Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/171107
Authors: 
D'Acunto, Francesco
Prokopczuk, Marcel
Weber, Michael
Year of Publication: 
2017
Series/Report no.: 
CESifo Working Paper 6643
Abstract: 
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 lower trust in finance, but have levels of generalized trust similar to other households.
Subjects: 
cultural economics
intergenerational transmission of norms
religious identity
household finance
history & finance
JEL: 
D91
G11
J15
N90
Z10
Z12
Document Type: 
Working Paper

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