Ítem
Restringido
The effect of Ponzi schemes on crime : Evidence from the colombian case
Título de la revista
Autores
Santamaria Bonilla, Julieth Andrea
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Fecha
2011-08-30
Directores
Vargas Duque, Juan Fernando
Cortés Cortés, Darwin
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Editor
Universidad del Rosario
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Resumen
Abstract
This paper estimates the impact of a massive negative income shock led by the simultaneous crash down of several Ponzi schemes (also known as financial ``pyramids') in Colombia on crime rates at the municipal level. Using novel data on the spatial incidence of the latest wave of Colombian pyramids and their crash down date, I estimate difference-in-differences models with both monthly and yearly frequency. I find that the negative income shock of the pyramids" crash down differentially exacerbates crime in affected municipalities compared to those with no presence of Ponzi schemes. This is true for minor offenses like commercial theft or residential burglary, but not for major crimes as murder or terrorism.
Palabras clave
Crisis de ingresos , Esquemas Ponzi (pirámides)
Keywords
Ponzi Schemes (Pyramids) , Income shocks , Crime
