“Aid is a bigger curse than oil”

Amity Shlaes comments at Bloomberg:

In a recent paper(pdf), scholars Simeon Djankov, Jose G. Montalvo and Marta Reynal-Querol surveyed data from more than 100 countries over four decades. They also found that aid tends to supplant growth and makes countries quantifiably less democratic. They compared aid with petroleum wealth. Based on their research, they determined, ``aid is a bigger curse than oil.