The Long‐Lasting Effects of Experiencing Communism on Attitudes toward Financial Markets
The Journal of Finance · 2026 · CHRISTINE LAUDENBACH、ULRIKE MALMENDIER、ALEXANDRA NIESSEN‐RUENZI
中文摘要
我们发现, 接触反资本主义意识形态会对资本市场态度和股市参与产生持久影响。利用新颖的调查、银行和券商数据, 我们记录到, 在德国统一数十年后, 东德人在股票上的投资显著更少, 对资本市场的看法也更为负面。效应因个人在共产主义时期的亲身经历而异。对于对德意志民主共和国时期的生活抱有积极记忆的个体——例如居住在“橱窗城市”的居民——效应最强。而对于有环境污染或缺乏西方电视娱乐等负面经历的个体, 结果则相反。
Abstract
ABSTRACT We show that exposure to anti‐capitalist ideology can exert a lasting influence on attitudes toward capital markets and stock market participation. Using novel survey, bank, and broker data, we document that, decades after Germany's reunification, East Germans invest significantly less in stocks and hold more negative views on capital markets. Effects vary by personal experience under communism. Results are strongest for individuals who remember life in the German Democratic Republic positively, for example, those living in a “showcase city.” Results reverse for those with negative experiences like environmental pollution or lack of Western TV entertainment.