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govandroi

govandroi

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Published by: curlicue on Dec 18, 2008
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06/17/2009

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POLICY
RESEARCH WORKINGPAPER
1550
Governanceand Returns
There is
a
strongstatistical
link between a country's civil
on Investment
liberties and the performanceof its aid-financed govern-
An Empirical Investigation
ment investmentprojects. But
typeof politicalegime
(whether authoritarianor
JonathanIsbam
democratic) and thestatus of
DanielKaufmann
more purely politicalliberties
Lant Pritchett
do notappear o significantlyaffectprojectperformance.
The WorldBankPolicyResearchDepartmentPovertyandHumanResources
Division
November1995
 
VKIICY
ESEARItHWORKINM PAPER
1550
Summary findings
lUsing
data frornihe World Bank's OperationsEvaluationcivil liberties records projectshave an economicrate ofD)epartnmcilt,shalan,Kaufmann,and Pritchett examine return between 8 and 22 percentagepoints higher thanthe link between the performanceof Bank-financedthe rate of return in countrieswith the worst civilprojectsand varioLus nLdicators f coountrygovernance. liberties.(The average rate of returnin the sample is 16They find that:percent.)T'hereis a strong statistical, and possiblycausal, link
*
Thetype of political regime (whetherauthoritarianberveen civilliberties and projectperformance.After or democratic)and the statusof more purelypoliticalconltrolling fora variety of determiiinalntsf projectliberties do notappear to significantlyaffect projectperformance,they find that in countrieswith the best performance.T'hispaper -- a prodUct of thePoverty and Human ResourcesDivision, PolicyResearch Department
-
is part of a largereffort in the departmentto understandthe donor and country determinantsof aid effectiveness.The study was fundedbythe Bank's ResearchSupport Budget under theresearch project "BankProject Effectivenessand Country PolicyEnvirolnmeit"(RPO 679-49). Copiesof this paper are availablefree from the World Bank,1818 H StreetNW, Washington,DC 2043.3.Please contact SheilaFallon, room N8-030, telephone202-473-8009,fax 202-522-1123, Internetaddresssfallon@(aworldbank.org.44 pages)
The Policy Research
Working
Paper Series disseminates the findingsof work in progress to encourage the exchangeof ideas aboutdeuelopmrpen issues. At obje ctiveof the series is to get the findings out quickly,even if the presentations are less than fullypolished. Thepapers carry thc
names
of the authors andshould be used and
cited
accordingly. Thefindings, interpretations, and conclusions aretheauthors' ownr atnd
should no?tbe
attributedto the World Bank, its Executive Boardof Directors, or any of its member countries.
Produced by the PolicyResearch Dissemination Center
 
Governance
and
theReturnstoInvestment:AnEmpiricalInvestigation
JonathanIshamDanielKaufmannLantH.Pritchett

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