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Towers of Trust

In: Morals and Markets

Author

Listed:
  • Daniel Friedman

Abstract

Albania was Europe’s poorest and most isolated nation when it renounced communism in 1991. Then the new Democratic Party took over, radically reformed the economy, and touched off an economic boom. The official banking system, burdened with bad loans to Communist era enterprises, couldn’t keep pace, so financing came mainly from unofficial and unsupervised financial institutions.

Suggested Citation

  • Daniel Friedman, 2008. "Towers of Trust," Palgrave Macmillan Books, in: Morals and Markets, chapter 7, pages 93-105, Palgrave Macmillan.
  • Handle: RePEc:pal:palchp:978-0-230-61498-7_8
    DOI: 10.1057/9780230614987_8
    as

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