I send you an interesting paper written by World Bank's Dani Kauffman.

A number of popular notions and outright myths on governance and
corruption are addressed in this chapter. We distinguish clearly
between
governance and anti-corruption, while probing the links between both
notions. In so doing we challenge the conventional definition of
corruption as being too narrow, legalistic and unduly focused on the
public sector, while underplaying the role of the private sector. We
then
challenge the notion that governance and corruption cannot be measured,
showcasing the latest worldwide governance indicators, measuring six
dimensions of governance and cover over 200 countries, based on
multiple
sources, including the EOS. Thanks to these governance indicators and
related datasets, it has been possible to study the extent to which
governance and anticorruption matters.

Consistent with the adage that ‘sunlight is the best disinfectant’, the
potential gains of embarking on a transparency reform strategy is given
particular prominence in this chapter, and a detailed 12-point
‘scorecard’
for countries to rate themselves in terms of the implementation of
concrete transparency measures is presented. The chapter then concludes
with a call for a global compact on governance and anti-corruption,
where
the G-8 and other rich countries, the multinationals, IFIs, civil
society
and the government leadership in the emerging economies share
responsibility in making concerted progress.

The World Economic Forum • Global Competitiveness Report 2005-2006 •
Chapter 2.1 by D. Kaufmann • Synthesis; It is also available in French,
Spanish, Russian, and Arabic at the WB page.

http://www.worldbank.org/wbi/governance/pdf/2-1_GCR_Kaufmann.pdf