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 US 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, these bond drives reshaped American finance.

我们研究了第一次世界大战的自由债券驱动对 1920 年代及以后的金融中介的影响。使用美国各县的面板数据，以及一种捕捉债券营销方法差异的工具，我们发现更高的自由债券认购率导致投资银行增加和商业银行资产收缩。我们还发现，在 1930 年代后期，居住在自由债券认购率较高的州的个人更有可能报告拥有股票或债券。尽管它们是为了支持美国在第一次世界大战中的努力，但这些债券驱动器重塑了美国金融业。