International financial architecture and global institution building : a Latin American view
Date
2010
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Red Mercosur, Montevideo, UY
Abstract
Existing international financial architecture (IFA) and domestic financial architectures (DFA) have frequently been unable to induce timely and smooth corrections in affected economies undergoing periods of “disruptive adjustments.” The Latin American region has been living mostly on the dark side of the global system. The paper argues that reform should be conceived as an institution-building exercise to be undertaken at the national, regional, and multilateral levels. The way in which institutions are built has a bearing on the sense of political legitimacy and the policy ownership of the actors involved.
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Keywords
GLOBALIZATION, CRISIS MANAGEMENT, FINANCIAL LIBERALIZATION, ECONOMIC LEGISLATION, LATIN AMERICA, INSTITUTION BUILDING, FINANCIAL POLICY, STRUCTURAL ADJUSTMENT, WORLD BANK, SOUTH AMERICA