Accessibility navigation


Historical antisemitism, ethnic specialization, and financial development

D'Acunto, F., Prokopczuk, M. and Weber, M. (2019) Historical antisemitism, ethnic specialization, and financial development. Review of Economic Studies, 86 (3). pp. 1170-1206. ISSN 1467-937X

[img]
Preview
Text - Accepted Version
· Please see our End User Agreement before downloading.

4MB

It is advisable to refer to the publisher's version if you intend to cite from this work. See Guidance on citing.

To link to this item DOI: 10.1093/restud/rdy021

Abstract/Summary

Historically, European Jews have specialized in financial services while being the victims of antisemitism. We find that the present-day demand for finance is lower in German counties where historical antisemitism was higher, compared to otherwise similar counties. Households in counties with high historical antisemitism have similar saving rates but invest less in stocks, hold lower saving deposits, and are less likely to get a mortgage to finance homeownership after controlling for wealth and a rich set of current and historical covariates. Present-day antisemitism and supply-side forces do not fully explain the results. Households in counties where historical antisemitism was higher distrust the financial sector more—a potential cultural externality of historical antisemitism that reduces wealth accumulation in the long run.

Item Type:Article
Refereed:Yes
Divisions:Henley Business School > ICMA Centre
ID Code:75714
Publisher:Oxford University Press

Downloads

Downloads per month over past year

University Staff: Request a correction | Centaur Editors: Update this record

Page navigation