Having well-developed capital markets would likely help to mitigate these effects, as more firms would have alternative sources of funds. BIS Review 114/1999  4  Conclusion Improving domestic banking systems in emerging markets will help to limit the toll of the next financial disturbance.
But if, as I presume, diversity within the financial sector provides insurance against a financial problem turning into economy-wide distress, then steps to foster the development of capital markets in those economies should also have an especial urgency.