Since the late 80s', emerging economies are striking by a recurrent instability of their financial system. The main lesson is that the domestic institutional infrastructure represents a critical condition necessary for successful liberalization. This critical condition refers to what we agree to call the " domestic governance " approach. The traditional answer provided in order to deal with this instability refers to the so-called " new international financial infrastructure ". This initiative seems insufficient because it does not take into account the degree of adaptability of the prevailing domestic institutions. The purpose of our paper is to propose an analytical framework aimed at studying the relationship between " domestic governance " and " global governance ". The challenge becomes to organize a multi-speed financial liberalization process in which capital controls could play a decisive role.