The effect of the financial crisis on systemic trust

Intereconomics

Volumn 44, Issue 4, 2009, Pages 203-208

  Roth, Felix ^a  

^a Centre of European Policy Studies (CEPS)   (Belgium)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 69049111124     PISSN: 00205346     EISSN: 1613964X     Source Type: Journal    
DOI: 10.1007/s10272-009-0296-9     Document Type: Article

References (22)

1. Raw data available on CD-ROM from: Gesis ZA Data Service: Eurobarometer 1970-2004, CD-Rom 2, EB 42-EB 51, 2005
2. and Gesis ZA Data Service: Eurobarometer 1970 -2004, CD-ROM 3, EB 52-EB 62
3. and received on request from Gesis ZA Data Service for Standard Eurobarometers 63-69 (http://www.gesis.org/en/services/data/survey-data/ eurobarometer-data-service/data-access/). Data for the Standard Eurobarometer 70 were taken from: Eurobarometer: First Results: Standard Eurobarometer 70, European Commission, Brussels, December 2008; and Eurobarometer: National Report: United Kingdom - Standard Eurobarometer 70, European Commission, Brussels, February 2009. Aggregated data for the EU27 for the Standard Eurobarometer 71 were taken from: Eurobarometer: Eurobarometer European Parliament (EB Standard 71).
4. Financial Times/Harris Poll: Poll on the Financial Market Crisis, http:0www.harrisinteractive.com/news/FTHarrisPoll/ HI_FinancialTimes_HarrisPoll_October2008.pdf
5. Institut für Demoskopie Allensbach: Einstellungen zur sozialen Marktwirtschaft, http://195.39.234.230/uploads/media/ Studie_Allensbach_2008_Marktwirtschaft_03.pdf, 2008.00
6. GlobeScan: Erosion of Support for Free Market system: Global Poll, http.//www.globescan.com/news_archives/free_enterprise/., 2008.
7. Edelman Trust Barometer, http.//www.edelman.co.uk/files/ trustbarometer-2009.pdf, 2009.
8. Financial Times/Harris Poll: Poll on the Financial Market Crisis, op. cit.
9. GlobeScan: World Losing Faith in Globalized Economy: Global Poll, http.//www.globescan.com/news_archives/GlobalizationPoll_FULL. pdf, 2008.
10. Financial Times/Harris Poll: In the United States and Largest European Economies Public Opinion is split on Issues Economic Nationalism, Protectionism and Internationalism, http://www.harrisinteractive.com/ news/FTHarrisPoll/HI_FinancialTimes_HarrisPoll_March_2009_19.pdf.
11. In order to control for the signifi cant variations in the "Don't know" answers, net trust values are given in this paper when using EB data. "Net trust" here looks only at those respondents who have an opinin and subtracts the percentage of those who say they do not have trust from those who say they have trust in the system. Thus a value above zero indicates that overall there are more people who trust than distrust and a value below zero indicates that the majority of people distrust.
12. The question of confi dence in the ECB is really only relevant in the case of those countries that have implemented the euro. Therefore, only data from the euro area member states (EA12) have been used. However, the results do not differ signifi cantly when using an EU15 or EU27 country sample. As the time trend from 1999-2009 is of primary importance in Figure 1, the four new countries Slovenia, Cyprus, Malta and Slovakia that joined the euro area recently have not been included in constructing the average.
13. Eurobarometer: First Results: Standard Eurobarometer 70; op. cit.
14. Eurobarometer: Eurobarometer European Parliament (EB Standard 71); op. cit.
15. Construction of the average for the EA12 countries from the Standard EB 71 (January-February 2009) is not yet possible as the data have not yet been offi cially released. Up to now only the aggregated data for the EU27 have been published in the Analytical Summary of the Eurobarometer poll on "European Elections 2009" in: Eurobarometer: Eurobarometer European Parliament (EB Standard 71); op. cit.
16. Data from the 2004 to 2009 period are provided by the Edelman Trust Barometer reports which can be downloaded at http://www.edelman.co.uk/ trustbarometer. Unlike the Eurobarometer surveys, the Edelman Trust Barometer surveys are not based on a representative sample of the population but are purposely constructed to monitor opinions of "elites". Therefore, the Edelman Trust Barometer population is college-educated and reports a household income in the top quartile of their country.
17. V. Chanley: Trust in the Aftermath of 9/11: Determinants and Consequences, Political Psychology, Vol. 23, No. 3, pp. 469-483. Although the September 11 attacks were not of an economic character, but rather were general attacks on the USA, these figures might nevertheless give some indication of the trend in government confidence in the aftermath of national crisis.
18. Data on the confi dence in national institutions from the Standard EB 71 have not even been published in the analytical summary on the Eurobarometer European Parliament, in: Eurobarometer: Eurobarometer European Parliament (EB Standard 71); op. cit.
19. The data from autumn 2008 (Standard EB 70) have only been released for the aggregated values for the EU27, in: Eurobarometer: National Report: United Kingdom - Standard Eurobarometer 70; op. cit. Thus we have to wait for the publication of the data from the Standard EB 71 to evaluate the trend of the net trust levels towards national institutions.
20. Institut für Demoskopie Allensbach, op. cit.
21. Bertelsmann Stiftung: BürgerProgramm Soziale Marktwirtschaft - Ergebnisse einer repräsentativen Bürgerumfragezu den Vorschla_dsgen des B_dsurgerForums Soziale Marktwirtschaft, http://www.bertelsmannstiftung.de/cps/rde/xbcr/SID-333758C3-F3537EEF/ bst/xcms_dms_24744_24784_2.pdf, 2008.
22. Win Crisis Index: Worldwide Barometer of the Financial Crisis, http://www.winmr.com/doc_upload/WIN%20CRISIS%20INDEX.pdf, 2009.