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Type | Working Paper |
Scope | Discipline-based scholarship |
Title | From finance to fascism: the real effect of Germany's 1931 banking crisis |
Organization Unit | |
Authors |
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Language |
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Institution | Centre for Economic Policy Research |
Series Name | CEPR Discussion Papers |
Number | 12806 |
ISSN | 0265-8003 |
Number of Pages | 50 |
Date | 2020 |
Abstract Text | Do financial crises radicalize voters? We study Germany's banking crisis of 1931, when two major banks collapsed and voting for radical parties soared. We collect new data on bank branches and firm-bank connections of 5,610 firms. Incomes plummeted in cities affected by the bank failures; connected firms curtailed payrolls. Nazi votes surged in locations exposed to Danatbank, led by a Jewish manager - but not in those suffering from the other bank's failure. Unobservables or pretrends do not explain the results. Danatbank's collapse boosted Nazi support, especially in cities with deep-seated anti-Semitism, suggesting a synergy between cultural and economic channels. |
Official URL | https://cepr.org/active/publications/discussion_papers/dp.php?dpno=12806 |
Other Identification Number | merlin-id:19192 |
PDF File | Download from ZORA |
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Keywords | Financial crises, real effects, extremism, polarisation, Nazi Party, Great Depression, Germany |
Additional Information | Revised version |