Emerging Markets, such as Ukrainian nowadays, are under a transformation process to go from an underdeveloped economy to a developed one.
There are several factors that are key conditions to reach the status of developed economy. Among them, legal security, no corruption, good infrastructures and an excellent banking system are typical ones. Actually a high GDP/Capita figure is just a consequence of being a developed economy. But having a high GDP/Capita does not mean that an economy has got the status of developed.
Banking Systems in Developed Economies have gone through several steps during past centuries. Banking crisis is very harmful especially in those economies, because both lending and specially savings depend on them. As a consequence different international and national bodies follow banks health.
Bank for International Settlements created the Basel rules to help countries to have a more stable banking system and therefore a more efficient economy. But developed economies have followed the whole process from having basically uncontrolled banks, to the current situation where Basel III is being implemented.
Therefore Emerging Markets arrive to a process that is already ongoing and should adapt. We will talk about that cross of alternatives, to develop an economy as fast as possible but without relying in a weak banking system and at the same time complying with international banking regulations.