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The Question of the Rent Dissipation in the Notes Issuance Activity: The Case of the Italian Banking System before the Creation of the Bank of Italy

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Author Info

  • Antoine Gentier

    ()
    (CERGAM-CAE, Aix-Marseille Université)

  • Giuseppina Gianfreda

    ()
    (La Tuscia University)

  • Nathalie Janson

    ()
    (Rouen School of Management)

Abstract

The aim of the paper is to study empirically the rent dissipation hypothesis in the case of Italy before the creation of the National Bank of Italy in 1893. The major bank of the state of Italy – the Banca Nazionale Sarda (BNS) – experienced over the period 1866-1893 a decrease in its profitability consistent with rent-seeking activity. The BNS was giving up present profit in order to maximize its chance to get the monopoly over notes issue. The rent seeking cost has been identified as the forgone profit borne by the bank’s shareholders and not the bribes offered to civil servants.

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File URL: http://junon.u-3mrs.fr/afa10w21/RePEc/cgm/wpaper/DR_45_0607_gentier.pdf
File Function: First version, 2006
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Bibliographic Info

Paper provided by Aix-Marseille Université, CERGAM in its series CAE Working Papers with number 45.

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Length: 33 pages
Date of creation: 2006
Date of revision:
Handle: RePEc:cgm:wpaper:45

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Related research

Keywords: rent-seeking; dissipation of the rent; seignoriage; investment effort; social waste;

References

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  1. Giuseppina Gianfreda & Nathalie Janson, 2001. "Le banche di emissione in Italia tra il 1861 e il 1893: un caso di concorrenza?," Rivista di Politica Economica, SIPI Spa, vol. 91(1), pages 15-74, January.
  2. Baye, M.R. & Kovenock, D., 1993. "The Solution to the Tullock Rent-Seeking Game When R > 2: Mixed Strategy Equilibria and Mean Dissipation Rates," Papers 9368, Tilburg - Center for Economic Research.
  3. Selgin, George, 2001. "In-Concert Overexpansion and the Precautionary Demand for Bank Reserves," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 33(2), pages 294-300, May.
  4. Baye, Michael R & Kovenock, Dan & de Vries, Casper G, 1999. " The Incidence of Overdissipation in Rent-Seeking Contests," Public Choice, Springer, vol. 99(3-4), pages 439-54, June.
  5. Sobel, Russell S & Garrett, Thomas A, 2002. " On the Measurement of Rent Seeking and Its Social Opportunity Cost," Public Choice, Springer, vol. 112(1-2), pages 115-36, July.
  6. Posner, Richard A, 1975. "The Social Costs of Monopoly and Regulation," Journal of Political Economy, University of Chicago Press, vol. 83(4), pages 807-27, August.
  7. Robert Tollison, 2012. "The economic theory of rent seeking," Public Choice, Springer, vol. 152(1), pages 73-82, July.
  8. Mixon, Franklin G, Jr & Laband, David N & Ekelund, Robert B, Jr, 1994. " Rent Seeking and Hidden In-Kind Resource Distortion: Some Empirical Evidence," Public Choice, Springer, vol. 78(2), pages 1717-85, February.
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