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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

Indicator Definition
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