When Uncle Sam Introduced Main Street to Wall Street: Liberty Bonds and the Transformation of American Finance
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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
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美国国家经济研究局创建时间：
2020-08-01
