Light at the end of the tunnel: Eurozone bailouts and satisfaction with democracy
How did the Eurozone bailouts affect national democracies? Recent research, including by Klaus Armingeon and his colleagues, indicates strong citizen detachment from democracy due to the external constraints imposed by bailout programs on national autonomy. This chapter re-examines the detachment thesis with the help of the generalized synthetic control method. We confirm the strong negative effect of bailouts on satisfaction with democracy, but show that the effect diminishes substantially after a number of years.
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