The purpose of this paper is to empirically examine the effectiveness of foreign aid in improving economic growth prospects in the sub-Saharan Africa (SSA) region from 1993 to 2017.,A sample of 45 SSA countries for the period 1993–2017 is considered for this study. The study uses various econometrics tools such as Pedroni and Kao’s cointegration test, Johansen-Fisher Panel cointegration test, FMOLS and PDOLS in order to ascertain the long-run and short-run dynamics among the variables under consideration.,The empirical results find that long-run and short-run relationships exist among foreign aid, economic growth, investment, financial deepening, price stability and trade openness of the SSA economies. The authors also find unidirectional causality running from foreign aid to economic growth. The policymakers in these countries are well-advised to implement suitable policy measures to build on the growth momentum created by foreign aid inflows.,The study uses a dynamic macroeconomic modeling framework to assess the impact of aid flows on economic growth in the SSA region. Taking into account the diversity of level of growth experienced by the 45 countries in the region, the study uses an appropriate regression technique, i.e., panel dynamic OLS whose results are robust. The finding is also supported by the Granger-causality test and robust cointegration techniques.

中文翻译：

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撒哈拉以南非洲地区的外国援助和经济增长

本文的目的是对1993年至2017年撒哈拉以南非洲地区（SSA）地区外国援助对改善经济增长前景的有效性进行实证研究。考虑到1993至2017年期间45个撒哈拉以南非洲国家的样本这项研究。该研究使用了诸如Pedroni和Kao的协整检验，Johansen-Fisher Panel协整检验，FMOLS和PDOLS之类的各种计量经济学工具，以便确定所考虑变量之间的长期和短期动力学。 SSA经济体的外国援助，经济增长，投资，金融深化，价格稳定和贸易开放之间存在长期和短期关系。作者还发现从外援到经济增长的单向因果关系。这些国家的政策制定者被明智地建议采取适当的政策措施，以利用外国援助流入带来的增长动力。该研究使用动态宏观经济模型框架来评估撒哈拉以南非洲地区援助流量对经济增长的影响。考虑到该地区45个国家所经历的增长水平的差异，该研究使用了一种适当的回归技术，即面板动态OLS，其结果是可靠的。格兰杰因果检验和稳健的协整技术也支持了这一发现。考虑到该地区45个国家所经历的增长水平的差异，该研究使用了一种适当的回归技术，即面板动态OLS，其结果是可靠的。格兰杰因果检验和稳健的协整技术也支持了这一发现。考虑到该地区45个国家所经历的增长水平的差异，该研究使用了一种适当的回归技术，即面板动态OLS，其结果是可靠的。格兰杰因果检验和稳健的协整技术也支持了这一发现。