Danat’s Jewish chairman being singled out explains its stronger radicalization effect over Dresdner’s.

Evidence

Crucially, our results suggest a synergy between economic and cultural factors. The surge in Nazi voting was more pronounced in towns and cities with a long history of anti-Semitism: there, Danat’s presence added 6 p.p. to the Nazi party’s electoral gains after 1930 – a sizeable increase relative to a mean change of 17 p.p. from 1930 to July 1932. Comparing Danatbank and Dresdner Bank further underlines the role of cultural factors. While both bank failures had economic effects, exposure to Danat had a much stronger effect on Nazi voting – possibly reflecting that Danat’s Jewish chairman was singled out during the crisis, while the same was not true of Dresdner’s chairman. More frequent attacks on Jews and deportations to concentrations camps after 1933 further suggest that the financial crisis created hatred. This is, voters were not only radicalized at the ballot box, they also became radicalized in their actions. — Sebastian Doerr et al., Financial Crises and Political…, 151

Categorization

• QUESTION: The ‘possibly reflecting’ language signals the mechanism is inferred, not directly tested — is there an instrument separating framing from exposure?
• XREF: connects to: Only exposure to Danatbank, not Dresdner, raised Nazi voting despite identical economic losses. — Sebastian Doerr et al., Financial Crises and Political…, 94

Broader Connections

• Only exposure to Danatbank, not Dresdner, raised Nazi voting despite identical economic losses. #corroborates (0.88) — Sebastian Doerr et al., Financial Crises and Political…, 94