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Has the financial crisis eroded citizens' trust in the European Central Bank? Panel data evidence for the Euro area, 1999-2011

  • Roth, Felix
  • Gros, Daniel
  • Nowak-Lehmann D., Felicitas

In the aftermath of the financial crisis trust, in the European Central Bank (ECB) has reached an historical low. Taking panel data and using a fixed effects DFGLS estimation for a 12–country sample over the time period 1999 to 2011 with a total of 312 observations, this paper detects a structural break in citizens’ trust in the ECB. The paper confirms that during the pre-crisis period, citizens’ trust in the ECB was driven by economic growth. In crisis time, however, trust in the ECB is both driven by inflation and unemployment.

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File URL: http://econstor.eu/bitstream/10419/70218/1/124_revised.pdf
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Paper provided by University of Goettingen, Department of Economics in its series Center for European, Governance and Economic Development Research Discussion Papers with number 124.

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Date of creation: 2012
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Handle: RePEc:zbw:cegedp:124
Contact details of provider: Postal: Platz der Göttinger Sieben 3, 37073 Göttingen
Web page: http://www.cege.wiso.uni-goettingen.de/

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  2. Eijffinger, S-C-W & de Haan, J, 1996. "The Political Economy of Central-Bank Independence," Princeton Studies in International Economics 19, International Economics Section, Departement of Economics Princeton University,.
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  8. 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.
  9. Manfred Gärtner, 1997. "Who wants the euro – and why? Economic explanations of public attitudes towards a single European currency," Public Choice, Springer, vol. 93(3), pages 487-510, December.
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