Crisis clearly distinguishes itself from the large mass of economic phenomena through its provocative force, which fuels theoretical discourse. The last decade has witnessed the development of a vast literature devoted to the study of several phenomena like banking crises or episodes of vulnerability and distress, characterized by inadequate capitalization, impairment of the asset quality and of the credit institutions’ rating. The purpose of this study is to describe the types of currency and financial crises phenomenon, the causes of their appearance and the schema of the interaction. Also, it is presented an integrated framework for analyzing currency and financial crises that draws from both the early first generation models and the more recent generation approach.