We present data on debt accumulation in Australia and the United States, and tentative data on Romania, to pose the question of whether Romania might experience a credit crunch as a result of the US subprime financial crisis. We develop a model of a credit crunch in a pure credit economy with...

The transition from the centralized economy to the market economy has determined important changes in higher education in the countries of the former socialist bloc. In a relatively short period an impressive growth in the number of students has been recorded without taking into account the...