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

Felix Roth (), Daniel Gros and Felicitas Nowak-Lehmann D.
Authors registered in the RePEc Author Service: Felicitas Nowak-Lehmann D.

No 124, University of Göttingen Working Papers in Economics from University of Goettingen, Department of Economics

Abstract: 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.

Keywords: Financial Crisis; Trust; European Central Bank (search for similar items in EconPapers)
Date: 2012
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Citations: View citations in EconPapers (9)

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Persistent link: https://EconPapers.repec.org/RePEc:zbw:cegedp:124

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