Trust no more? The impact of the crisis on citizens’ trust in central banks
AbstractCitizens’ trust in economic institutions has generally declined since the onset of the crisis. In particular, Eurobarometer surveys show that trust in the European Central Bank (ECB) has fallen significantly during the crisis. This paper studies the determinants of public trust in the ECB over the lifetime of the euro. Net trust in the ECB has decreased significantly in those countries which have experienced increasing sovereign bond yields and financial market turbulence. The finding that country-specific variables affect citizens’ trust in the ECB may seem counterintuitive. However, it is consistent with strong evidence in the political science literature showing that domestic considerations play a significant role when citizens get an opportunity to express their opinion on EU matters.
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Bibliographic InfoArticle provided by Elsevier in its journal Journal of International Money and Finance.
Volume (Year): 31 (2012)
Issue (Month): 3 ()
Contact details of provider:
Web page: http://www.elsevier.com/locate/inca/30443
Central bank; Trust; Crisis; Sovereign bond yields; Banking crisis;
Find related papers by JEL classification:
- E02 - Macroeconomics and Monetary Economics - - General - - - Institutions and the Macroeconomy
- E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
- E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
- E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy
- P16 - Economic Systems - - Capitalist Systems - - - Political Economy of Capitalism
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Justina Fischer & Volker Hahn, 2008.
"Determinants of Trust in the European Central Bank,"
TWI Research Paper Series
26, Thurgauer Wirtschaftsinstitut, Universität Konstanz.
- Fischer, Justina AV & Hahn, Volker, 2008. "Determinants of Trust in the European Central Bank," Working Paper Series in Economics and Finance 695, Stockholm School of Economics.
- Paul Taggart, 2006. "Keynote Article: Questions of Europe - The Domestic Politics of the 2005 French and Dutch Referendums and their Challenge for the Study of European Integration," Journal of Common Market Studies, Wiley Blackwell, vol. 44, pages 7-25, 09.
- Karl Kaltenthaler & Christopher J. Anderson & William J. Miller, 2010. "Accountability and Independent Central Banks: Europeans and Distrust of the European Central Bank," Journal of Common Market Studies, Wiley Blackwell, vol. 48, pages 1261-1281, November.
- Felix Roth, 2009. "The effect of the financial crisis on systemic trust," Intereconomics: Review of European Economic Policy, Springer, vol. 44(4), pages 203-208, July.
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