List of banking crises

Number of countries having a banking crisis in each year since 1800. This is based on This time is different: Eight centuries of financial folly, which covers only 70 countries. The general upward trend might be attributed to many factors. One of these is a gradual historical increase in the percent of people who receive money for their labor. Another, elsewhere suggested reason related to more recent development trends and to banking crisis during modern era might be changes in the size of banking sector compared to overall GDP. The dramatic feature of this graph is the virtual absence of banking crises during the period of the Bretton Woods agreement, 1945 to 1971. This analysis is similar to Figure 10.1 in Reinhart and Rogoff (2009). For more details see the help file for "bankingCrises" in the Ecdat package available from the Comprehensive R Archive Network (CRAN).

This is a list of banking crises. A banking crisis is a financial crisis that affects banking activity. Banking crises include bank runs, which affect single banks; banking panics, which affect many banks; and systemic banking crises, in which a country experiences many defaults and financial institutions and corporations face great difficulties repaying contracts.^[1] A banking crisis is marked by bank runs that lead to the demise of financial institutions, or by the demise of a financial institution that starts a string of similar demises.^[2]

Bank runs[]

A bank run occurs when many bank customers withdraw their deposits because they believe the bank might fail. There have been many runs on individual banks throughout history; for example, some of the 2008–2009 bank failures in the United States were associated with bank runs.

Banking panics and systemic banking crises[]

18th century[]

Crisis of 1763, started in Amsterdam, begun by the collapse of Johann Ernst Gotzkowsky and Leendert Pieter de Neufville's bank, spread to Germany and Scandinavia
Crisis of 1772–1773 in London and Amsterdam, begun by the collapse of the bankers Neal, James, Fordyce and Down.
Panic of 1792, New York
Panic of 1796–1797, Britain and United States

19th century[]

Panic of 1819, a U.S. recession with bank failures; culmination of U.S.'s first boom-to-bust economic cycle
Panic of 1825, a pervasive British recession in which many banks failed, nearly including the Bank of England
Panic of 1837, a U.S. recession with bank failures, followed by a 5-year depression
Panic of 1847, United Kingdom
Panic of 1857, a U.S. recession with bank failures
Panic of 1866, Europe
Panic of 1873, a U.S. recession with bank failures, followed by a 4-year depression
Panic of 1884, United States and Europe
Panic of 1890, mainly affecting the United Kingdom and Argentina
Panic of 1893, a U.S. recession with bank failures
Australian banking crisis of 1893
Panic of 1896, acute U.S. recession

20th century[]

Panic of 1901, a U.S. economic recession that started a fight for financial control of the Northern Pacific Railway
Panic of 1907, a U.S. economic recession with bank failures
Shōwa Financial Crisis, a 1927 Japanese financial panic that resulted in mass bank failures across the Empire of Japan.
Great Depression, the worst systemic banking crisis of the 20th century
Secondary banking crisis of 1973–1975 in the UK
Japanese asset price bubble (1986–2003)
Savings and loan crisis of the 1980s and 1990s in the U.S.
1988–92 Norwegian banking crisis
Finnish banking crisis of 1990s
Swedish banking crisis (1990s)
Rhode Island banking crisis
Peruvian banking crisis of 1992
Venezuelan banking crisis of 1994
1997 Asian financial crisis
- Enping financial crisis
1998 collapse of Long-Term Capital Management
1998 Russian financial crisis
Argentine economic crisis (1999–2002)
1998–99 Ecuador banking crisis

21st century[]

2002 Uruguay banking crisis
2003 Myanmar Banking Crisis
Late-2000s financial crisis, including:

Venezuelan banking crisis of 2009–10
Ghana banking crisis 2017-2018

References[]

Reinhart, Carmen M.; Rogoff, Kenneth S. (2009). This Time is Different: Eight Centuries of Financial Folly. Princeton University Press. ISBN 978-0-691-14216-6.

Taylor, Alan M. The great leveraging. NBER 18290

Notes[]

^ Laeven L, Valencia F (2008). "Systemic banking crises: a new database" (PDF). IMF WP/08/224. International Monetary Fund. Retrieved 2008-09-29. Cite journal requires |journal= (help)
^ Reinhart C, Rogoff K (2009). "Varieties of crises and their dates" (PDF). This Time is Different: Eight Centuries of Financial Folly. Princeton University Press. pp. 3–20. ISBN 978-0-691-14216-6. Retrieved 2009-11-28.

[imf2008-1] Laeven L, Valencia F (2008). "Systemic banking crises: a new database" (PDF). IMF WP/08/224. International Monetary Fund. Retrieved 2008-09-29. Cite journal requires |journal= (help)

[Reinhart-2] Reinhart C, Rogoff K (2009). "Varieties of crises and their dates" (PDF). This Time is Different: Eight Centuries of Financial Folly. Princeton University Press. pp. 3–20. ISBN 978-0-691-14216-6. Retrieved 2009-11-28.

