Despite having received a significant amount of foreign aid for several decades, Africa is among the poorest regions in the world. This study examines the relationship between foreign aid, economic growth and governance in the African region during the period 1996–2014 by fully applying both DOLS and FMOLS techniques. In the first stage of this study, we examine the foreign aid effect on economic growth. In the second stage, we assess the intermediary role of institutions in the relationship between foreign aid and economic growth in the African countries. It was found that foreign aid has a negative effect on economic growth in African countries in both FMOLS and DOLS models. However, empirical results indicate that foreign aid improves economic growth in the presence of good institutional quality only in the DOLS model.

中文翻译：

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官方发展援助，增长与治理之间的长期关系：FMOLS和DOLS方法的应用

尽管几十年来获得了大量外国援助，但非洲仍是世界上最贫穷的地区之一。这项研究通过充分运用DOLS和FMOLS技术研究了非洲地区1996年至2014年间外国援助，经济增长与治理之间的关系。在这项研究的第一阶段，我们研究了对外援助对经济增长的影响。在第二阶段，我们评估机构在非洲国家外国援助与经济增长之间的关系中的中介作用。发现在FMOLS和DOLS模型中，外国援助对非洲国家的经济增长均具有负面影响。但是，经验结果表明，只有在DOLS模型中，在具有良好制度质量的情况下，外国援助才能改善经济增长。