ABSTRACT
The absence of a robust global regulatory regime governing financial transactions and innovations helped heighten the effects of the 2007-08 global financial and economic crises, plunging western economies into more than half a decade of recession and sparing little of the rest of the world. Just a decade earlier, the Asian Financial Crisis of 1997-98 had also drawn attention to the inadequacies of global financial govern ance, including to the International Monetary Fund’s (IMF) role in exacerbating the crisis.2
