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Ponzi Schemes in the Caribbean

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  • Ana Carvajal
  • Hunter K. Monroe
  • Catherine A. Pattillo
  • Brian Wynter
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    Abstract

    In several Caribbean states, unregulated investment schemes grew quickly in recent years by claiming unusually high monthly returns and through a system of referrals by existing members. These are features shared with traditional Ponzi schemes and pyramid schemes. This paper describes the growth of such schemes, their subsequent collapse, and the policy response of regulators, and presents key policy lessons. The analysis and recommendations draw on country experiences in the Caribbean, and in such diverse countries as the United States, Colombia, Lesotho, and Albania.

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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 09/95.

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    Length: 44
    Date of creation: 01 Apr 2009
    Date of revision:
    Handle: RePEc:imf:imfwpa:09/95

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    Related research

    Keywords: Private investment; Nonbank financial sector; Capital flows; Income; Securities regulations; investors; court; courts; regulatory framework; supreme court; district court; court documents; commercial banks; foreign currency; pyramid scheme; investment securities; court order; commodity futures; civil courts; law enforcement; court of appeal; high court; rate of return; criminal charges; court approval; mutual funds; criminal investigations; investment contracts; criminal sanctions; enforcement powers; administrative law; protecting investors; investment companies; court orders; investor confidence; investor protection; court action; investment strategy; judicial approval; criminal actions; court system; legal capacity; civil law; criminal investigation; court proceedings; federal court; nasdaq; personal liability; judiciary; legal proceedings; due process of law; due diligence; business license; legal authority; certificates of deposit; judicial systems; federal courts; parent company; private capital;

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    References

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. Chris Jarvis, 2000. "The Rise and Fall of the Pyramid Schemes in Albania," IMF Staff Papers, Palgrave Macmillan, vol. 47(1), pages 1.
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    Blog mentions

    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. Ponzi and regulation
      by Economic Logician in Economic Logic on 2009-06-04 08:25:00
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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, Elsevier, vol. 21(3), pages 328-346, July.

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