Laeven and Valencia (2010) estimate that while the median direct fiscal cost of the 2007-2009 systemic banking crises for all countries was about 4.9 percent of GDP, or about half the historical (1970-2006) median of 10 percent, for advanced economies these costs were higher (5.9 percent of GDP compared to 3.7 percent historically), partly reflecting a larger average banking system size. Similarly, for all countries, the 2007-2009 crisis entailed higher costs in terms of the median increase in public debt and output losses, although for advanced economies more specifically, these two types of costs were lower this time around.