Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/326740 
Erscheinungsjahr: 
2025
Quellenangabe: 
[Journal:] The Journal of European Economic History (JEEH) [ISSN:] 2499-8281 [Volume:] 54 [Issue:] 2 [Year:] 2025 [Pages:] 43-83
Verlag: 
Associazione Bancaria Italiana, Roma
Zusammenfassung: 
The collapse of the communist dictatorship in Albania catalysed a series of profound transformations regarding the economic, political, institutional, legal, and social dimensions. These reforms were often rolled out haphazardly, lacking a coherent strategy, and were marred by intense political contention, pervasive corruption, inefficiencies, and deficits in transparency and accountability. The pace of change was swift and intricate, introducing phenomena that were previously unfamiliar to the Albanian populace, with legal and institutional frameworks frequently lagging behind in their responses. From the onset of Albania's political transition, informal monetary exchange markets and money lending operations thrived, with state authorities generally displaying a degree of tolerance towards these activities. While some of these lending entities were registered as legal businesses or operated under the guise of foundations, they lacked the necessary licenses for conducting banking transactions. Their operations expanded broadly and persisted until they collapsed in 1997, precipitating a crisis. The failure of these pyramid schemes was not merely an economic collapse but also precipitated institutional breakdowns, a deep political crisis, and widespread social chaos that characterized the first half of 1997. This descriptive-analytical study aims to chronicle the events that unfolded in Albania at the end of 1996 throughout the first half of 1997. It seeks to analyse and evaluate, through a synthesis of facts and examination of political and legal stances, the underlying factors and resultant consequences of pyramid scheme failures. Furthermore, the study examines the deepening political crisis and the measures undertaken by both national and international institutions to address the situation. This analysis draws upon archival documents, official reports from the International Monetary Fund (IMF), the World Bank, and the Bank of Albania, as well as academic studies, memoirs, interviews, and press coverage.
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