Hanken Newsletter 3-2011

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Title: Hanken Newsletter 3-2011
Abstract: So here we are again. Just as the fear that the financial crisis of 2008 would turn out to be a “double-dip” was starting to fade, the markets fell. On the surface, this crisis looks different. This is not a question of defaults in complex instruments, but fear of country defaults in very simple instruments. There is, however, at least one similarity: banks are again involved. For many countries, saving Greece is mostly a question of saving their own national banks. It also seems different because now the countries that last time played a crucial role in supporting the financial system are themselves weaker. As a professor in Finance, I feel much more in the mist now; there don’t seem to be any neat solutions - only very tough ones. For higher education in Finland, these tougher times have meant cuts in public funding. It is unfortunate that the educational system, which would benefit from predictability and stability, has to live with the markets. Fortunately, thanks to our very successful fundraising campaign, Hanken has a robust balance sheet. So, despite the mist in the financial markets, we can look to the future with confidence.
URI: http://hdl.handle.net/10138/38894
Date: 2013-04-19

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