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Knowledge and Attitude Towards European Monetary Union

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  • Bernd Hayo

    (ZEI at University of Bonn)

Abstract

The European Monetary Union (EMU) has been the subject of fierce controversies both among professional economists and ordinary people. This paper analyses the association between the degree of information of ordinary people and their opinion on EMU. In this context, we are concerned with basic information and not knowledge based on academic research. Usually, questionnaires shy away from including question that test the knowledge of probands on specific issues. However, there exists a European-wide survey, Eurobarometer 39 (1993), that includes some questions which can help to distinguish respondents according to their level of knowledge on European Union. In a first step, a knowledge index is computed from the four knowledge questions given in the survey. Then this indicator is utilised in a cross-country comparison and it is shown to which extent its average varies among the original 12 EU-members. In a further analysis, the bivariate relationship of the knowledge index with attitudes towards EMU is investigated. It is found that better informed respondents are relatively more in favour of EMU. This result is strengthened by the outcome of a bivariate correspondence analysis. To assess the robustness of the positive association between the degree of knowledge and attitude towards EMU, the analysis is repeated in the framework of a multivariate regression model. Again the positive association between information about EU and attitude towards EMU holds. At the end of the paper, a policy conclusion is put forward arguing that by raising the level of EU knowledge people's opinion towards further monetary integration could be influenced positively.

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File URL: http://128.118.178.162/eps/mac/papers/9810/9810001.pdf
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Bibliographic Info

Paper provided by EconWPA in its series Macroeconomics with number 9810001.

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Length: 14 pages
Date of creation: 13 Oct 1998
Date of revision:
Handle: RePEc:wpa:wuwpma:9810001

Note: Type of Document - pdf; prepared on PC ; pages: 14; figures: included
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Web page: http://128.118.178.162

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Keywords: European Monetary Union Public Opinion Information;

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References

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  1. Bean, Charles R, 1992. "Economic and Monetary Union in Europe," CEPR Discussion Papers 722, C.E.P.R. Discussion Papers.
  2. Michael Greenacre, 2008. "Correspondence analysis of raw data," Economics Working Papers 1112, Department of Economics and Business, Universitat Pompeu Fabra, revised Jul 2009.
  3. J. A. Hausman, 1976. "Specification Tests in Econometrics," Working papers 185, Massachusetts Institute of Technology (MIT), Department of Economics.
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Citations

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Cited by:
  1. Hayo, Bernd & Hefeker, Carsten, 2002. "Reconsidering central bank independence," European Journal of Political Economy, Elsevier, vol. 18(4), pages 653-674, November.
  2. Bernd Hayo & Matthias Uhl, 2014. "Taxation and Consumption: Evidence from a Representative Survey of the German Population," MAGKS Papers on Economics 201420, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).
  3. Migheli Matteo, 2009. "Supporting the Free and Competitive Market in China and India: Differences and Evolution Over Time," Department of Economics and Statistics Cognetti de Martiis. Working Papers 200904, University of Turin.
  4. Bernd Hayo & Edith Neuenkirch, 2013. "The German Public and its Trust in the ECB: The Role of Knowledge and Information Search," MAGKS Papers on Economics 201347, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).
  5. Muhammad Azmat Hayat & Etienne Farvaque, 2012. "Public Attitudes towards Central Bank Independence: Lessons From the Foundation of the ECB," Working Papers hal-00988169, HAL.
  6. Hayo, Bernd, 2004. "Public support for creating a market economy in Eastern Europe," Journal of Comparative Economics, Elsevier, vol. 32(4), pages 720-744, December.
  7. repec:ebl:ecbull:v:6:y:2008:i:46:p:1-7 is not listed on IDEAS
  8. Migheli, Matteo, 2009. "The two sides of a ghost: Twenty years without the wall," POLIS Working Papers 125, Institute of Public Policy and Public Choice - POLIS.
  9. Hayo, Bernd & Shin, Doh Chull, 2002. "Popular reaction to the intervention by the IMF in the Korean economic crisis," IBES Diskussionsbeiträge 121, University of Duisburg-Essen, Faculty for Economics and Business Administration.
  10. Bernd Hayo & Carsten Hefeker, 2001. "Do We Really Need Central Bank Independence? A Critical Re- examination," Macroeconomics 0103006, EconWPA.
  11. Steven Buigut, 2008. "Determinants of the Public's Preference for a Referendum on Monetary Union," Economics Bulletin, AccessEcon, vol. 6(46), pages 1-7.
  12. Krzysztof Tymicki, 2013. "Zamierzenia prokreacyjne a mo¿liwoœæ ich realizacji w kontekœcie czynników biologicznych," Working Papers 56, Institute of Statistics and Demography, Warsaw School of Economics.
  13. Martin Edwards, 2009. "Public support for the international economic organizations: Evidence from developing countries," The Review of International Organizations, Springer, vol. 4(2), pages 185-209, June.

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