Francesco D’Acunto|Marcel Prokopczuk|Michael Weber
Historical Antisemitism, Ethnic Specialization, and Financial Development
Boston College|Leibniz University Hannover|University of Reading|University of Chicago
historically european jews specialized financial services victims antisemitism find presentday demand finance lower german counties historical antisemitism higher compared otherwise similar counties households counties high historical antisemitism similar saving rates invest less stocks hold lower saving deposits less likely get mortgage finance homeownership controlling wealth rich set current historical covariates presentday antisemitism supplyside forces fully explain results households counties historical antisemitism higher distrust financial sector morea potential cultural externality historical antisemitism reduces wealth accumulation long run