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The Official Journal of the Pan-Pacific Association of Input-Output Studies (PAPAIOS)

Table 1 Definition of World Bank governance indicators (WGI).

From: The role of institutional quality in the international trade of a Latin American country: evidence from Colombian export performance



Control of corruption

The extent to which public power is used for private gain, counting on small and large forms of corruption, as well as the management of the State by elites and private interests

Government effectiveness

The quality of public services, the capacity of the public function and its independence from political pressures; and the quality of policy formulation

Political stability and absence of violence/terrorism

The probability that the government will be damaged by unconstitutional or violent affairs, including terrorism

Regulatory quality

The government's ability to provide strong policies and regulations that enable and promote the development of the private sector

Rule of law

The extent to which agents trust and accept the rules of society, including the quality of contract enforcement and property rights, the police, and the courts, as well as the probability of crime and violence

Voice and accountability

The extent to which citizens participate in the selection of their government, freedom of expression, freedom of association and freedom of the press