Publication

This paper analyzes the macroeconomic impact of development finance institutions (DFIs). It examines the relationship between the investments of a selected sample of multilateral DFIs and economic growth for a sample of 101 countries in the period 1986-2009. Findings suggest that investment by multilateral DFIs plays a positive and significant role in fostering economic growth in recipient countries, and that their impact is stronger in lower-income countries than in higher-income countries.