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Fall 1999

ISSN 0890-913X

Volume 15, Number 1

Categories: Fall 1999 | Economic Aid

Foreign Capital, Market Mechanism, and Economic Growth in Developing Countries

Baban Hasnat, State University of New York College at Brockport

Charles Callahan, III, State University of New York College at Brockport

Dal Didia, Jackson State University

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ForeignCapital,MarketMechanism,andEconomicGrowthinDevelopingCountriesBabanHasnatCharlesCallahan,IIIStateUniversityofNewYorkCollegeatBrockportDalDidiaJacksonStateUniversityIntroductionTheEconomist(May,1994)reportsthatatotalof$1.4trillion(in1988dollars)hasbeentransferredfromdevelopedcountriestolessdevelopedcountries(LDCs)asforeignaidsince1960.Yet,manyLDCshavepracticallynothingtoshowfortheseresourcesreceived.Asamatteroffact,manyofthesecountriesareworseofftodayeconomicallythaninthe1960s.Despitetheserealizations,theclamorforforeignaidcontinuesunabated.Recognizingthatforeignaidmaynotbecontributingmuchtodevelopment,manyofthoseinvolvedintheAaidbusiness@arecallingforashiftintheorthodoxwaysofaidingLDCs.Apopularalternativethatseemstobegainingwidespreadacceptanceisforeigndirectinvestment(FDI).However,itseemslogicalthatbeforewediscardallmannerofforeignaidforFDI,acarefulexaminationoftherelativeimpactofbothalternativesiswarranted.Currently,thereisadearthofstudiesonthisissue.Thispaper,therefore,attemptstofillthisvoidbyempiricallyexaminingthecontributionsofforeignaidvis-a-visFDIintheeconomicdevelopmentofLDCs.Furthermore,thestudyimprovesonpreviousstudiesbyutilizingamoreextensivedatasetcovering74countriesoveraten-yearperiod(1981-1990).LiteratureReviewSchmitz(1996)providesanelaboratediscussiononthefactthattheimpactofforeignaidoneconomicdevelopmentisstillunclear.AsSchmitz'sstudyreports,whilesomepeoplecallforaterminationofallforeignaid,thosestillinsupportofaidagreethataidascurrentlyadministereddoesnotreachthosewhoneeditthemost.Withoutmuchado,thestudygoesontosaythataidhasnot

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Title	Foreign Capital, Market Mechanism, and Economic Growth in Developing Countries
Authors/Creators:	Baban Hasnat, State University of New York College at Brockport Charles Callahan, III, State University of New York College at Brockport Dal Didia, Jackson State University
Year:	1999
Volume:	15
Number:	1
Pages:	124 - 135
Publisher:	The Association of Private Enterprise Education
ISSN:	0890-913X
Document Type:	Articles
Keywords:	Financial Aid, Economic development, Least developed countries, Private sector, Investment, Foreign investment, Foreign capital

Citation:
Hasnat, Baban; Callahan, III, Charles; Didia, Dal / 1999. "Foreign Capital, Market Mechanism, and Economic Growth in Developing Countries." The Journal of Private Enterprise, 15(1): 124-135.