World Bank, Development Research Group, Macroeconomics and Growth, and World Bank Institute, Governance, Regulation, and Finance, 1999 - Economic development - 60 pages
Six new aggregate measures capturing various dimensions of governance provide new evidence of a strong causal relationship from better governance to better development outcomes.
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12-month period 2SLS aggregate governance indicators aggregate indicators assessments average banking and securities business development business environment capita incomes CEER clusters components confidence intervals construct aggregate Costs Country Risk Service crime cross-country developed and developing developing countries EBRD export F-statistic FHNT foreign Freedom House Gallup GCSA GDP growth rate governance aggregate governance database Government Effectiveness Graft Hall and Jones HFWSJ impartial courts independent and impartial infant mortality Instability and Violence institutions investment investors Kaufmann legal rules ln this paper obstacle to business omitted variables bias organization PERC perceptions policies Political Instability Political Risk reduces the GDP regressions regulations Regulatory Burden risk events risk ratings Row Concepts measured Rule of Law sample of countries sector September 1999 September set of countries significant six governance standard deviation Table trade transition economies variables Voice and Accountability Wall Street Journal World Bank World Economic Forum