List of economic crises
Encyclopedia
14th century
- 14th century banking crisis (the crash of the PeruzziPeruzziThe Peruzzi were bankers of Florence, among the leading families of the city in the 14th century, before the rise to prominence of the Medici. Their modest antecedents stretched back to the mid 11th century, according to the family's genealogist Luigi Passerini, but a restructuring of the Peruzzii...
and the Bardi familyBardi familyThe Bardi family was an influential Florentine family that started the powerful banking company, the Compagnia dei Bardi.Along with the Peruzzi family, the Bardis lent Edward III of England 400,000 Gold Florins, which he never repaid....
Compagnia dei BardiCompagnia dei BardiThe Compagnia dei Bardi was a Florentine banking and trading company which was started by the Bardi family. The Bardi company was one of three major Florentine banking companies that assembled large amounts of capital and established wide-ranging, diversified business networks, doing business...
in 1345).
18th century
- South Sea Bubble (1720)
- Crisis of 1772
- Panic of 1792Panic of 1792The Panic of 1792 was a financial credit crisis that occurred during March and April of 1792 due to the speculation of William Duer and Alexander Macomb against stock held by the Bank of New York. While Duer attempted to drive the price of stocks up, the Livingston family attempted to drive the...
- Panic of 1796-1797
19th century
- Post-Napoleonic depressionPost-Napoleonic depressionThe post-Napoleonic depression refers to a post-war economic depression experienced by European countries following the end of the Napoleonic wars....
- Danish state bankruptcy of 1813Danish state bankruptcy of 1813A state bankruptcy occurred in Denmark on 5 January 1813. The country had been waging the Gunboat War since 1807, something which eventually caused a financial crisis. The Danish state, heavily indebted, went bankrupt....
- Panic of 1819Panic of 1819The Panic of 1819 was the first major financial crisis in the United States, and had occurred during the political calm of the Era of Good Feelings. The new nation previously had faced a depression following the war of independence in the late 1780s and led directly to the establishment of the...
, a U.S. recession with bank failures; culmination of U.S.'s first boom-to-bust economic cycle - Panic of 1825Panic of 1825The Panic of 1825 was a stock market crash that started in the Bank of England arising in part out of speculative investments in Latin America, including the imaginary country of Poyais...
, a pervasive British recession in which many banks failed, nearly including the Bank of EnglandBank of EnglandThe Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694, it is the second oldest central bank in the world... - Panic of 1837Panic of 1837The Panic of 1837 was a financial crisis or market correction in the United States built on a speculative fever. The end of the Second Bank of the United States had produced a period of runaway inflation, but on May 10, 1837 in New York City, every bank began to accept payment only in specie ,...
, a U.S. recession with bank failures, followed by a 5-year depression - Panic of 1847Panic of 1847The Panic of 1847 was started as a collapse of British financial markets associated with the end of the 1840s railway industry boom. As a means of stabilizing the British economy the ministry of Robert Peel passed the Bank Charter Act of 1844...
- Panic of 1857Panic of 1857The Panic of 1857 was a financial panic in the United States caused by the declining international economy and over-expansion of the domestic economy. Indeed, because of the interconnectedness of the world economy by the time of the 1850s, the financial crisis which began in the autumn of 1857 was...
, a U.S. recession with bank failures - Panic of 1866Panic of 1866The Panic of 1866 was an international financial downturn that accompanied the failure of Overend, Gurney and Company in London, and the corso forzoso abandonment of the silver standard in Italy.-References:...
- Long DepressionLong DepressionThe Long Depression was a worldwide economic crisis, felt most heavily in Europe and the United States, which had been experiencing strong economic growth fueled by the Second Industrial Revolution in the decade following the American Civil War. At the time, the episode was labeled the Great...
(1873-1896)- Panic of 1873Panic of 1873The Panic of 1873 triggered a severe international economic depression in both Europe and the United States that lasted until 1879, and even longer in some countries. The depression was known as the Great Depression until the 1930s, but is now known as the Long Depression...
, a US recession with bank failures, followed by a 4-year depression - Panic of 1884Panic of 1884The Panic of 1884 was a panic during the Recession of 1882-85. Gold reserves of Europe were depleted and the New York City national banks, with tacit approval of the United States Treasury Department, halted investments in the rest of the United States and called in outstanding loans. A larger...
