Accountability and Independent Central Banks: Europeans and Distrust of the European Central Bank

Kaltenthaler, Karl; Anderson, Christopher; Miller, William J.

doi:10.1111/j.1468-5965.2010.02112.x

Cited by 66 publications

(77 citation statements)

References 25 publications

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“…These results on political orientation are in line with those in Kaltenthaler et al (2010) but contrast with those in Scheve (2004). However, although political affiliation does not seem to matter, knowledge about politics and intensity of political discussions have significant positive impacts for an independent ECB.…”

supporting

confidence: 69%

Public attitudes towards central bank independence: Lessons from the foundation of the ECB

Hayat

Farvaque

2012

European Journal of Political Economy

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This study examines public opinion in 15 European countries, on the proposal to establish an independent European Central Bank (ECB). Using data from Eurobarometer surveys for 1998 to 2000, which included a specific question on this issue, we show that inflation performance is not sufficient to explain people's preference for an independent central bank: personal characteristics and circumstances have a stronger impact, with gender, employment status, education level, income quartiles, and degree of information and civic concern showing particular relevance.

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supporting

confidence: 69%

Public attitudes towards central bank independence: Lessons from the foundation of the ECB

Hayat

Farvaque

2012

European Journal of Political Economy

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“…Without sufficient trust, citizens might begin to undermine the authority of the policy-making institutions, which might ultimately lead to an abolition of it (Kaltenthaler et al 2010). Or as John Locke (1690) put it "…the ground for trusting rulers are to be found in the sanctions that punish breaches of trust".…”

Section: The Importance Of Political Trustmentioning

confidence: 99%

“…Without sufficient levels of trust citizens may try to hold back tax money, the overall compliance with law will decrease, and young talented graduates may not be willing to work for governmental institutions (Nye 1997). This implies that it would be dangerous if large numbers of citizens started to distrust the political institutions in their country (Kaltenthaler et al 2010). …”

Section: The Importance Of Political Trustmentioning

confidence: 99%

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Economic Performance and Political Trust: The impact of the financial crisis on European citizens

2015

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II III ForordDenne masteroppgaven markerer ikke bare slutten på et halvt års hardt arbeid, men også slutten på fem års utdanning, og starten på voksenlivet. Jeg vil dedikere dette arbeidet til pappa fordi hver gang jeg har følt at jeg ikke har vaert god nok, har han fortalt meg det motsatte. Jeg setter også stor pris på støtten og motivasjonen jeg har fått fra mamma, Joachim, Mathias, Rikke, og resten av familien.Takk til veilederen min Tor Georg Jakobsen for gode tilbakemeldinger, hjelp underveis, og stort engasjement. En stor takk rettes også til faggruppen ledet av Tanja Trust links ordinary citizens to the institutions that are intended to represent them, and thereby enhancing both the legitimacy and the effectiveness of democratic government (Bianco 1994;Gamson 1968;Braithwaite and Levi 1998;Hetherington 1998). It is therefore an essential part of a democratic system. People have confidence in their leaders when the government is working well, and absence of political confidence could threaten the system's legitimacy. Mistrust by the citizens is often expressed as an unwillingness to follow political outcomes, which prevents progress from happening in the political process (Norris 1999). In this thesis I investigate whether economic performance affects political trust, and if the 2008 financial crisis has decreased confidence levels due to the severity of its consequences. By using multilevel modeling to analyze data from 25 European countries, I find that economic performance is an important component in levels of trust. I am also able to conclude that the financial crisis has reduced citizen's trust in political institutions in the countries where the crisis has had a severe impact on the economy. As much research emphasizes the importance of individual perception of economic performance, this has also been tested for. The results indicate that individual perception of the economic situation, influence trust just as much, if not more, than the actual economic situation.

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“…In order to be 'accountable' to a principal, an agent must have been assigned a task by this principal; also, he or she has to inform their principal how and to what degree this task is being executed, as well as to be susceptible to penalty in case such task is not performed according to what was assigned by their principal (Kaltenthaler, Anderson and Miller, 2010). The main questions in the design of accountability arrangements are (ECB, 2002): who is accountable in the central bank?…”

Section: The Second Pillar: Accountatilitymentioning

confidence: 99%

Governança em bancos centrais: um estudo comparativo das práticas de governança dos bancos centrais do Brasil, Canadá e Inglaterra

Faria¹,

Streit

2016

Rev. Adm. Pública

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Corporate governance in central banks has evolved in recent years, both as a result of advances made in the study of the subject by supranational organizations, as well as through the adoption of the best practices used in the public and private sectors. This paper aims to identify, analyze and compare key aspects of corporate governance used by the central banks of Brazil, Canada and England in 2015. By reviewing existing literature on the subject, it was possible to analyze certain aspects of the monetary authorities of these three countries in terms of their structures and their committeees, as well as the three pillars of governance normally attributed to central banks: independence, accountability and transparency. The results showed significant differences between the three, and suggested that the degree of maturity of each country's society has a certain influence on the practices of governance adopted by its central bank. Governança em bancos centrais: um estudo comparativo das práticas de governança dos bancos centrais do Brasil, Canadá e InglaterraA governança corporativa em bancos centrais tem evoluído nos últimos anos, tanto em decorrência dos avanços obtidos no estudo do tema por organizações supranacionais como pela adoção das melhores práticas oriundas dos setores público e privado. Este trabalho visa identificar, analisar e comparar os aspectos principais da governança nos bancos centrais do Brasil, Canadá e Inglaterra em 2015. Por intermédio de uma pesquisa bibliográfica foi possível analisar aspectos das autoridades monetárias dos três países em relação à sua estrutura e a seus comitês, e também aos três pilares da governança em bancos centrais: independência, accountability e transparência. Os resultados mostraram que existem diferenças significativas e que o grau de maturidade das sociedades dos países influencia as práticas de governança adotadas pelos bancos centrais.Pal av r a s -c h av e : governança em bancos centrais; comitês; independência; accountability; transparência.Gobernanza de bancos centrales: un estudio comparado de las prácticas de gobernanza de los bancos centrales de Brasil, Canadá e Inglaterra La gobernanza corporativa en los bancos centrales ha evolucionado en los últimos años, tanto como resultado de los avances en el estudio del tema por organizaciones supranacionales como la adopción de las mejores prácticas derivadas de los sectores públicos y privados. Este estudio busca identificar, analizar y comparar los principales aspectos de gobernanza en los bancos centrales de Brasil, Canadá e Inglaterra en 2015. A través de una búsqueda en la literatura fue posible analizar los aspectos de los tres bancos en lo que respecta a su estructura y sus comités, y también los tres pilares de gobernanza en los bancos centrales: independencia, responsabilidad y transparencia. Los resultados mostraron que existen diferencias significativas, y el grado de madurez de la sociedad influye en las prácticas de gobernanza adoptadas por los bancos centrales.Palabras c l av e : gobernanza en b...

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Accountability and Independent Central Banks: Europeans and Distrust of the European Central Bank

Cited by 66 publications

References 25 publications

Public attitudes towards central bank independence: Lessons from the foundation of the ECB

Public attitudes towards central bank independence: Lessons from the foundation of the ECB

Economic Performance and Political Trust: The impact of the financial crisis on European citizens

Governança em bancos centrais: um estudo comparativo das práticas de governança dos bancos centrais do Brasil, Canadá e Inglaterra

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