Financial distress shifted Nazi votes beyond what income loss alone explains.

Evidence

We report the formal version of the Sobel-Goodman test for intermediation in column (3). It suggests that the effect of the banking crisis on voting is mediated by income only to a limited extent (compare panel A in Table 3, column 3). In other words, financial distress mattered not only because of the income declines it brought, but in its own right. — Sebastian Doerr et al., Financial Crises and Political…, 109

Categorization

• XREF: connects to: Falling local incomes from the banking crisis raised Nazi vote share substantially — Sebastian Doerr et al., Financial Crises and Political…, 107; Danat exposure radicalized Nazi voting beyond the income losses it caused — Sebastian Doerr et al., Financial Crises and Political…, 113; The bank crisis radicalized voters beyond what income losses alone can explain — Sebastian Doerr et al., Financial Crises and Political…, 109 (+8 more)

Broader Connections

• The bank crisis radicalized voters beyond what income losses alone can explain #corroborates (0.97) — Sebastian Doerr et al., Financial Crises and Political…, 109
• Danat exposure radicalized Nazi voting beyond the income losses it caused #corroborates (0.95) — Sebastian Doerr et al., Financial Crises and Political…, 113
• Falling local incomes from the banking crisis raised Nazi vote share substantially #expands (0.90) — Sebastian Doerr et al., Financial Crises and Political…, 107
• The Danat collapse boosted Nazi votes beyond nationwide crisis effects #corroborates (0.88) — Sebastian Doerr et al., Financial Crises and Political…, 150
• Anti-finance sentiment alone cannot explain the Danat effect on Nazi voting #expands (0.85) — Sebastian Doerr et al., Financial Crises and Political…, 141
• Exposure to Danatbank failure raised Nazi vote shares by roughly 3 percentage points #exemplifies (0.82) — Sebastian Doerr et al., Financial Crises and Political…, 101
• Danatbank exposure raised Nazi vote share across multiple federal elections. #exemplifies (0.82) — Sebastian Doerr et al., Financial Crises and Political…, 254
• Income losses from bank collapse radicalize voters more than equivalent general income declines #expands (0.80) — Sebastian Doerr et al., Financial Crises and Political…, 108