Is there any relation between education and democracy? Once we correct for weak instruments and identify education as `weakly exogenous` we find new evidence that education systematically predicts democracy. Our results are robust across model specification, instrumentation strategies, and samples.

Why would bilateral donors intermediate aid through a multilateral and not extend aid directly? This paper suggests a trade-off: multiple bilateral donors for each recipient may imply coordination and strategic problems but intermediating through a multilateral may dilute individual donor...

The literature on aid effectiveness has focused more on recipient policies than the determinants of aid allocation yet a consistent result is that political allies obtain more aid from donors than non-allies. This paper shows that aid allocated to political allies is ineffective for growth,...

Money is used as a store of value, a medium of exchange and a unit of account. Most recent analyses of currency choice in an international setting have focused on the denomination of reserves - the store of value role. However, public data are only aggregate and exclude several countries. This...