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Benn Eifert and Mr. Alan H. Gelb

progress. A large body of evidence suggests that the costs of large macroeconomic shocks, including aid shocks, is high. And anecdotal evidence suggests that efficiency costs associated with unstable budgetary revenues are large, and that unpredictable cash limits on spending undermine agreed programs and so weaken ministries’ accountability for results. Cushioning aid shocks Given that aid volatility is here to stay, what can countries do to smooth the impact of short-run fluctuations in disbursements? Reserves represent the first line of defense for aid