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UID:a0a0e3be79f4532062f9b5b6dfda16fc
CATEGORIES:Seminars
CREATED:20230302T112437
SUMMARY:Marianna Belloc (Sapienza University)
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:\n\nWealth Accumulation and Institutional Capture: the Rise of the Medici a
 nd the Fall of the\n\n\nFlorentine Republic\n\n\nAbstract:\nWe study mechan
 isms and consequences of an institutional capture using novel hand-collecte
 d data from the Florentine Republic. In the 14th-15th centuries, political 
 offices were assigned in Florence by a system combining elections and lotte
 ry, which ensured for several decades a substantial alternation of power. D
 uring the 1420s, after a fiscal crisis, the Medici family became the first 
 lender of the Republic, obtained a leading position in the city, and captur
 ed the office allocation mechanism, while leaving the political institution
 s formally unchanged. Employing individual level information on wealth, pol
 itical participation, and party affiliation, we first document how the Medi
 ci manipulated office assignment and we show that, under their regime, part
 icipation into politics became a source of individual wealth accumulation. 
 By using complementary data sources on voluntary loans to the Republic, we 
 then provide several pieces of evidence that explain our findings in terms 
 of rent extraction. Finally, we illustrate that individuals at the top of t
 he wealth distribution gained from the institutional capture at the expense
 s of other citizens.\n
DTSTAMP:20260407T003158Z
DTSTART:20230316T143000Z
DTEND:20230316T160000Z
SEQUENCE:0
TRANSP:OPAQUE
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