Mark Koyama, 23 July 2018

Some research suggests violence towards minority groups is exacerbated during times of economic stress. Mark Koyama discusses his work on when the tendency to target minority groups becomes manifest. Using 1000 years' date on pogroms across Europe, he shows that the likelihood of scapegoating minority groups increased by 50% in seasons when harvests were likely to be poor.

Francesco D'Acunto, Marcel Prokopczuk, Michael Weber, 26 February 2015

Discrimination can be costly for both victims and perpetrators. This column uses the variation of historical Jewish persecution across German counties to proxy for localised distrust in financial markets. Persecution reduces the average stock market participation rate of households by 7.5%–12%. This striking effect is stable over time, across cohorts, and across education levels. The effect survives when comparing only geographically close counties. It suggests that the persecution of minorities may negatively affect societal wealth even far into the future through the channel of intergenerationally transmitted investment norms.

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