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The Rise and Fall of the Pyramid Schemes in Albania

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  • Christopher J. Jarvis
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    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.

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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 99/98.

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    Length: 36
    Date of creation: 01 Jul 1999
    Date of revision:
    Handle: RePEc:imf:imfwpa:99/98

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    Cited by:
    1. 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, December.
    2. Baddeley, M.C., 2008. "Poverty, Armed Conflict and Financial Instability," Cambridge Working Papers in Economics 0857, Faculty of Economics, University of Cambridge.
    3. Ana Carvajal & Jennifer A. Elliott, 2009. "The Challenge of Enforcement in Securities Markets," IMF Working Papers 09/168, International Monetary Fund.
    4. Philipp C. Rother, 2000. "Inflation in Albania," IMF Working Papers 00/207, International Monetary Fund.
    5. Robert J. Shiller, 2002. "From Efficient Market Theory to Behavioral Finance," Cowles Foundation Discussion Papers 1385, Cowles Foundation for Research in Economics, Yale University.
    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.

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