Panic disorder is in fact a perfect illustration for a "Nature or Nurture" debate. Panic attacks and panic disorder present a panoply of symptoms, ranging from somatic complaints, sensory distortions, physiological and neurochemical/hormonal changes, to cognitive symptoms and strong emotional responses. There are several theoretical models that aspire to explain the etiology of panic disorder. These theories will be briefly discussed in terms of how they view the etiology of PD, and the main arguments that support them will be presented.