The world is experiencing severe economic disruptions caused by the spread of the effects of financial crises. Due to globalization, all countries suffer directly or indirectly from the consequences of these crises. The main purpose of this paper is to contribute to the economic analysis of the effects of global financial crises on economic growth and foreign direct investment from a sample of one hundred and five countries belonging to OECD, MENA, Asia, Latin America and Africa during the

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... d 1990-2009 using a panel data. As for our empirical study, it has two econometric models. The first model is used to study the effect of the financial crisis on economic growth; the model estimate is based on the use of dynamic panel approach because of the presence of a delay of the dependent variable included as an explanatory variable. At this level, the most appropriate method to treat this kind of problem is the Generalized Method of Moments GMM (General Method of Moment). The second model, it highlights the impact of the financial crisis on foreign direct investment. We estimate this model using static panel approach and applying the Hausman test for randomness. In the light of the teachings of the results obtained, we find that the effect of the financial crisis is differentiated from one region to another depending on their degrees of integration into the international financial system. However, the negative consequences of the recent crisis have fueled the debate on the need for a redefinition of the financial system based on greater transparency, International Journal of Economics, Commerce and Management, United Kingdom Licensed under Creative Common Page 37 equitable risk sharing, cooperation for controlling systemic risk in short, a world governance. This allows us to identify which proposals may surpass this crisis and avoid the occurrence of other malfunctions. The recapitalization of banks; monitor the movement of capital; improving market transparency; improve international coordination.