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...

For centuries, Jews have been associated with financial services. We find that present-day households in German counties where Jewish persecution was higher in the Middle Ages and the Nazi period invest less in stocks, have lower savings in bank deposits, and are less likely to get a mortgage,...