Bank-failure exposure predicts later anti-Semitic persecution across German cities.

Evidence

This table reports results for regression equation (2). The dependent variable persecution is the first principal component of three variables – anti-Semitic letters to the editor of St¨urmer, destruction of synagogues, and deportations of Jews. The dummy danat takes on a value of one if a city has above-average exposure or a branch of Danatbank. Exposure is city-level exposure to Danat; the dummy branch takes on a value of one if a city had a Danat branch. Controls include log population, share blue collar, share protestant, share Jewish, all as of 1925. Standard errors are robust. *** p<0.01, ** p<0.05, * p<0.1. — Sebastian Doerr et al., Financial Crises and Political…, 278

Categorization

• XREF: The Danatbank-vs-Dresdner identification is built on the earlier chapters’ exposure measures; this dependent variable extends the same exposure logic from vote share to persecution outcomes. — connects to: Bank-crisis exposure predicted later pogroms and deportations of Jews. — Sebastian Doerr et al., Financial Crises and Political…, 30; Financial distress and cultural anti-Semitism interacted to spread radicalization. — Sebastian Doerr et al., Financial Crises and Political…, 28
• QUESTION: Combining anti-Semitic letters, synagogue destruction, and deportations into one principal component blends very different behavioral intensities — does the persecution result survive if each outcome is estimated separately?