The global financial meltdown has not yet hit some countries as much as it has the US where the crisis began. Those nations still faring reasonably well include Russia, Germany, the UK, France, New Zealand, some Asian and African nations, and even America's next-door neighbour, Canada.

In Russia, the threat of a crisis seems to be acting as a positive factor, reports University World News Moscow correspondent Nick Holdsworth. Many Russians, if they feel they might lose their money, try to spend it on something useful - such as tuition fees, Holdsworth says.

Russia had more fee-paying students this year than it had in 2007. But, because there were fewer sponsored scholarships from foundations, universities more or less recruited the same number of students although there was a definite increase in payments by individuals.

Then again, the effect of the crisis has yet to be seen on university endowments. For the most part these represent only a small component of university incomes and are not particularly significant in the funding structure. Non-government universities face the highest risks currently and corporate institutions are particularly vulnerable, Holdsworth reports.

Elsewhere, in Canada, the banking disaster happening south of the border has caused alarm among university leaders - as was evident when they gathered in Ottawa late last month for their annual fall meeting. This would normally have been an occasion for university presidents to meet key members of the federal cabinet and to argue their case for more research funding.

This year, the 70 or so who arrived for three days of discussions were still assessing the impact of the global turmoil and how it was likely to affect their balance sheets and the governments that provide most support for their institutions.

The mood was certainly not light-hearted, observers noted, although the presidents seized the occasion to unveil a report on the economic benefits of their research. Prepared by the Association of Universities and Colleges of Canada, the report revealed that universities perform more than a third of the nation's research and contribute at least $60 billion (US$48 billion) a year to the economy.

Whether the report will influence decisions the new government in Ottawa will have to make as the crisis drags on is yet to be seen. As association President Claire Morris said, "These are early days, both for the government and for universities in Canada.

"I think all of us have to take a step back and really ascertain what the impacts are at individual institutions, because universities will be affected in their fundraising, in their endowments, in their collective agreements, in any number of areas," Morris said.

But, as is happening elsewhere around the world, some universities have already reported losses from investments in mortgage-backed securities, and others have indicated that scholarships, student aid and research funding might have to be cut as a result of poor returns on endowment funds.

Ontario Premier Dalton McGuinty gave the presidents some hope, at least in his own province, when he promised to maintain funding even though Ontario was facing its own deficit.

In Germany, says UWN Berlin correspondent Michael Gardner, university rectors do not see any immediate implications from the global financial rout for the nation's higher education system. The topic will come up for discussion at a regular meeting of the Rectors' Conference this month, although nobody is reckoning on anything sensational, Gardner says.

In fact, he says that if Germany adopts a programme to support the economy in general - thereby affecting investment and mass purchasing power - this could even benefit the universities. Some rather dubious strategies had emerged among various banks and stock broking companies, and even one or two health insurance companies had invested in the US global investment bank Lehman Brothers whose collapse in September helped trigger the fall on Wall Street, but by and large, Germany tended to be a cautious and even, as rectors say off-the-record, a "boring" country.

Down south in New Zealand, UWN correspondent John Gerritsen says the country's eight universities have yet to comment on the impact of the credit crunch elsewhere on their operations. But inflation was running at 5% for the year to September and that means the government's programmed increases to tertiary education subsidies next year have already been overtaken. The global situation is likely to strengthen university calls for significant increases to their funding, Gerritsen says.