Determinanty důvěry Evpropské ceentrální bance

Katuščáková, Dominika

The thesis studies the determinants of trust in the European Central Bank by employing various indicators. The main objective has been to assess the most significant determinants of trust and to study the impact of the Great Crisis on trust in the European Central Bank. First, the socio-demographic and macroeconomic variables have been studied as the predictors and socio-demographic ones have been confirmed to be more significant. We have also extended the regressions by two new variables: monetary policy transparency index and financial stability transparency index. Whereas the monetary policy transparency index has not been significantly correlated with trust, it has been proved that the financial stability transparency index has positive impact on the trust in the European Central Bank. Secondly, we have employed the bias-reduced linearization procedure for computation of the standard errors in order to account for clustering and serial correlation problems. After comparison with the robust standard errors, we have concluded that the robust standard errors are not able to completely deal with the clusters and serial correlation in data. Thirdly, it has been proved that the trust in the European Central Bank decreases during the crisis occurrence.

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