The tradition in Panama is to burn effigies of celebrities, fictional characters and political figures; Pretty much anyone well known, really. Known as muñecos, these effigies can be anyone from Michael Jackson to Walter White. The significance of these effigies being set ablaze is that they represent the old year that is coming to an end. Burning them is meant to send off the evil spirits for the fresh New Year to commence.
I’m not too aware of where these evil spirits come from but hey, I like setting fire to stuff just as much as the next guy! So when I’m done with my Christmas tree bonfire, I’ma burn a muñeco!