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...Financial instability and economic environment david ceballos department of actuarial mathematics university barcelona av diagonal spain telf fax ub edu marta pascual economics cantabria los castros s n santander pascualm unican es cantarero cantared abstract in this paper we provide new evidence about the relationship between crises situation for different countries which belong to oecd emergent economies latin america asia results show support influence according type aggregate data panel techniques are used taking into account occurrence currency banking twin keywords leading indicators probit models jel codes e f introduction during last years there exists an increasing interest study those factors affecting mayer goodhart et al particular most research is based on technological changes allow easy telecommunications quick operations legal regulation liberalization fact future international system has motivated a wide debate among economists despite importance washington consensus p...