We found that our results still hold, namely that a banking crisis has a more pronounced effect on a country's economy when its financial system is more developed and when its firms rely more on external finance, even after taking into account a variety of proxies for the differences in the quality of institutions and legal structures across countries.
The Global Code contains principles of good practice that provide a common set of guidelines to the market, with the intention of promoting the integrity and effective functioning of the relevant financial markets without imposing legal or regulatory obligations on market participants; the Code is not a substitute for regulation.