Exposure to Danatbank failure raised Nazi vote shares by roughly 3 percentage points

Evidence

Table 3 shows that support for the NSDAP rose markedly more in Danat-exposed cities. In panel A we use the dummy danat as the independent variable. In column (1), without further controls or fixed effects, Danat presence predicts an increase in the Nazi vote share of 2.4 p.p. Adding city-level controls in column (2) and province fixed effects in column (3) yields larger coefficients. The variable danat is significant at the 1% level in both specifications. The most demanding specification in column (3) implies that cities with Danat presence saw an additional rise in the Nazi vote share of 2.9 p.p. (17% of the mean or 0.43 sd). Adding several controls and fixed effects only changes the coefficient on Danat-connections slightly, despite a large increase in R2 by 55 p.p. This suggests that unobservable factors are unlikely to account for our city-level findings (Altonji et al., 2005; Oster, 2019). — Sebastian Doerr et al., Financial Crises and Political…, 101

Categorization

• 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; Danatbank exposure raised Nazi vote share across multiple federal elections. — Sebastian Doerr et al., Financial Crises and Political…, 254; Danatbank-exposed cities saw a 2.9-percentage-point extra rise in Nazi vote share. (+8 more)

Broader Connections

• Danatbank-exposed cities saw a 2.9-percentage-point extra rise in Nazi vote share. #corroborates (0.95)
• Danatbank exposure raised Nazi vote share across multiple federal elections. #corroborates (0.93) — Sebastian Doerr et al., Financial Crises and Political…, 254
• Nazi vote share gained an extra 2.5 percentage points in Danat-exposed cities. #corroborates (0.93) — Sebastian Doerr et al., Financial Crises and Political…, 96
• Danat exposure raised Nazi voting 1.7 to 2.5 percentage points across robustness checks. #corroborates (0.92) — Sebastian Doerr et al., Financial Crises and Political…, 104
• The Danat collapse boosted Nazi votes beyond nationwide crisis effects #corroborates (0.90) — Sebastian Doerr et al., Financial Crises and Political…, 150
• Continuous exposure measures confirm Danat exposure boosted Nazi voting #corroborates (0.90) — Sebastian Doerr et al., Financial Crises and Political…, 104
• Danat exposure radicalized Nazi voting beyond the income losses it caused #expands (0.86) — Sebastian Doerr et al., Financial Crises and Political…, 113
• Falling local incomes from the banking crisis raised Nazi vote share substantially #expands (0.78) — Sebastian Doerr et al., Financial Crises and Political…, 107