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.