voting for radical parties soared. We collect new data on bank branches and firm-bank connections of over 5,500 firms and … show that incomes plummeted in cities affected by the bank failures; connected firms curtailed their payrolls. We further … exposed to collapsing Dresdner Bank, which was not the target of Nazi hate speech. Danat-exposed and non-exposed cities were …

following year. Democracy collapsed six months later. We collect new data on pre-crisis bank-firm connections and show that … large banks that failed experienced a bank-driven fall in lending, which caused reductions in their wage bill and a fall in … city-level incomes. This in turn increased Nazi Party support between 1930 and 1932/33, especially in cities with a history …

resultant credit restriction by turning to other banks. Importantly the bank-lending channel is notably stronger when we account …

resultant credit restriction by turning to other banks. Importantly the bank-lending channel is notably stronger when we account …