The goal of the First Essay is to evaluate, on theoretical and empirical grounds the impact of the global financial crisis on the economic activity for 118 advanced, emerging and developing countries. Variables involving the classification of exchange rate regimes, leverage ratio, fiscal budget, external and internal debt, perception of investors about the economy, exchange rate, international reserves and current account, are considered in our analysis. Empirical research involves the

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... n of crosssection models using Ordinary Least Squares (OLS). In summary, the econometric results for the dependent variables, Y 09/PROJ09 and Y 09/08 , are similar. The statistically significant variables are: domestic credit (proxy for leverage), fiscal budget, short-term external debt, domestic debt, changes in the real effective exchange rate and international reserves.