| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w27703 |
| 来源ID | Working Paper 27703 |
| When Uncle Sam Introduced Main Street to Wall Street: Liberty Bonds and the Transformation of American Finance | |
| Eric Hilt; Matthew S. Jaremski; Wendy Rahn | |
| 发表日期 | 2020-08-17 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | We study the effects of the liberty bond drives of World War I on financial intermediation in the 1920s and beyond. Using panel data on U.S. counties, and an instrument that captures differences in the approaches used to market the bonds, we find that higher liberty bond subscription rates led to an increase in investment banks and a contraction in commercial bank assets. We also find that in the late 1930s, individuals residing in states where liberty bond subscription rates had been higher were more likely to report owning stocks or bonds. Although they were conducted to support the American effort in World War I, the liberty loan drives reshaped American finance. |
| 主题 | History ; Macroeconomic History ; Financial History ; Other History |
| URL | https://www.nber.org/papers/w27703 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/585375 |
| 推荐引用方式 GB/T 7714 | Eric Hilt,Matthew S. Jaremski,Wendy Rahn. When Uncle Sam Introduced Main Street to Wall Street: Liberty Bonds and the Transformation of American Finance. 2020. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w27703.pdf（767KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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