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Ponzi Schemes in the Caribbean

Author

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

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.

Suggested Citation

  • Ana Carvajal & Hunter K. Monroe & Catherine A Pattillo & Brian Wynter, 2009. "Ponzi Schemes in the Caribbean," IMF Working Papers 09/95, International Monetary Fund.
  • Handle: RePEc:imf:imfwpa:09/95
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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=22865
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    References listed on IDEAS

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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 1-1.
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    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 13:25:00

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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, vol. 21(3), pages 328-346, July.

    More about this item

    Keywords

    Cross country analysis; Capital markets; Caribbean; Capital flows; Nonbank financial sector; Income; Private investment; Securities regulations; Securities markets; Pyramid schemes; Ponzi schemes; investors; court; courts; regulatory framework; supreme court;

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