I am afraid it is the responsibility of every country to develop its own set of countercyclical policies that would help weathering limited access to financial markets, without having a significant impact on domestic variables. Building a precautionary cushion of foreign reserves is particularly important for emerging countries, where there is a tighter connection between monetary, fiscal and financial stability.
It is also accepted that a weak corporate governance framework negatively affects the investment process. The development of a bond markets request improvements into the legislation on corporate governance. Emerging economies are making efforts aimed at helping improve standards of corporate governance, focusing on shareholder and stakeholder rights, board member duties, disclosure, and effective enforcement.