[1]

[2]

v t Financial crises
Banking panic Commodity price shocks Credit crunch Credit cycle Currency crisis Debt crisis Energy crisis Flash crash Hyperinflation Liquidity crisis Minsky moment Stock market crash
Pre-1000	Crisis of the Third Century (235–284 CE)
1000–1760	Great Bullion Famine (c. 1400–c. 1500) The Great Debasement (1544–1551) Dutch Republic stock market crashes (c. 1600–1760) Kipper und Wipper (1621–1623) Tulip mania crash (1637) South Sea bubble crash (1720) Mississippi bubble crash (1720)
1760–1840	Amsterdam banking crisis of 1763 Bengal bubble crash (1769–1784) Crisis of 1772 Dutch Republic financial collapse (c. 1780–1795) Panic of 1785 Copper Panic of 1789 Panic of 1792 Panic of 1796–1797 Danish state bankruptcy of 1813 Post-Napoleonic Irish grain price and land use shocks (1815–1816) Panic of 1819 Panic of 1825 Panic of 1837
1840–1870	European Potato Failure (1845–1856) Great Irish Famine Highland Potato Famine Panic of 1847 Panic of 1857 Panic of 1866 Black Friday (1869)
1870–1914	Panic of 1873 Paris Bourse crash of 1882 Panic of 1884 Arendal crash (1886) Baring crisis (1890) Encilhamento (1890–1893) Panic of 1893 Australian banking crisis of 1893 Black Monday (1894) Panic of 1896 Panic of 1901 Panic of 1907 Shanghai rubber stock market crisis (1910) Panic of 1910–11
1918–1939	Early Soviet hyperinflation (1917–1924) Weimar Republic hyperinflation (1921–1923) Shōwa financial crisis (1927) Wall Street Crash of 1929 Panic of 1930
1973–1982	1970s energy crisis (1973–1980) 1973 oil crisis 1973–1974 stock market crash Secondary banking crisis of 1973–1975 Steel crisis (1973–1982) Latin American debt crisis (1975–1982) 1976 British sterling crisis 1979 oil crisis Brazilian hyperinflation (1980–1982)
1982–2007	Brazilian hyperinflation (1982–1994) Souk Al-Manakh stock market crash (1982) Chilean crisis of 1982 1983 Israel bank stock crisis Black Saturday (1983) Savings and loan crisis (1986–1995) Black Monday (1987) 1988–1992 Norwegian banking crisis Japanese asset price bubble crash (1990–1992) Rhode Island banking crisis (1990–1992) 1991 Indian economic crisis 1990s Swedish financial crisis (1991–1992) 1990s Finnish banking crisis (1991–1993) 1990s Armenian energy crisis (1991–1995) Cuban Special Period (1991–2000) Black Wednesday (1992) Yugoslav hyperinflation (1992–1994) 1994 bond market crisis Venezuelan banking crisis of 1994 Mexican peso crisis (1994–1996) 1997 Asian financial crisis 1998 Russian financial crisis 1998–99 Ecuador financial crisis Samba effect (1999) Dot-com bubble crash (2000–2004) 2001 Turkish economic crisis South American economic crisis of 2002 2002 Uruguay banking crisis 2003 Myanmar banking crisis 2004 Argentine energy crisis 2007 Chinese stock bubble crash Zimbabwean hyperinflation (2007–)
2007–present	Financial crisis of 2007–2008 Subprime mortgage crisis U.S. bear market of 2007–2009 Global financial crisis in September 2008 Global financial crisis in October 2008 Global financial crisis in November 2008 Global financial crisis in December 2008 2008 Latvian financial crisis 2008–2009 Belgian financial crisis 2008–09 Russian financial crisis 2008–2009 Ukrainian financial crisis 2008–2011 Icelandic financial crisis 2008–2011 Irish banking crisis 2008–2014 Spanish financial crisis Global financial crisis in 2009 Blue Monday Crash 2009 European debt crisis Greek government-debt crisis 2009 Dubai debt standstill Venezuelan banking crisis of 2009–2010 2010–2014 Portuguese financial crisis Energy crisis in Venezuela (2010–) August 2011 stock markets fall 2011 Bangladesh share market scam 2012–2013 Cypriot financial crisis 2013 Chinese banking liquidity crisis Venezuela economic crisis (2013–) 2014–2016 Brazilian economic crisis Puerto Rican government-debt crisis (2014–) 2014–2017 Russian financial crisis 2015–2016 Chinese stock market turbulence 2015–2016 stock market selloff Brexit stock market crash (2016) Venezuelan hyperinflation (2016–) 2017 Sri Lankan fuel crisis Ghana banking crisis (2017–2018) 2018–2021 Turkish currency and debt crisis (2018–) Lebanese liquidity crisis (2019–) COVID-19 pandemic (2019–) Evergrande liquidity crisis (2021–)
List of banking crises List of economic crises List of sovereign debt crises List of stock market crashes and bear markets