Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/268939 
Erscheinungsjahr: 
2022
Quellenangabe: 
[Journal:] The Journal of Finance [ISSN:] 1540-6261 [Volume:] 77 [Issue:] 6 [Publisher:] Wiley [Place:] Hoboken, NJ [Year:] 2022 [Pages:] 3339-3372
Verlag: 
Wiley, Hoboken, NJ
Zusammenfassung: 
Do financial crises radicalize voters? We study Germany's 1931 banking crisis, collecting new data on bank branches and firm-bank connections. Exploiting cross-sectional variation in precrisis exposure to the bank at the center of the crisis, we show that Nazi votes surged in locations more affected by its failure. Radicalization in response to the shock was exacerbated in cities with a history of anti-Semitism. After the Nazis seized power, both pogroms and deportations were more frequent in places affected by the banking crisis. Our results suggest an important synergy between financial distress and cultural predispositions, with far-reaching consequences.
Schlagwörter: 
financial crises
political extremism
populism
anti-semitism
culture
Great Depression
JEL: 
E44
G01
G21
N20
P16
DOI der veröffentlichten Version: 
Ältere Version: 
Dokumentart: 
Article
Dokumentversion: 
Accepted Manuscript (Postprint)
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