This paper analyses threshold effects and transmission Channels of foreign aid on economic growth of WAEMU countries using the World Bank, the International Monetary Fund and the International Country Risk Guide databases to cover the period spanning from 1980 to 2018. After applying endogenous threshold approach to determine aid threshold above which its affects growth and estimate its long-term effects, Pagan’s method was used to identify channels that can modulate effects of aid on growth. Evidences strongly support the view that the relationship between aid and economic growth is non-linear with a threshold that lies between 12.37 and 14.08% of GDP. Above these values, the marginal effect of aid is 2.1%. Moreover, results indicate that only investment seems to be a potential channel through which aid would affect growth. Thus, aid within the WAEMU countries is beneficial. Its content and use should be the main concern of donors and policy-makers.

中文翻译：

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外援对经济增长的内生门槛效应及传导渠道：来自西非经货联盟成员国的证据

本文利用世界银行、国际货币基金组织和国际国家风险指南数据库，涵盖1980年至2018年期间，分析了外援对西非经货联盟国家经济增长的门槛效应和传导渠道。援助阈值高于该阈值会影响增长并估计其长期影响，帕甘的方法用于识别可以调节援助对增长影响的渠道。有证据有力地支持这一观点，即援助与经济增长之间的关系是非线性的，阈值介于 GDP 的 12.37% 和 14.08% 之间。高于这些值，援助的边际效应为 2.1%。此外，结果表明，似乎只有投资才是援助影响增长的潜在渠道。因此，西非经济货币联盟国家内部的援助是有益的。其内容和使用应该是捐助者和政策制定者主要关心的问题。