This brings us back to where I began this evening, and that is the need for education or investment in human capital. I have on numerous occasions in the past stressed the need to  BIS central bankers’ speeches  5  improve the quality of education in South Africa and to fix the parlous state of many of our dysfunctional schools.
The research done by Professors Reinhart and Rogoff, who analyzed the financial crisis, is worth noting.1 These two professors looked back at the episodes of serious financial crises in 14 countries after World War II, including the experience of the Japanese bubble, the Nordic banking crisis, and the Asian currency crisis.