Financial crises can radicalise voters – BIS paper
German banking crisis in 1931 contributed to the rise of the Nazi party, researchers find
The 1931 banking crisis in Germany contributed to the rise of the Nazi party, researchers say in a new paper, hinting at a mechanism through which more recent crises might have led to a rise in radical politics.
Sebastian Doerr, Stefan Gissler, Jose-Luis Peydro and Hans-Joachim Voth draw on a dataset of firms’ exposure to Danatbank, the institution whose collapse sparked a systemic crisis in 1931. The data allows them to map out the regions of Germany most exposed to the crisis. They present
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