Assessing financial vulnerability an early warning system for emerging markets introduction morris goldstein graciela l kaminsky and carmen m reinhart washington dc institute for international economics 2000 introduction purpose and motivation this study analyzes and provides empirical tests of early warning indicators of banking. Assessing financial vulnerability an earl y warning system for emerging markets introduction morris goldstein graciela l kaminsky and carmen m reinhart. Assessing financial vulnerability an early warning system for emerging markets morris goldstein graciela l kaminsky and carmen reinhart institute for international economics washington dc usa june 2000 134 pp price 1595 isbn 0 88132 237 7. 12 assessing financial vulnerability the 1997 99 asian financial crisis was the peso crisis primarily driven by among emerging markets there is widespread fear of floating and many of the countries that are classified as floaters have implicit pegs leaving them vulnerable to the kaminsky and reinhart 1998 2000 rojas . Ever since the european currency crises of 1992 93 the mexican crisis of 1994 95 and especially the asian global crisis of 1997 98 there has been heightened interest in early warning signals of financial crises this pathbreaking study presents a