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This article aims to measure the pressure on the Moroccan foreign exchange market through the EMPI index. It was found that no crisis was signaled by this index during the years 2018 and 2019, which means that the policy of gradual flexibility of the exchange rate regime, which entered into force in January 2018, played a key role in this sense. Consequently, this reform would undoubtedly have reduced the pressure on the exchange rate by making the Moroccan economy more resilient and less vulnerable to exogenous shocks. Thus, 8 periods of crisis were identified with significantly high probabilities. Among these 8 periods, we can distinguish 3 periods which have been planned with more intensity, in particular in the second half of 2008, in the first half of 2012 and 2017.

The aim of this study is to overcome the lack of empirical research dealing with the main factors of currency crises in the Republic of Serbia, analyzing periods of currency crises and creating an early warning system to anticipate the upcoming currency crises. Using econometric analysis, this paper examines the determinants of currency crises episodes during the period from January 2007 to May 2018, and based on this, it makes proposals for economic policy makers. It has been shown that dominant factors are those that bind mostly with the effect of factors from the external environment, which is important in assessing and forecasting potential crises in the Republic of Serbia. More specifically, the obtained results indicate that the overvaluation of the national currency, current account balance as a percentage of GDP, imports and stock exchange index are statistically significant variables.