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PFIQPiercing Fans International Quarterly
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The sample without outliers and the PFIQ balanced sample both yield a significant, negative coefficient for the aid- variable.
Regressions without outliers both in the unbalanced and the PFIQ balanced sample produce the same result; multilateral aid has a significant and negative impact on our measure of public finance quality.
We therefore resort to the IV coefficients to document the negative and significant impact of aid on PFIQ in the sample without outliers.
The complete set of regression results (analogous to the PFIQ regressions) can be found in Table 4.
Our findings from the PFIQ equation excluding outliers show aid instrumented for has a significant negative effect on PFIQ.
We are therefore able to use OLS coefficients, for matters of efficiency, in order to document a significant positive impact of PFIQ onto aid over GDP and onto aid per capita.
The PFIQ coefficient has a significant and positive impact on aid-flows in all cases; the only difference in control variables is that openness becomes significant in Eq.
Specifically, reverse causality seems to not affect OLS estimates of the impact of aid onto PFIQ.
Perhaps missing data on certain variables which enter the computation of the PFIQ index are already indicative of a poorly-performing public finance system; or, perhaps missing data reflect negligence on behalf of policy-makers to seize the importance of public finance in implementing successful and sustainable policies in developing countries.
Secondly, we remain inclined to link our investigations with real-world policy analysis, by testing whether the originators of the PEFA framework (2) do respond to changes in our PFIQ Index.
The general picture is that multilateral aid-flows have a negative impact on a recipient country's Quality of Public Financial Institutions (PFIQ), and that better PFIQ has a positive effect on a given country's multilateral aid receipts.