The Danat collapse boosted Nazi votes beyond nationwide crisis effects

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

Categorization

• recurring: this claim recurs 2 times within its source
• XREF: connects to: Nazi vote share gained an extra 2.5 percentage points in Danat-exposed cities. — Sebastian Doerr et al., Financial Crises and Political…, 96; Danatbank-exposed cities saw a 2.9-percentage-point extra rise in Nazi vote share.; Danat exposure raised Nazi voting 1.7 to 2.5 percentage points across robustness checks. — Sebastian Doerr et al., Financial Crises and Political…, 104 (+8 more)

Related

• Danatbank-exposed cities saw a 2.9-percentage-point extra rise in Nazi vote share. (similarity 0.94)
• Nazi vote share gained an extra 2.5 percentage points in Danat-exposed cities. (similarity 0.91)
• Danat exposure raised Nazi voting 1.7 to 2.5 percentage points across robustness checks. (similarity 0.90)
• Danatbank exposure raised Nazi vote share across multiple federal elections. (similarity 0.89)
• Danat exposure radicalized Nazi voting beyond the income losses it caused (similarity 0.88)
• Falling local incomes from the banking crisis raised Nazi vote share substantially (similarity 0.88)
• Exposure to Danatbank failure raised Nazi vote shares by roughly 3 percentage points (similarity 0.87)
• Nazi gains in Danat-exposed cities emerged only after the bank’s collapse (similarity 0.87)
• Continuous exposure measures confirm Danat exposure boosted Nazi voting (similarity 0.86)
• Nazi gains in exposed cities appeared only after the banking crisis, not before. (similarity 0.85)
• Anti-finance sentiment alone cannot explain the Danat effect on Nazi voting (similarity 0.85)
• Anti-Semitic cultural context magnified the Danat crisis’s radicalizing effect (similarity 0.84)
• Only exposure to Danatbank, not Dresdner, raised Nazi voting despite identical economic losses. (similarity 0.84)
• German banks’ nationwide lending allows cross-city identification of crisis effects. (similarity 0.83)
• Local Jewish financial presence did not amplify the Danat effect on Nazi voting (similarity 0.83)

Broader Connections

• Danatbank exposure raised Nazi vote share across multiple federal elections. #corroborates (0.95) — Sebastian Doerr et al., Financial Crises and Political…, 254
• Hitler’s movement depended on catastrophe rather than recovery for success #exemplifies (0.80) — Hannah Arendt, The Origins of Totalitarianism, 2584
• Austerity in Weimar Germany crippled labor and enabled Nazi takeover #expands (0.78) — Clara E. Mattei, Escape from Capitalism, 234
• Cross-party austerity orthodoxy enabled the Nazi electoral rise #qualifies (0.72) — Mark Blyth, Austerity, 556