Post-socialist financial fragility: the case of Albania

Bezemer, Dirk

doi:10.1093/cje/25.1.1

Cited by 35 publications

(32 citation statements)

References 28 publications

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“…By early 1997, the total value of pyramid deposits was estimated to amount to US$ 1.2 billion or some 50% of GDP (Bezemer 2001). Others estimated that they amounted to some US$ 2 billion (Vickers and Pettifer 2007).…”

Section: ; Vickers and Pettifer 2007) According To The Incumbentmentioning

confidence: 99%

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Albania’s Transformation since 1997: Successes and Failures

Jusufi¹

2017

Croatian International Relations Review

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Section: ; Vickers and Pettifer 2007) According To The Incumbentmentioning

confidence: 99%

“…Thus, the events in 1997 brought this regime to an end. Also, all that was achieved was demolished in 1997 (Bezemer 2001;Sadiraj 1999). …”

Section: (International Crisis Group 1999: 7)mentioning

confidence: 99%

Albania’s Transformation since 1997: Successes and Failures

Jusufi¹

2017

Croatian International Relations Review

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“…At the time of its collapse liabilities were over US$300 million. 5 Sude, established by Maksude Kasemi in 1993. Since then to 1996, she operated half legally.…”

Section: What Are the Pyramid Schemes?mentioning

confidence: 99%

“…5 The large flourish of informal market in Albania was favored by a series of factors such as: economic environment in 1995-96, legal gap, lack of a consolidated formal market and its institutions, lack of economic culture.…”

Section: Causes For the Expansion Of Pyramid Schemesmentioning

confidence: 99%

“…Banking situation became worse on one hand, because of deposit decline and "bank resources were on the minimal and lowest levels, since banks should fulfill the considerable demands of people for cash" 5 . On the other hand, the pyramid activity interfered with the Bank of Albania's inspection of monetary situation, allowing a lot of money to move outside banking channels.…”

Section: Effects Of the Activity And Collapse Of Pyramid Schemesmentioning

confidence: 99%

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The Activity of Pyramid Schemes in Albania (1992 - 1997) and the Effects of Their Decline

Nexhipi

Nexhipi²

2017

Eur. j. interdiscip. stud.

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Political transition in Albania during the last 10 years of the past century brought about the collapse of communist system and opened the way to democratic developments for the country. The transition towards democracy was accompanied with new social, economic and political events which brought with them a lot of issues however. The transition from a centralized economy to free market economy progressed rapidly, but these processes did not comply with the right banking legislation. The National Bank of Albania dominated the banking market;. This was one of the main reasons for the establishment and expansion of pyramid schemes in Albania. They operated largely from 1992 -1997. This descriptive -analytical study reviews the activity of pyramid schemes in Albania, their expansion dimensions; the survey analyzes the reasons for their expansion, the attitude of the Government toward the event and the causes of their decline. In conducting this study, reports and analyses from the World Bank, International Monetary Fund, Bank of Albania, several media reports and studies from national and international researchers have been taken into consideration. Through this study we aim to explore the reasons for pyramid schemes' expansion and the mutual relation between the financial and political crisis in Albania.

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Globalization and White-Collar Crime

Grabosky

The Criminology of White-Collar Crime

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Post-socialist financial fragility: the case of Albania

Cited by 35 publications

References 28 publications

Albania’s Transformation since 1997: Successes and Failures

Albania’s Transformation since 1997: Successes and Failures

The Activity of Pyramid Schemes in Albania (1992 - 1997) and the Effects of Their Decline

Globalization and White-Collar Crime

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