The purpose of the paper is to show that the nature of the relationship between governance and democracy varies … distinctive features of the other we find that governance and democracy are not just mutually reinforcing but even overlapping …, that only when we distinguish on theoretical ground governance from democracy we create the basis for analyzing their …

development in its different stages. Firstly, we identify the three development stages that prevailed in the world between 1996 … and 2011 according to the income classification of the World Bank corroborated with data from the UNDP Human Development …

"The authors use a sample of 147 countries to investigate the link between democracy and reforms. Democracy may be … but bring future prosperity. This paper tests these hypotheses, using data on micro-economic reforms from the World Bank … economic institutions. The results provide robust support for the claim that democracy is good for growth-enhancing reforms …