Financial Asset Ownership and Political Partisanship: Liberty Bonds and Republican Electoral Success in the 1920s
| Autor: | Wendy M. Rahn, Eric Hilt |
|---|---|
| Rok vydání: | 2020 |
| Předmět: |
Economics and Econometrics
History Presidency Presidential system Financial asset media_common.quotation_subject Depreciation Bond 05 social sciences Economics Econometrics and Finance (miscellaneous) Democracy 0506 political science Interest rate Politics Political economy 0502 economics and business 050602 political science & public administration Economics 050207 economics media_common |
| Zdroj: | The Journal of Economic History. 80:746-781 |
| ISSN: | 1471-6372 0022-0507 |
| DOI: | 10.1017/s0022050720000297 |
| Popis: | 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. |
| Databáze: | OpenAIRE |
| Externí odkaz: |
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