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.

中文翻译：

---

金融资产所有权和政治党派：自由债券和 1920 年代共和党选举的成功

我们分析了自由债券所有权对 1920 年代选举结果的影响。我们发现，在 1920 年和 1924 年的总统选举中，自由债券拥有率较高的县反对民主党。这是对 1920 年大选（当时民主党担任总统）之前债券贬值和升值的反应。 1920 年代初期（在共和党总统任内），随着美联储提高利率，随后又降低了利率。我们的分析表明，自由债券运动产生了意想不到的政治后果。