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From Finance to Fascism

Author

Listed:
  • Sebastian Doerr
  • Stefan Gissler
  • José-Luis Peydró
  • Hans-Joachim Voth
Abstract
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 over 5,500 firms and show that incomes plummeted in cities affected by the bank failures; connected firms curtailed their payrolls. We further establish that Nazi votes surged in locations exposed to failing Danatbank, led by a prominent Jewish manager and targeted by anti-Semitic Nazi propaganda. Our results suggest a synergy between cultural and economic factors: Danatbank's collapse boosted Nazi support especially in cities with deep-seated anti-Semitism; and the Nazis gained few additional votes in cities exposed to collapsing Dresdner Bank, which was not the target of Nazi hate speech. Danat-exposed and non-exposed cities were similar in their pre-crisis characteristics and exhibited no differential pre-trends; firms borrowing from Danat had lower leverage before the crisis than other firms. Unobservables are unlikely to account for the results.

Suggested Citation

  • Sebastian Doerr & Stefan Gissler & José-Luis Peydró & Hans-Joachim Voth, 2019. "From Finance to Fascism," Working Papers 1092, Barcelona School of Economics.
    • Handle: RePEc:bge:wpaper:1092
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    Cited by:

    1. Kilian Huber, 2021. "Are Bigger Banks Better? Firm-Level Evidence from Germany," Journal of Political Economy, University of Chicago Press, vol. 129(7), pages 2023-2066.
    2. Abuka, Charles & Alinda, Ronnie K. & Minoiu, Camelia & Peydró, José-Luis & Presbitero, Andrea F., 2019. "Monetary Policy and Bank Lending in Developing Countries: Loan Applications, Rates, and Real Effects," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 139, pages 185-202.
    3. Berggren, Niclas & Nilsson, Therese, 2021. "Economic freedom and antisemitism," Journal of Institutional Economics, Cambridge University Press, vol. 17(2), pages 289-304, April.
    4. Orkun Saka & Yuemei Ji & Paul De Grauwe, 2021. "Financial Policymaking after Crises: Public vs. Private Interests," CESifo Working Paper Series 9131, CESifo.
    5. Do, Quoc-Anh & Galbiati, Roberto & Marx, Benjamin & Ortiz Serrano, Miguel A., 2024. "J'Accuse! Antisemitism and financial markets in the time of the Dreyfus Affair," Journal of Financial Economics, Elsevier, vol. 154(C).
    6. García-Uribe, Sandra & Mueller, Hannes & Sanz, Carlos, 2024. "Economic Uncertainty and Divisive Politics: Evidence from the dos Españas," The Journal of Economic History, Cambridge University Press, vol. 84(1), pages 40-73, March.
    7. Kristian Blickle & Markus Brunnermeier & Stephan Luck, 2020. "Micro-evidence from a System-wide Financial Meltdown: The German Crisis of 1931," Working Papers 275, Princeton University, Department of Economics, Center for Economic Policy Studies..
    8. repec:hal:wpspec:info:hdl:2441/5stdfj99hg96f8n537oi1mkfo9 is not listed on IDEAS
    9. repec:spo:wpecon:info:hdl:2441/5stdfj99hg96f8n537oi1mkfo9 is not listed on IDEAS
    10. Kristian S. Blickle, 2020. "Pandemics Change Cities: Municipal Spending and Voter Extremism in Germany, 1918-1933," Staff Reports 921, Federal Reserve Bank of New York.
    11. Quoc-Anh Do & Roberto Galbiati & Benjamin Marx & Miguel a Ortiz Serrano, 2020. "J’Accuse! Antisemitism and Financial Markets in the time of the Dreyfus Affair," Working Papers hal-02957438, HAL.
    12. Markus K. Brunnermeier & Sergio A. Correia & Stephan Luck & Emil Verner & Tom Zimmermann, 2023. "The Debt-Inflation Channel of the German Hyperinflation," NBER Working Papers 31298, National Bureau of Economic Research, Inc.
    13. Mueller, Hannes & Garcia-Uribe, Sandra & Sanz, Carlos, 2020. "Economic Uncertainty and Divisive Politics: Evidence from the "dos Españas"," CEPR Discussion Papers 15479, C.E.P.R. Discussion Papers.
    14. Gregori Galofre-Vila, 2021. "The Costs of Hyperinflation: Germany 1923," Documentos de Trabajo - Lan Gaiak Departamento de Economía - Universidad Pública de Navarra 2101, Departamento de Economía - Universidad Pública de Navarra.
    15. repec:spo:wpmain:info:hdl:2441/5stdfj99hg96f8n537oi1mkfo9 is not listed on IDEAS
    16. Benczes, István & Szabó, Krisztina, 2023. "Társadalmi törésvonalak és gazdasági (ir)racionalitások. A közgazdaságtan szerepe és helye a populizmus kutatásában [Social cleavages and economic (ir)rationalities: The role of economics in populi," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(1), pages 23-54.
    17. Győző Gyöngyösi & Emil Verner, 2022. "Financial Crisis, Creditor‐Debtor Conflict, and Populism," Journal of Finance, American Finance Association, vol. 77(4), pages 2471-2523, August.
    18. repec:hal:spmain:info:hdl:2441/5stdfj99hg96f8n537oi1mkfo9 is not listed on IDEAS
    19. Saka, Orkun & Ji, Yuemei & De Grauwe, Paul, 2021. "Financial policymaking after crises : Public vs. private interests," BOFIT Discussion Papers 10/2021, Bank of Finland, Institute for Economies in Transition.
    20. repec:zbw:bofitp:2021_010 is not listed on IDEAS
    21. Adam, Marc C. & Jansson, Walter, 2019. "Credit constraints and the propagation of the Great Depression in Germany," Discussion Papers 2019/12, Free University Berlin, School of Business & Economics.

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    More about this item

    Keywords

    financial crises; political extremism; populism; Anti-Semitism; Great Depression;
    All these keywords.

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • G01 - Financial Economics - - General - - - Financial Crises
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • N20 - Economic History - - Financial Markets and Institutions - - - General, International, or Comparative
    • P16 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Capitalist Institutions; Welfare State

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