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Albert Waterston, David Williams, and Robert F. Skillings

increased flow of development aid from the rich to the less developed countries. His emphasis is largely on the monetary aspects of increasing the volume of aid to the poorer countries. The author believes this ought to amount to at least $15 billion annually. He argues that raising the price of gold would provide the world with “sufficient liquidity to maintain the required capital flows without too much regard for immediate reserve losses and total reserve holdings vis-ê-vis other countries.” He claims there is a shortage of liquidity in the key currency countries

Mr. Sanjeev Gupta, Ms. Catherine A Pattillo, and Ms. Smita Wagh
This paper assesses the impact of the steadily growing remittance flows to sub-Saharan Africa (SSA). Though the region receives only a small portion of the total recorded remittances to developing countries, and the volume of aid flows to SSA swamps remittances, this paper finds that remittances, which are a stable, private transfer, have a direct poverty mitigating effect, and promote financial development. These findings hold even after factoring in the reverse causality between remittances, poverty and financial development. The paper posits that formalizing such flows can serve as an effective access point for "unbanked" individuals and households, and that the effective use of such flows can mitigate the costs of skilled out-migration in SSA.
Mr. Sanjeev Gupta, Ms. Catherine A Pattillo, and Ms. Smita Wagh

This paper assesses the impact of the steadily growing remittance flows to sub-Saharan Africa (SSA). Though the region receives only a small portion of the total recorded remittances to developing countries, and the volume of aid flows to SSA swamps remittances, this paper finds that remittances, which are a stable, private transfer, have a direct poverty mitigating effect, and promote financial development. These findings hold even after factoring in the reverse causality between remittances, poverty and financial development. The paper posits that formalizing such flows can serve as an effective access point for "unbanked" individuals and households, and that the effective use of such flows can mitigate the costs of skilled out-migration in SSA.

Shahid Javed Burki and Robert Ayres

in donor countries. There is a perception in some quarters that such support has declined among both the general public and political leaders. This situation is often summed up in the phrase “aid fatigue.” A third issue is the volume of aid: how much is required to meet the developmental needs of recipients? What are those needs? These themes are seen to be interrelated in a number of complex and important ways. For example, a demonstration of aid’s effectiveness might serve to increase public support for it and thereby contribute to increases in its volume. The

Richard D. Erb

from bilateral aid agencies or through multilateral development institutions. Of course, there is some trade-off between an increase in the volume of aid and an increase in aid efficiency. However, I believe it will be necessary for donor countries to try and find ways of increasing the volume of aid to low-income countries to facilitate the difficult adjustment measures that are needed and to ensure that such adjustment does not come at the cost of a further decline in living standards in the short run and more quickly restores the basis for economic growth and a

Mr. Sanjeev Gupta, Ms. Catherine A Pattillo, and Ms. Smita Wagh

details.) 3 In March 2002, the International Conference on Financing for Development was held in Monterrey, Mexico to address the shortfalls in the resources needed to achieve internationally agreed development goals, including the MDGs. 4 The data are in U.S. dollars in constant prices and exchange rates. 5 In nominal terms, total aid in 2004 stood at US$87 billion. 6 In the literature, aid effort refers to any measure that normalizes the volume of aid flows over some indicator of donor size, most often donor GNI or population. 7 Economist