This paper examines the relationship between foreign aid (AID), foreign direct investment (FDI) and domestic investment (DI) and its effects on economic growth in 41 African countries. Annual panel data from 1990 to 2016 are examined using fixed‐effects (FE) and system‐GMM estimators. We test the existence of nonlinearities and complementarities in the relationship between AID–FDI, AID–DI, FDI–DI, and AID–FDI–DI. Empirical results confirm the existence of a nonlinear relationship between AID, FDI, DI, and economic growth. Besides, the results show that AID and FDI have a significant positive complementing effect on economic growth. It is shown also that FDI complements DI, while the coupled effect of AID and DI remains weak in catalyzing growth. Moreover, the results indicate that the complementarity between AID–FDI–DI positively influence economic growth, revealing that AID and FDI work as a complement factor to DI and enhance its effectiveness in promoting economic growth. These insights have important policy implications. Policy‐makers in African countries are well advised to implement concrete policy measures suitable for building on the growth momentum created by foreign capital inflows, like FDI, AID as well as remittance.

中文翻译：

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外国援助，外国直接投资和国内投资对非洲国家经济增长的影响：非线性和互补性

本文研究了41个非洲国家的外国援助（AID），外国直接投资（FDI）和国内投资（DI）之间的关系及其对经济增长的影响。使用固定效应（FE）和系统GMM估计量对1990年至2016年的年度面板数据进行了检查。我们测试了AID-FDI，AID-DI，FDI-DI和AID-FDI-DI之间关系的非线性和互补性。实证结果证实了援助，外国直接投资，直接投资与经济增长之间存在非线性关系。此外，结果表明，援助和外国直接投资对经济增长具有显着的正补充作用。还表明，外国直接投资是对DI的补充，而AID和DI的耦合作用在促进增长方面仍然很弱。而且，结果表明，AID-FDI-DI之间的互补性对经济增长产生积极影响，表明AID和FDI是DI的补充因素，并增强了其促进经济增长的有效性。这些见解具有重要的政策含义。强烈建议非洲国家的政策制定者采取具体的政策措施，以充分利用外国直接投资，外国直接投资和汇款等外国资本流入所产生的增长动力。