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...ed to generate the resources necessary to satisfy the essentialsneeds of human wellbeing: food, health, energy, education and housing, and to addressspoverty reduction (e.g., Ravallion and Chen 2001; =-=Dollar and Kraay 2002-=-). However, growthsitself cannot ensure that all people, especially the poor and the vulnerable, benefit equallysfrom economic progress. If left to market forces, growth can bypass those most vulnerab...

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...cy at birth (total years), duration of primary andssecondary education (years), and GNI per capita (PPP, current international $) are from takensthe World Development Indicators (WDI) Database (World =-=Bank 2012-=-).sThe inclusive growth, itINCGR , is defined as the growth rate of itIHDI , as follows: 9sitittiit IHDIIHDIIHDIINCGR /)(*100 1, −= +s(12) 4 An empirical modelsSection 2 models inclusive growth as a f...

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...y iiii θβαs(16) 12 Despite its name, the LIML estimator does not correspond to any meaningful maximum likelihoodsestimator, but a LIML analogue estimator with an instrumental variable interpretation (=-=Arellano 2003-=-).s12swhere ⎥⎦ ⎤⎢⎣ ⎡ − ++ −= + )( )...( 1,* tT yyycy iTtiittitsand )1( )(2 +− − = tT tTct . 13 *itxsands* itθsaresdefined in the same manner.sIn terms of instruments, following Hayakawa (2009), Akashi...

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...en lacking, despitesthe abundance of studies on foreign aid’s effect in reducing poverty and promoting health andseducation services (e.g. Bourguignon and Sundberg 2007; Virtanen and Ehrenpreis 2007;s=-=Alvi and Senbeta 2012-=-).5 This paper attempts to fill this research gap.sThis research starts from a theoretical model in which inclusive growth is modelled as asdifferent kind of growth that supports declining inequality,...