NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Marcel Prokopczuk

Leibniz Universität Hannover
Königsworther Platz 1
30167 Hannover
Germany

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Institutional Affiliation: Leibniz University Hannover

NBER Working Papers and Publications

September 2017Historical Antisemitism, Ethnic Specialization, and Financial Development
with Francesco D’Acunto, Michael Weber: w23785
For centuries, Jews in Europe have specialized in financial services. At the same time, they have been the victims of historical antisemitism on the part of the Christian majority. We find that present-day financial development is lower in German counties where historical antisemitism was higher, compared to otherwise similar counties. Households in counties with high historical antisemitism have similar savings rates but invest less in stocks, hold lower bank deposits, and are less likely to get a mortgage–but not to own a house–after controlling for wealth and a rich set of current and historical covariates. Present-day antisemitism and supply-side forces do not appear to fully explain the results. Present-day households in counties where historical antisemitism was higher express lowe...

Published: Francesco D’Acunto & Marcel Prokopczuk & Michael Weber, 2019. "Historical Antisemitism, Ethnic Specialization, and Financial Development," The Review of Economic Studies, vol 86(3), pages 1170-1206.

 
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