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The Rise and Fall of the Pyramid Schemes in Albania

Author

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  • Mr. Christopher J. Jarvis

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.

Suggested Citation

  • Mr. Christopher J. Jarvis, 1999. "The Rise and Fall of the Pyramid Schemes in Albania," IMF Working Papers 1999/098, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:1999/098
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    Citations

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    Cited by:

    1. Thaís García-Pereiro, 2019. "Clustering Reasons for Returning: an Overview of Return Migration in Albania," Journal of International Migration and Integration, Springer, vol. 20(2), pages 361-374, May.
    2. Carletto, Calogero & Davis, Benjamin & Stampini, Marco & Trento, Stefano & Zezza, Alberto, 2004. "Internal mobility and international migration in Albania," ESA Working Papers 23797, Food and Agriculture Organization of the United Nations, Agricultural Development Economics Division (ESA).
    3. Carletto, Calogero & Davis, Benjamin & Stampini, Marco, 2005. "Familiar faces, familiar places: the role of family networks and previous experience for Albanian migrants," ESA Working Papers 289075, Food and Agriculture Organization of the United Nations, Agricultural Development Economics Division (ESA).
    4. Philipp Rother, 2002. "Inflation in Albania," Post-Communist Economies, Taylor & Francis Journals, vol. 14(1), pages 85-107.
    5. Robert J. Shiller, 2003. "From Efficient Markets Theory to Behavioral Finance," Journal of Economic Perspectives, American Economic Association, vol. 17(1), pages 83-104, Winter.
    6. Tony Addison & Philippe Le Billon & S. Mansoob Murshed, 2001. "Finance in conflict and reconstruction," Journal of International Development, John Wiley & Sons, Ltd., vol. 13(7), pages 951-964.
    7. Ana Carvajal & Ms. Jennifer A. Elliott, 2009. "The Challenge of Enforcement in Securities Markets: Mission Impossible?," IMF Working Papers 2009/168, International Monetary Fund.
    8. repec:aia:aiaswp:wp12 is not listed on IDEAS
    9. Lucica Matei & Spyridon Flogaitis (ed.), 2011. "PUBLIC ADMINISTRATION IN THE BALKANS - from Weberian bureaucracy to New Public Management," ASsee Online Series, South-Eastern European Administrative Studies – ASsee Online Series, volume 1, number 1, September.
    10. Cortés, Darwin & Santamaría, Julieth & Vargas, Juan F., 2016. "Economic shocks and crime: Evidence from the crash of Ponzi schemes," Journal of Economic Behavior & Organization, Elsevier, vol. 131(PA), pages 263-275.
    11. Baddeley, M.C., 2008. "Poverty, Armed Conflict and Financial Instability," Cambridge Working Papers in Economics 0857, Faculty of Economics, University of Cambridge.
    12. Helian Demiri, 2018. "The British Gendarmerie Mission in Albania, 1925-1938," European Journal of Interdisciplinary Studies Articles, Revistia Research and Publishing, vol. 4, ejis_v4_i.
    13. Yane Svetiev, 2013. "How Consumer Law Travels," Journal of Consumer Policy, Springer, vol. 36(3), pages 209-230, September.

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