Abstract
Does foreign aid enhance aggregate human welfare? This paper attempts to answer this question by using a panel data of 28 countries, covering the period of 1990 to 2014. It explores within-country variation by dividing the sample into low-income and middle-income countries and then uses a fixed effects estimator to control for the heterogeneity of the effects of aid on welfare measures. The main conclusion confirms that there is no evidence that foreign aid contributes to the reduction of infant mortality or the increase of the human development index.
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