks and Economic Development. (2013). Tripier, Fabien ; Naoussi, Claude Francis .
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28. Of Donor Coordination, Free-Riding, Darlings, and Orphans: The Dependence of Bilateral Aid on Other Bilateral Giving. (2013). Klasen, Stephan ; Davies, Ronald.
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29. Does Foreign Aid Displace Domestic Taxation?. (2013). Carter, Patrick ; Patrick, Carter .
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33. Consequences of Aid Volatility for Macroeconomic Management and Aid Effectiveness. (2012). Hudson, John.
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35. Monetary Policy Response to Capital Inflows in Form of Foreign Aid in Malawi. (2012). Viegi, Nicola ; Bittencourt, Manoel ; Mwabutwa, Chance.
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37. Political power and aid tying practices in the development assistance committee countries. (2012). Pincin, Jared.
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38. Foreign aid, foreign direct investment and domestic investment nexus in landlocked economies of Central Asia. (2012). Arazmuradov, Annageldy.
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41. Disaggregated Capital Flows and Developing Countries’ Competitiveness. (2012). Ben Naceur, Sami ; Bakardzhieva, Damyana ; Kamar, Bassem ; Bennaceur, Sami .
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42. The impact of the Interaction between institutional quality and aid volatility on growth: theory and evidence. (2012). Mallik, Girijasankar ; Kathavate, Jay .
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43. Why Does Foreign Direct Investment Go Where It Goes?: New Evidence From African Countries. (2012). Anyanwu, John.
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44. How important are external shocks in explaining growth in Sub-Saharan Africa? Evidence from a Bayesian VAR. (2012). Senbeta, Sisay ; Senbeta Sisay R., .
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45. How applicable are the new keynesian DSGE models to a typical low-income economy?. (2011). Senbeta, Sisay.
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47. Foreign Aid and Growth Nexus in Pakistan: The Role of Macroeconomic Policies. (2011). Qayyum, Abdul ; Javid, Muhammad.
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48. Towards a Rule-based Approach to Monetary Policy Evaluation in Sub-Saharan Africa-super- †. (2011). O'Connell, Stephen.
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50. Growth effect of foreign aid and volatility in South Asia. (2011). Xu, Changsheng ; Bhavan, T. ; Zhong, Chunping .
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51. How applicable are the new Keynesian DSGE models to a typical low-income economy?. (2011). Senbeta, Sisay ; Regassa Senbeta S., .
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52. The Triple Crisis and the Global Aid Architecture. (2010). Tarp, Finn ; Arndt, Channing ; Addison, Tony.
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53. Flowing Together or Flowing Apart: An Analysis of the Relation between FDI and ODA Flows to Argentina and Brazil. (2010). LARRU, JOSE ; Carro Fernández, Martha.
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54. On the Optimal Adherence to Money Targets in a New-Keynesian Framework; An Application to Low-Income Countries. (2010). Portillo, Rafael ; Unsal, Filiz D ; Berg, Andrew.
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55. Is Foreign Aid a Vanguard of Foreign Direct Investment? A Gravity-Equation Approach. (2010). Todo, Yasuyuki ; Kimura, Hidemi .
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56. Donors and domestic politics: Political influences on foreign aid effort. (2010). Tingley, Dustin.
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57. Fiscal inertia, donor credibility, and the monetary management of aid surges. (2010). O'Connell, Stephen ; Adam, Christopher ; Buffie, Edward F..
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58. Aid volatility and poverty traps. (2010). Aizenman, Joshua ; Agénor, Pierre-Richard ; Agenor, Pierre-Richard.
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59. Aid and Conditionality. (2010). Temple, Jonathan R. W., .
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60. Disasters and economic welfare : can national savings help explain post-disaster changes in consumption ?. (2009). Mechler, Reinhard.
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61. Aid Effectiveness and Limited Enforceable Conditionality. (2009). Scholl, Almuth.
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62. Herding in Aid Allocation. (2009). Santiso, Javier ; Frot, Emmanuel.
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63. Emerging Market Countries Don’t Believe in Fiscal Stimuli: Should We Blame Ricardo?. (2009). Bulir, Ales ; Swiston, Andrew .
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64. Remittances and the Dutch disease. (2009). Mandelman, Federico ; Lartey, Emmanuel ; Acosta, Pablo ; Lartey, Emmanuel K. K., .
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65. Is Foreign Aid a Vanguard of Foreign Direct Investment? A Gravity-Equation Approach. (2009). Todo, Yasuyuki ; Kimura, Hidemi .
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66. The Macroeconomic Management of Increased Aid: Policy Lessons from Recent Experience. (2008). Hussain, Mumtaz ; Berg, Andrew ; Aiyar, Shekhar.
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67. Is Foreign Aid Beneficial for Sub-Saharan Africa? A Panel Data Analysis. (2008). Nelson, Carl ; Armah, Stephen.
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68. Too much cocited documents. This list is not complete

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