European higher education systems are at stake, since global economic and financial crisis emerged in 2009. The aim of the paper was to test the research question: How did higher education funding change in response to the crisis (compared with pre-crisis period)? We observed changes in higher...

This paper analyzes capital inflow surges to emerging economies. Probit models estimated on the period 1980-2005 discriminate well between surges associated with banking crises or recessions, and those that end without such events. The composition of inflows and the extent of financial reform...

The impact of the economic crisis, which has rapidly developed and spread into a global economic shock, has become increasingly severe. The period immediately before the crisis was characterized by a combination of the following factors (hereinafter “origins of the crisis”): Blind belief in...

Over the recent decades researchers in academia and central banks have developed early warning systems (EWS) designed to warn policy makers of potential future economic and financial crises. These EWS are based on diverse approaches and empirical models. In this paper we compare the performance...

I characterize and discuss the challenges and pitfalls we must face to grow out for good of recent and future financial crises and economic recessions. I propose a brief history of the 2008 crisis and insist on the loss of confidence within the banking and financial sector, which propagated...

The recent global financial crisis has caused massive upheavals worldwide. The papers in this volume analyze whether financial principles seem to have shifted in recent years, and what that may mean for international financial markets and regulation. What ¡°broke¡± in the current crisis? Is...

Across the world, pension systems and their reforms are in a constant state of flux driven by shifting objectives, moving reform needs, and a changing enabling environment. The ongoing worldwide financial crisis and the adjustment to an uncertain “new normal” will make future pension systems...

We study empirically the role that initial conditions played in the emergence of cross-country heterogeneity in real output loss during the recent global financial crisis. We use a global sample covering over 150 countries and focus on the differences in the determinants of the crisis in...

The financial crisis highlighted the negative impact of a damaged banking system on the real economy. In this context, there is a real need for the improvement of the banking system quality, to ensure support for the real economy particularly, this being now the focus of the banking regulation....

There is a significant literature related to the causes of the recent financial crisis, but the costs and measures that it involved are still under discussion. The recent turmoil has proved to be more costly in terms of GDP growth and public debt. The smaller fiscal costs were due, in part, to...