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Macro-financial linkages are generated by financial vulnerabilities. Financial vulnerability refers to the presence of amplification mechanisms that are linked to leverage or maturity transformation. Financial vulnerability is reflected in the pricing of risk. When financial vulnerability is large, small shocks can have severe aggregate macroeconomic consequences. The research objectives are analyzing domestic and external financial vulnerability by employing panel data of emerging markets (including Indonesia) in 2017-2018. Analysis result above shows that financial vulnerability index in domestic scope of emerging markets are affected by private sector real growth, consolidated foreign claim and nominal home price. Meanwhile financial vulnerability index in external scope of emerging markets are affected by external debt in short-term and long-term.