Effects of Good Governance on Economic Growth in the Selected Countries of OPEC and OECD

Subject Areas : Labor and Demographic Economics

Received: 2015-05-06 Accepted : 2015-05-06 Published : 2009-05-01

Keywords: Good Governance, Economic Growth,

Abstract :

Abstract      Good governance is considered as an opportunity to encourage local and foreign investment, increase economic growth, ensure economic security, and improve business conditions by using 6 measures of “Voice Right and Accountability”, “Political Stability and Non-Violent Conditions”, “Government Efficiency and Effectiveness”, “Law Standards”, “Rule-Oriented Governance”, and “Anti-Corruption Controls”, which are measured by World Bank for different countries.      In this article, the relation between the quality of governance and the economic growth has been investigated, based on the theoretical principles and different effective channels in OPEC and OECD by using panel data during 1996-2007. Results show that there is a positive relation between the quality of governance and the economic growth in both groups and the effect of the quality of governance on the economic growth in OPEC is more than the OECD countries. Also, political stability and anti-corruption controls in OPEC and OECD countries bear the most effects respectively.

References:

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