Plausibly Exogenous - Liberty Bonds (07/18/2021)
LHS Variable
Financial intermediation
RHS Variable
Introduction of liberty bonds
Source of Exogenous Variation
Instrument for Liberty Bond subscription rates that leverages the features of the administrative system that was adopted by some states' Liberty Bond committees, generally known as the allotment system
- Hilt, Jaremski, and Rahn (2020), “When Uncle Sam introduced Main Street to Wall Street: Liberty Bonds and the transformation of American finance”