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Economic Shocks and Crime: Evidence from the Crash of Ponzi Schemes

dc.contributor.authorCortés, Darwin
dc.contributor.authorSantamaría, Julieth
dc.contributor.authorVargas, Juan
dc.coverage.spatialColombiaen_US
dc.date.accessioned2016-03-14T23:21:50Z
dc.date.available2016-03-14T23:21:50Z
dc.date.issued2016-03-14
dc.identifier.citationCortés, D., Santamaría, J., & Vargas, J. (2016, March 14). Economic Shocks and Crime: Evidence from the Crash of Ponzi Schemes. CAF – Working paper;2016/01, Caracas: CAF. Retrieved from https://scioteca.caf.com/handle/123456789/843en_GB
dc.identifier.urihttps://scioteca.caf.com/handle/123456789/843
dc.description.tableofcontentsIn November 2008, Colombian authorities dismantled a network of Ponzi schemes, making hundreds of thousands of investors lose tens of millions of dollars throughout the country. Using original data on the geographical incidence of the Ponzi schemes, this paper estimates the impact of their break down on crime. We find that the crash of Ponzi schemes differentially exacerbated crime in affected districts. Confirming the intuition of the standard economic model of crime, this effect is only present in places with relatively weak judicial and law enforcement institutions, and with little access to consumption smoothing mechanisms such as microcredit. In addition, we show that, with the exception of economically-motivated felonies such as robbery, violent crime is not affected by the negative shock.en_US
dc.language.isoen_USen_US
dc.publisherCAFen_US
dc.relation.ispartofseriesCAF – Working paper;2016/01
dc.rightsCC-BY-NCes_ES
dc.rights.urihttp://creativecommons.org/licenses/by-nc/4.0/es_ES
dc.subjectEconomíaen_US
dc.subjectInvestigación socioeconómicaen_US
dc.subjectSector financieroen_US
dc.subjectSeguridaden_US
dc.titleEconomic Shocks and Crime: Evidence from the Crash of Ponzi Schemesen_US
dc.typeworkingPaperen_US
dc.publisher.cityCaracasen_US


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