Nomura Holdings Inc., a Japanese bank, believes that seven emerging economies, including Ukraine, are at risk of an exchange-rate crisis. This is based on an analysis by the bank, Bloomberg reports. The list consists of Sri Lanka, South Africa, Argentina, Pakistan, Egypt, Turkey, and Ukraine. “With five of the seven already in a currency crisis or a program run by the International Monetary Fund, that leaves South Africa and Pakistan as the standouts,” the report states. According to the bank’s analysts, including Robert Subbaraman, the Singapore-based head of emerging-markets economics, the eight countries with the lowest risk of a crisis are Brazil, Bulgaria, Indonesia, Kazakhstan, Peru, Philippines, Russia, and Thailand. “As investors focus more on [emerging economy] risk it is important not to lump all [emerging economies] together as one homogeneous group; Damocles highlights a long list of countries with very low risk of full-blown crises,” they wrote. According to the report, Nomura’s findings are based on an early warning model -- called Damocles -- set up to identify exchange rate crises for 30 emerging economies. The model examines a variety of factors including foreign-exchange reserves, debt levels, interest rates and import cover. As Ukrainian News Agency earlier reported, the National Bank of Ukraine has said that the pressure of capital flight on the currencies of developing countries could complicate Ukrainian borrowers’ access to international capital markets.