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The effect of the financial crisis on systemic trust

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  • Felix Roth

Abstract

Policymakers throughout Europe were faced with the challenge of re-establishing trust, and especially systemic or institutional trust that has been lost in the wake of the 2008/2009 financial crisis. This contribution looks at empirical evidence concerning the reaction to the financial crisis in terms of citizens’ diminished levels of systemic trust. Special attention is paid to the confidence invested in political institutions at the European and the national level, on the one hand, and in the free market economy, on the other.
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Suggested Citation

  • Felix Roth, 2009. "The effect of the financial crisis on systemic trust," Intereconomics: Review of European Economic Policy, Springer;ZBW - Leibniz Information Centre for Economics;Centre for European Policy Studies (CEPS), vol. 44(4), pages 203-208, July.
    • Handle: RePEc:spr:intere:v:44:y:2009:i:4:p:203-208
    DOI: 10.1007/s10272-009-0296-9
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    Cited by:

    1. Anson Au, 2024. "Neobanks in emerging markets: a risk assessment," Palgrave Communications, Palgrave Macmillan, vol. 11(1), pages 1-8, December.
    2. Siria Angino & Federico M Ferrara & Stefania Secola, 2022. "The cultural origins of institutional trust: The case of the European Central Bank," European Union Politics, , vol. 23(2), pages 212-235, June.
    3. De La Motte, Laura & Czernomoriez, Janna & Clemens, Marius, 2010. "Zur Vertrauensökonomik: Der Interbankenmarkt in der Krise von 2007-2009 [Economics of trust: The interbank market during the crisis 2007-2009]," MPRA Paper 20357, University Library of Munich, Germany.
    4. Giorgio Liotti & Rosaria Rita Canale, 2021. "Trust in the European Union project and the role of ECB," Economia Politica: Journal of Analytical and Institutional Economics, Springer;Fondazione Edison, vol. 38(2), pages 461-482, July.
    5. Torój, Andrzej & Bednarek, Elżbieta & Bęza-Bojanowska, Joanna & Osińska, Joanna & Waćko, Katarzyna & Witkowski, Dariusz, 2012. "EMU: the (post-)crisis perspective. Literature survey and implications for the euro-candidates," MF Working Papers 12, Ministry of Finance in Poland, revised 06 Mar 2012.
    6. Etienne Farvaque & Muhammad Azmat Hayat & Alexander Mihailov, 2017. "Who Supports the ECB? Evidence from Eurobarometer Survey Data," The World Economy, Wiley Blackwell, vol. 40(4), pages 654-677, April.
    7. Heikki Ervasti & Antti Kouvo & Takis Venetoklis, 2019. "Social and Institutional Trust in Times of Crisis: Greece, 2002–2011," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 141(3), pages 1207-1231, February.
    8. Hayo, Bernd & Méon, Pierre-Guillaume, 2024. "Preaching to the agnostic: Inflation reporting can increase trust in the central bank but only among people with weak priors," Journal of International Money and Finance, Elsevier, vol. 142(C).
    9. repec:zbw:rwirep:0450 is not listed on IDEAS
    10. Lacerda, Teresa C., 2019. "Crisis leadership in economic recession: A three-barrier approach to offset external constraints," Business Horizons, Elsevier, vol. 62(2), pages 185-197.
    11. Wälti, Sébastien, 2012. "Trust no more? The impact of the crisis on citizens’ trust in central banks," Journal of International Money and Finance, Elsevier, vol. 31(3), pages 593-605.
    12. Roth, Felix & Nowak-Lehmann D., Felicitas & Otter, Thomas, 2011. "Has the financial crisis shattered citizens� trust in national and European governmental institutions? Evidence from the EU member states, 1999-2010," CEPS Papers 4159, Centre for European Policy Studies.
    13. Mooli Lahad & Ran Cohen & Stratos Fanaras & Dmitry Leykin & Penny Apostolopoulou, 2018. "Resiliency and Adjustment in Times of Crisis, the Case of the Greek Economic Crisis from a Psycho-social and Community Perspective," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 135(1), pages 333-356, January.
    14. Maryna Brychko & Tetyana Vasilyeva & Zuzana Rowland & Serhiy Lyeonov, 2021. "Does the real estate market behavior predict the trust crisis in the financial sector? The case of the ECB and the Euro," Equilibrium. Quarterly Journal of Economics and Economic Policy, Institute of Economic Research, vol. 16(4), pages 711-740, December.
    15. Anna Klabunde, 2013. "How Much Should an Investor Trust the Startup Entrepreneur? - A Network Model," Ruhr Economic Papers 0450, Rheinisch-Westfälisches Institut für Wirtschaftsforschung, Ruhr-Universität Bochum, Universität Dortmund, Universität Duisburg-Essen.
    16. Roth, Felix & Jonung, Lars & Nowak-Lehmann D., Felicitas, 2012. "Public Support for the Single European Currency, the Euro, 1990 to 2011. Does the Financial Crisis Matter?," Working Papers 2012:20, Lund University, Department of Economics.
    17. Klabunde, Anna, 2013. "How Much Should an Investor Trust the Startup Entrepreneur? - A Network Model," Ruhr Economic Papers 450, RWI - Leibniz-Institut für Wirtschaftsforschung, Ruhr-University Bochum, TU Dortmund University, University of Duisburg-Essen.
    18. Lacerda, Teresa C., 2018. "The Interplay Between Leadership and Adverse Context: The Paradox Explained," 6th International OFEL Conference on Governance, Management and Entrepreneurship. New Business Models and Institutional Entrepreneurs: Leading Disruptive Change (Dubrovnik, 2018), in: 6th International OFEL Conference on Governance, Management and Entrepreneurship. New Business Models and Institutional Entrepreneurs: Leading Disrupt, pages 149-165, Governance Research and Development Centre (CIRU), Zagreb.
    19. Martin Hájek & Kristián Šrám & Maksym Kolomoiets & Ivan Cuker, 2020. "Uneasy Neoliberal Governance in a Low-Trust Society: Barriers to Responsibilisation in the Czech Republic," Sociological Research Online, , vol. 25(2), pages 201-218, June.

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