Central European countries have achieved a remarkable performance in restructuring their production sector toward world markets. It could not have been successful without relative macroeconomic stability in times of recurrent financial crises in Asia, Russia and Latin America. The most crucial...

Hedge fund performance has collapsed while the financial crisis has been worsening. Indeed, hedge funds are part of the shadow banking system that is at the heart of the crisis. They embody all the weaknesses that have engineered the mess: excess leverage, opaque activities, illusory alpha,...