The study is devoted to an econometric model development for the asset crises identification. Unlike the classical approach, the economic crisis is considered not as a one-time state (for example, the point of bifurcation in Krugman’s equilibrium crisis model or the market oversaturation moment in Marx’s theory), but as a process that continues in time. A method for crisis initial phase early identification is developed. To identify a systemic crisis, an ANOVA based indicator is proposed.