Financial Asset Ownership and Political Partisanship: Liberty Bonds and Republican Electoral Success in the 1920s
成果类型：
Article
署名作者：
Wellesley College; University of Minnesota System; University of Minnesota Twin Cities
刊物名称：
JOURNAL OF ECONOMIC HISTORY
ISSN/ISSBN：
0022-0507
DOI：
10.1017/S0022050720000297
发表日期：
2020
页码：
746-781
关键词：
摘要：
We analyze the effects of ownership of liberty bonds on election outcomes in the 1920s. We find that counties with higher liberty bond ownership rates turned against the Democratic Party in the presidential elections of 1920 and 1924. This was a reaction to the depreciation of the bonds prior to the 1920 election (when the Democrats held the presidency) and the appreciation of the bonds in the early 1920s (under a Republican president), as the Federal Reserve raised and then subsequently lowered interest rates. Our analysis suggests that the liberty bond campaigns had unintended political consequences.