In this paper it is argued that the current crisis is proving to be productive of institutional experimentation in the realm of financial architecture(s) in the developing world. The author argues that today there are numerous opportunities for policy and institutional experimentation, and there are clear signs that these opportunities are being exploited in a variety of distinct ways. As compared to any other moment over the last several decades, there are clear signs of fissures, realignments and institutional changes in the structures of financial governance across the global South.

April 11, 2012.