Financial sector reform and policy design in an age of instability

The Global Financial Crisis (GFC) of 2008 has revealed weaknesses in financial regulatory policies and institutions in many countries. These weaknesses extend to the regional and international domains of financial policy as well. This article calls for the need for better designed financial regulations and policies by taking a policy design perspective. It provides a multi-level approach to understanding financial reform as design that examines the various components of policy design - policy means, goals and change - at the three levels of policymaking - international regional, national. In doing so, we aim to provide a first step towards a more design-centric approach to financial sector reform.