Six dimensions of the institutional quality index that are constructed based on Kaufmann et al.’s (2010) |
1) Control of corruption expresses the degree to which public power is exercised for private gain. |
2) Government effectiveness refers to the degree to which the government could formulate, implement and commit good |
3) Political stability and absence of violence/terrorism reflect the likelihood of political instability. |
4) The rule of law measures the degree to which citizens have confidence in and abide by society’s rules. |
5) Regulatory quality shows the quality of regulating policy formulation and implementation. |
6) Voice and accountability reflects the degree to which the citizens could participate in selecting and monitoring their. |