Financial Architectures and Development : Resilience, Policy Space and Human Development in the Global South

The current crisis has generated institutional experimentation in financial architecture in the developing world, with clear signs of fissures, realignments and institutional changes in financial governance structures in many regions. ‘Productive incoherence' - the proliferation of institutional innovations given impetus by the crisis - is apparent in the emergence of a denser, multi-layered and more heterogeneous southern financial architecture. The crisis has induced a broadening of the mission and reach of some existing regional, subregional, bilateral and national financial institutions and arrangements and has stimulated discussions of entirely new arrangements. These changes in the financial landscape increase its potential to promote financial stability and resilience, to support the development of long-run productive capacities, to advance aims consistent with human development, and to expand the national policy space