This study analyzes the financial crises in Argentina and Turkey in order to find out whether a set of six major macroeconomic indicators account for these crises or not. Evidence suggests that in Turkey, an increase in domestic credit is associated with the 1992, 1994 and 2001 financial crises, whereas an increase in CPI is associated with all crisis episodes. Similarly, a decrease in exchange rate is associated with all crises. A fall in the market index is associated with financial crises in 1991, 1992 and 1994. An increase in M1 is associated only with the crisis in 1992 and a fall in the volume of exports relative to volume of imports is associated with the crisis in 1994. In Argentina, an increase in neither CPI nor domestic credit is associated with any of the financial crises. A decrease in exchange rate is associated with all crises, whereas a fall in the market index is associated with financial crises in 1991 and 2000. An increase in M1, on the other hand, is associated with the crises in 1993, 2000 and 2001.