Fanelli, José Maria2011-11-082011-11-082010http://hdl.handle.net/10625/47476Existing 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.Text1 digital file (23 p.)enGLOBALIZATIONCRISIS MANAGEMENTFINANCIAL LIBERALIZATIONECONOMIC LEGISLATIONLATIN AMERICAINSTITUTION BUILDINGFINANCIAL POLICYSTRUCTURAL ADJUSTMENTWORLD BANKSOUTH AMERICAWorking Paper