How do the media affect public support for democratic institutions in a fragile democracy? What role do they play in a dictatorial regime? We study these questions in the context of Germany of the 1920s and 1930s. During the democratic period, when the Weimar government introduced progovernment...

How far can the media undermine democratic institutions, and how persuasive can media be in ensuring public support for a dictator’s policies? We study this question in the context of Germany between 1929 and 1939. Using quasi-random geographical variation in radio availability, we show that...

How far can the media protect or undermine democratic institutions in unconsolidated democracies, and how persuasive can they be in ensuring public support for dictator's policies? We study this question in the context of Germany between 1929 and 1939. Using geographical and temporal variation...

How far can media undermine democratic institutions and how persuasive can it be in assuring public support for dictator policies? We study this question in the context of Germany before World War II, between 1929 and 1939. First, we estimate the impact of radio signal on voting for the Nazi...

How do the media affect public support for democratic institutions in a fragile democracy? What role do they play in a dictatorial regime? We study these questions in the context of Germany of the 1920s and 1930s. During the democratic period, when the Weimar government introduced pro-government...

Finance is important for development, yet the onset of modern economic growth in Britain lagged the British financial revolution by over a century. We present evidence from a new West-End London private bank to explain this delay. Hoare's Bank loaned primarily to a highly select and well-born...

In May 1927, the German central bank intervened indirectly to reduce lending to equity investors. The crash that followed ended the only stock market boom during Germany's relative stabilization 1924-28. This paper examines the factors that lead to the intervention as well as its consequences....

Using a new dataset on capital account openness, we investigate why equity return correlations changed over the last century. Using equity returns from 16 countries for the period 1890-2001, we show that correlations increase as financial markets are liberalized. In addition, countries with...

The defaults of Philip II have attained mythical status as the origin of sovereign debt crises. Four times during his reign the king failed to honor his debts and had to renegotiate borrowing contracts. In this paper, we reassess the fiscal position of Habsburg Spain. New archival evidence...