Financial crises and political radicalization: how failing banks paved Hitler's path to power

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• dc.contributor.author Doerr, Sebastian
• dc.contributor.author Gissler, Stefan
• dc.contributor.author Peydró, José-Luis
• dc.contributor.author Voth, Hans-Joachim
• dc.date.accessioned 2023-03-03T08:11:26Z
• dc.date.available 2023-03-03T08:11:26Z
• dc.date.issued 2022
• dc.description Supplemental material files: supporting information: online appendix; replication file
• dc.description.abstract 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.
• dc.description.sponsorship This project has received funding from the ERC (648398). Peydró also acknowledges financial support from the ECO2015-68182-P (MINECO/FEDER, EUE) grant and the Spanish Ministry of Economics and Competitiveness (SEV-2015-0563).
• dc.format.mimetype application/pdf
• dc.identifier.citation Doerr S, Gissler S, Peydró JL, Voth HJ. Financial crises and political radicalization: how failing banks paved Hitler's path to power. Journal of Finance. December 2022 Dec;77(6):3339-72. DOI: 10.1111/jofi.13166
• dc.identifier.doi http://dx.doi.org/10.1111/jofi.13166
• dc.identifier.issn 0022-1082
• dc.identifier.uri http://hdl.handle.net/10230/56031
• dc.language.iso eng
• dc.publisher Wiley
• dc.relation.ispartof Journal of Finance. December 2022 Dec;77(6):3339-72
• dc.relation.projectID info:eu-repo/grantAgreement/EC/H2020/648398
• dc.relation.projectID info:eu-repo/grantAgreement/ES/1PE/ECO2015-68182-P
• dc.relation.projectID info:eu-repo/grantAgreement/ES/1PE/SEV-2015-0563
• dc.rights This is the peer reviewed version of the following article: Doerr S, Gissler S, Peydró JL, Voth HJ. Financial crises and political radicalization: how failing banks paved Hitler's path to power. Journal of Finance. December 2022 Dec;77(6):3339-72. DOI: 10.1111/jofi.13166, which has been published in final form at http://dx.doi.org/10.1111/jofi.13166. This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Use of Self-Archived Versions.
• dc.rights.accessRights info:eu-repo/semantics/openAccess
• dc.subject.keyword Financial crisis
• dc.subject.keyword Political extremism
• dc.subject.keyword Populism
• dc.subject.keyword Anti-semitism
• dc.subject.keyword Culture
• dc.subject.keyword Great Depression
• dc.title Financial crises and political radicalization: how failing banks paved Hitler's path to power
• dc.type info:eu-repo/semantics/article
• dc.type.version info:eu-repo/semantics/acceptedVersion