We examine how the source of foreign aid affects the composition of the recipient government's spending. Does the source of aid--bilateral or multilateral--influence recipient policy-makers' choice between development and nondevelopment expenditure? We depart from previous literature by...

We examine how the source of foreign aid affects the composition of the recipient government's spending. Does the source of aid - bilateral or miltilateral - influence ricipient policy-makers' choice between development and nondevelopment expenditure? We depart from previous literature by...

The paper tests the hypothesis of a positive impact of democratization on growth, economic development and changes in well-being. We construct an empirical model to explain the impact of political institutions (democracy), economic institutions, financial market efficiency, scientific...