Danatbank-exposed cities saw a 2.9-percentage-point extra rise in Nazi vote share.

Evidence

The German banking crisis of 1931 – like other financial crises – was followed by a sharp economic decline. However, the collapse of Danatbank – the bank perceived to be at the heart of Germany’s 1931 banking crisis – also had a major political effect, boosting votes for the Nazi party. Where firms had higher exposure to Danat or where the stricken bank operated branches, backing for the Hitler movement increased by more. Our empirical strategy uncovers only the additional effect of cross-sectional differences in local exposure, abstracting from the overall effect of the nationwide shock: where firms had exposure to Danat or where the stricken bank operated branches, backing for the Hitler movement surged. However, the banking crisis may in addition have expanded support for the Nazi Party countrywide, as the Nazi press argued. — Sebastian Doerr et al., Financial Crises and Political…, 150 (#corroborates, via linked claim)

This table reports results for regression equation (2). The dependent variables are the change in the vote share of the NSDAP across different federal elections. In Panel A, danat takes on a value of one if a city has above-average exposure or a branch of Danatbank. In Panel B, 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…, 254 (#expands, via linked claim)

Table 4, panels A and B hence suggest that, while the economic repercussions of the banking crisis were severe, the crisis itself had electoral effects above and beyond the direct economic impact. — Sebastian Doerr et al., Financial Crises and Political…, 113 (#expands, via linked claim)

Categorization

• recurring: this claim recurs 3 times within its source
• XREF: connects to: Nazi gains in exposed cities appeared only after the banking crisis, not before.; Nazi vote share gained an extra 2.5 percentage points in Danat-exposed cities. — Sebastian Doerr et al., Financial Crises and Political…, 96; Danat exposure raised Nazi voting 1.7 to 2.5 percentage points across robustness checks. — Sebastian Doerr et al., Financial Crises and Political…, 104 (+4 more)

Related

• Nazi vote share gained an extra 2.5 percentage points in Danat-exposed cities. (similarity 0.96)
• Danat exposure raised Nazi voting 1.7 to 2.5 percentage points across robustness checks. (similarity 0.95)
• The Danat collapse boosted Nazi votes beyond nationwide crisis effects (similarity 0.94)
• Danatbank exposure raised Nazi vote share across multiple federal elections. (similarity 0.93)
• Exposure to Danatbank failure raised Nazi vote shares by roughly 3 percentage points (similarity 0.91)
• Continuous exposure measures confirm Danat exposure boosted Nazi voting (similarity 0.91)
• Danat exposure radicalized Nazi voting beyond the income losses it caused (similarity 0.91)
• Falling local incomes from the banking crisis raised Nazi vote share substantially (similarity 0.90)
• Nazi gains in exposed cities appeared only after the banking crisis, not before. (similarity 0.90)
• Nazi gains in Danat-exposed cities emerged only after the bank’s collapse (similarity 0.89)
• Anti-finance sentiment alone cannot explain the Danat effect on Nazi voting (similarity 0.87)
• Local Jewish financial presence did not amplify the Danat effect on Nazi voting (similarity 0.87)
• Only exposure to Danatbank, not Dresdner, raised Nazi voting despite identical economic losses. (similarity 0.86)
• German banks’ nationwide lending allows cross-city identification of crisis effects. (similarity 0.85)
• Danat’s Jewish chairman being singled out explains its stronger radicalization effect over Dresdner’s. (similarity 0.85)

Broader Connections

• The Danat collapse boosted Nazi votes beyond nationwide crisis effects #corroborates (0.90) — Sebastian Doerr et al., Financial Crises and Political…, 150
• Danatbank exposure raised Nazi vote share across multiple federal elections. #expands (0.85) — Sebastian Doerr et al., Financial Crises and Political…, 254
• Danat exposure raised Nazi voting 1.7 to 2.5 percentage points across robustness checks. #corroborates (0.80) — Sebastian Doerr et al., Financial Crises and Political…, 104
• Danat exposure radicalized Nazi voting beyond the income losses it caused #expands (0.80) — Sebastian Doerr et al., Financial Crises and Political…, 113
• Anti-finance sentiment alone cannot explain the Danat effect on Nazi voting #expands (0.75) — Sebastian Doerr et al., Financial Crises and Political…, 141