- Panic of 1890Panic of 1890The Panic of 1890 was an acute depression, although less serious than other panics of the era. It was precipitated by the near insolvency of Barings Bank in London. Barings, led by Edward Baring, 1st Baron Revelstoke, faced bankruptcy in November 1890 due mainly to excessive risk-taking on poor...
- Panic of 1893Panic of 1893The Panic of 1893 was a serious economic depression in the United States that began in 1893. Similar to the Panic of 1873, this panic was marked by the collapse of railroad overbuilding and shaky railroad financing which set off a series of bank failures...
, a US recession with bank failures - Australian banking crisis of 1893Australian banking crisis of 1893The 1893 banking crisis occurred in Australia when several of the commercial banks of the colonies within Australia collapsed.During the 1880s there was a speculative boom in the Australian property market...
- Panic of 1873
20th century
- Panic of 1907Panic of 1907The Panic of 1907, also known as the 1907 Bankers' Panic, was a financial crisis that occurred in the United States when the New York Stock Exchange fell almost 50% from its peak the previous year. Panic occurred, as this was during a time of economic recession, and there were numerous runs on...
, a U.S. economic recession with bank failures
- Wall Street Crash of 1929Wall Street Crash of 1929The Wall Street Crash of 1929 , also known as the Great Crash, and the Stock Market Crash of 1929, was the most devastating stock market crash in the history of the United States, taking into consideration the full extent and duration of its fallout...
and Great DepressionGreat DepressionThe Great Depression was a severe worldwide economic depression in the decade preceding World War II. The timing of the Great Depression varied across nations, but in most countries it started in about 1929 and lasted until the late 1930s or early 1940s...
(1929-1939) the worst depression of modern history
- OPEC oil price shock
- Secondary banking crisis of 1973–1975Secondary banking crisis of 1973–1975The Secondary Banking Crisis of 1973–75 was a dramatic crash in property prices in Great Britain which caused dozens of small lending banks to be threatened with bankruptcy.-Crisis:...
in the UK
- Japanese asset price bubbleJapanese asset price bubbleThe was an economic bubble in Japan from 1986 to 1991, in which real estate and stock prices were greatly inflated. The bubble's collapse lasted for more than a decade with stock prices initially bottoming in 2003, although they would descend even further amidst the global crisis in 2008. The...
(1986–2003)
- Bank stock crisis (Israel 1983)Bank stock crisis (Israel 1983)The Bank stock crisis was a financial crisis that occurred in Israel in 1983, during which the stocks of the four largest banks in Israel collapsed, and were nationalized by the state.-Background:...
- Black Monday (1987)Black Monday (1987)In finance, Black Monday refers to Monday October 19, 1987, when stock markets around the world crashed, shedding a huge value in a very short time. The crash began in Hong Kong and spread west to Europe, hitting the United States after other markets had already declined by a significant margin...
- Savings and loan crisisSavings and Loan crisisThe savings and loan crisis of the 1980s and 1990s was the failure of about 747 out of the 3,234 savings and loan associations in the United States...
of the 1980s and 1990s in the U.S. - 1991 India economic crisis1991 India economic crisisBy 1985, India had started having balance of payments problems. By the end of 1990, it was in a serious economic crisis. The government was close to default, its central bank had refused new credit and foreign exchange reserves had reduced to such a point that India could barely finance three...
- Finnish banking crisis (1990s)Finnish banking crisis of 1990sThe Finnish Banking Crisis of 1990s was a deep systemic crisis of the entire Finnish financial sector that took place mainly in the years 1991–1993, after several years of debt-based economic boom in the late 1980s. Its total taxpayer cost was roughly 8% of the Finnish GNP, making it the most...
- Swedish banking crisis (1990s)
- 1994 economic crisis in Mexico1994 economic crisis in MexicoThe 1994 Economic Crisis in Mexico, widely known as the Mexican peso crisis, was caused by the sudden devaluation of the Mexican peso in December 1994....
- 1997 Asian financial crisis
- 1998 collapse of Long-Term Capital ManagementLong-Term Capital ManagementLong-Term Capital Management L.P. was a speculative hedge fund based in Greenwich, Connecticut that utilized absolute-return trading strategies combined with high leverage...
- 1998 Russian financial crisis
- Argentine economic crisis (1999–2002)
21st century
- Financial crisis of 2007–2010, including:
- 2008–2011 Icelandic financial crisis
- 2008–2010 Irish banking crisis
- Russian financial crisis of 2008–2009
- Portugal and Greece debt crisis 2010