Title: The Procyclicality of Political Trust in Spain
Authors: CABALLERO GONZALOALVAREZ DIAZ MARCOS
Citation: PANOECONOMICUS vol. 65 no. 1 p. 21-36
Publisher: SAVEZ EKONOMISTA VOJVODINE
Publication Year: 2018
JRC N°: JRC110584
ISSN: 1452-595X
URI: http://www.doiserbia.nb.rs/img/doi/1452-595X/2018/1452-595X1600007C.pdf
http://publications.jrc.ec.europa.eu/repository/handle/JRC110584
DOI: 10.2298/PAN150804007C
Type: Articles in periodicals and books
Abstract: Political trust has been considered a necessary condition for good democratic and economic performance over time. The grave economic crisis that started in 2008, which is known as the Great Recession, has deteriorated the level of political trust in several countries. Some authors have shown that those countries with an increasing level of unemployment experienced a sharp decline in political trust. In particular, the political distrust in Spain has suffered a high increase since the Great Recession. This paper tests the procyclicality of political trust in Spain through the analysis and modeling of the relationship between political trust and business cycle in Spain over the period 1996-2015. The cross correlation analysis, the Granger causality test, and the autoregressive distributed lag (ARDL) bounds testing approach coherently conclude the procyclicality of political trust in Spain. The unemployment rate shows a negative and statistically significant influence on political trust four quarters later.
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