It is also difficult to imagine en emerging economy launching a financial rescue package equivalent to 7% of GDP financed by tax payers, as the US did, with no impact on the perception about the inter-temporal fiscal consistency. Emerging countries are also more prone to suffer the contagion to different markets.
In most of the episodes financial crisis are accompanied by balance of payment distress (given the tendency of agents to withdraw deposits and use the proceedings to buy FX) and/or fiscal  4  BIS Review 134/2008  constraints (because of the potential impact on government accounts of financial bail out, or an FX depreciation in a context of currency mismatches on public debt).