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How does aid affect the quality of public expenditure? What we know and what we do not know

The paper explores the effects of aid on the quality of public expenditure in highly-aided countries. The theoretical considerations are discussed along with the nature of donors and recipients as agents. Existing aid modalities are examined. The influences of the modalities on both macroeconomic stance and policy, and microeconomic aspects are the focus of two sections. Critical issues are the macroeconomic impact, the activity choice, input mix and input price. The paper uses available data but also identified information gaps; it also provides new theory, some formal, to explain why existing modalities may be very seriously sub-optimal.