The large number of financial crises in emerging markets over the past ten years has left many observers, both from
academia and financial institutions, puzzled by an apparent lack of homogenous causal relations between endogenous
economic variables and the bursting of large financial shocks. The frequency of financial crises in the last 20 years can
be attributed to the lack of a comprehensive theory of financial regulation to guide policy makers. Existing theories fail
to define the range of regulatory models, the causes of regulatory failure, and how to measure and prevent it. Faulty
design of regulatory models, and the lack of ongoing performance monitoring incorporating early warning systems, is
disrupting economic and social development. The main aim of this article is to propose an early warning system (EWS)
which purposes issuing warning signal against the possible financial crisis in the emerging market, and makes the
emerging market survived the first wave of the crisis be able to continue their operation in the following years.
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