Financial Asset Ownership and Political Partisanship: Liberty Bonds and Republican Electoral Success in the 1920s

@article{Hilt2018FinancialAO,
  title={Financial Asset Ownership and Political Partisanship: Liberty Bonds and Republican Electoral Success in the 1920s},
  author={Eric Hilt and Wendy Rahn},
  journal={The Journal of Economic History},
  year={2018},
  volume={80},
  pages={746 - 781}
}
  • Eric HiltW. Rahn
  • Published 1 June 2018
  • History, Economics
  • The Journal of Economic History
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… 

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