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Historical Antisemitism, Ethnic Specialization, and Financial Development

Author

Listed:
  • Francesco D’Acunto
  • Marcel Prokopczuk
  • Michael Weber

Abstract

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.

Suggested Citation

  • Francesco D’Acunto & Marcel Prokopczuk & Michael Weber, 2019. "Historical Antisemitism, Ethnic Specialization, and Financial Development," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 86(3), pages 1170-1206.
    • Handle: RePEc:oup:restud:v:86:y:2019:i:3:p:1170-1206.
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    File URL: http://hdl.handle.net/10.1093/restud/rdy021
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    JEL classification:

    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • J15 - Labor and Demographic Economics - - Demographic Economics - - - Economics of Minorities, Races, Indigenous Peoples, and Immigrants; Non-labor Discrimination
    • N90 - Economic History - - Regional and Urban History - - - General, International, or Comparative
    • Z10 - Other Special Topics - - Cultural Economics - - - General
    • Z12 - Other Special Topics - - Cultural Economics - - - Religion

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    1. Historical Antisemitism, Ethnic Specialization, and Financial Development (REStud 2019) in ReplicationWiki

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