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The Rise and Fall of the Pyramid Schemes in Albania

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  • Chris Jarvis

    (International Monetary Fund)

Abstract

What lessons can be drawn from the unprecedented growth and spectacular collapse of financial pyramid schemes in Albania? This paper discusses the origins of the pyramid schemes and the way the authorities handled them. It also analyzes the economic effects of the pyramid schemes, concluding that despite the descent into anarchy triggered by the schemes' collapse, their direct effects on the economy are difficult to specify and appear to have been limited. Finally, the paper argues that prevention of pyramid schemes is better than cure and that governments and international financial institutions should be vigilant in clamping down on frauds. Copyright 2000, International Monetary Fund

Suggested Citation

  • Chris Jarvis, 2000. "The Rise and Fall of the Pyramid Schemes in Albania," IMF Staff Papers, Palgrave Macmillan, vol. 47(1), pages 1-1.
    • Handle: RePEc:pal:imfstp:v:47:y:2000:i:1:p:1
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    Citations

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    Cited by:

    1. Tennant, David, 2011. "Why do people risk exposure to Ponzi schemes? Econometric evidence from Jamaica," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 21(3), pages 328-346, July.
    2. Augustin Coulon & Matloob Piracha, 2005. "Self-selection and the performance of return migrants: the source country perspective," Journal of Population Economics, Springer;European Society for Population Economics, vol. 18(4), pages 779-807, November.
    3. Ana Carvajal & Mr. Hunter K Monroe & Ms. Catherine A Pattillo & Brian Wynter, 2009. "Ponzi Schemes in the Caribbean," IMF Working Papers 2009/095, International Monetary Fund.
    4. Hofstetter, Marc & Mejía, Daniel & Rosas, José Nicolás & Urrutia, Miguel, 2018. "Ponzi schemes and the financial sector: DMG and DRFE in Colombia," Journal of Banking & Finance, Elsevier, vol. 96(C), pages 18-33.
    5. Matuka, Adelajda, 2019. "Exchange Rate Pass-Through to Prices: VAR Evidence for Albania," MPRA Paper 92005, University Library of Munich, Germany.
    6. Elda Pema, 2010. "Trends in the Albanian Labour Market: Who are Albania’s Unemployed?," Transition Studies Review, Springer;Central Eastern European University Network (CEEUN), vol. 16(4), pages 860-871, February.
    7. Shuyu Zhang & Dunli Zhang & Jianming Zheng & Walter Aerts & Dandan Xu, 2023. "Plus Token and investor searching behaviour – A cryptocurrency Ponzi scheme," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 63(4), pages 4713-4728, December.
    8. Feng, Pihu & Lu, Xin & Gong, Zaiwu & Sun, Duoyong, 2021. "A case study of the pyramid scheme in China based on communication network," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 565(C).
    9. Gönül Doğan & Kenan Kalayci & Priscilla Man, 2024. "Pyramid Schemes," Discussion Papers Series 667, School of Economics, University of Queensland, Australia.
    10. Augustin de Coulon & Matloob Piracha, 2002. "Self-Selection and the Performance of Return Migrants: The Case of Albania," Studies in Economics 0211, School of Economics, University of Kent.
    11. Jusufi Islam, 2017. "Albania’s Transformation since 1997: Successes and Failures," Croatian International Relations Review, Sciendo, vol. 23(77), pages 81-115, March.

    More about this item

    JEL classification:

    • E65 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Studies of Particular Policy Episodes
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation

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