FinObservatory

Crisis atlas / BRA / 1949–2002

Brazil, 1949–2002

One crisis episode: distinct crisis years merged across gaps of up to two non-crisis years. Types, source agreement, and macro context are drawn from the union of five primary chronologies.

CurrencySovereign debtBanking

Crisis years in this episode

Every distinct (year, type) event inside the 1949–2002 window, with the chronologies flagging it and the count of agreeing sources. Start-year sources (GMD, JST) mark only the first year, so agreement falls in the continuation years.

  1. 1949
    Currencygmd, rr2 sources
  2. 1952
    Currencyrr1 source
  3. 1953
    Currencyrr1 source
  4. 1954
    Currencyrr1 source
  5. 1957
    Currencygmd, rr2 sources
  6. 1958
    Currencyrr1 source
  7. 1959
    Currencyrr1 source
  8. 1961
    Currencygmd, rr2 sources
    Sovereign debtgmd, rr2 sources
  9. 1962
    Currencyrr1 source
    Sovereign debtrr1 source
  10. 1963
    Bankingrr1 source
    Currencyrr1 source
    Sovereign debtrr1 source
  11. 1964
    Currencyrr1 source
    Sovereign debtrr1 source
  12. 1965
    Currencyrr1 source
  13. 1967
    Currencygmd, rr2 sources
  14. 1968
    Currencyrr1 source
  15. 1969
    Currencyrr1 source
  16. 1971
    Currencyrr1 source
  17. 1974
    Currencyrr1 source
  18. 1975
    Currencyrr1 source
  19. 1976
    Currencygmd, laeven_valencia2 sources
  20. 1977
    Currencyrr1 source
  21. 1978
    Currencyrr1 source
  22. 1979
    Currencyrr1 source
  23. 1980
    Currencyrr1 source
  24. 1981
    Currencyrr1 source
  25. 1982
    Currencygmd, laeven_valencia, rr3 sources
  26. 1983
    Currencyrr1 source
    Sovereign debtgmd, laeven_valencia, rr3 sources
  27. 1984
    Currencyrr1 source
    Sovereign debtrr1 source
  28. 1985
    Bankinggmd, rr2 sources
    Currencyrr1 source
    Sovereign debtrr1 source
  29. 1986
    Bankingrr1 source
    Currencyrr1 source
    Sovereign debtrr1 source
  30. 1987
    Currencygmd, laeven_valencia, rr3 sources
    Sovereign debtrr1 source
  31. 1988
    Currencyrr1 source
    Sovereign debtrr1 source
  32. 1989
    Currencyrr1 source
    Sovereign debtrr1 source
  33. 1990
    Bankinggmd, laeven_valencia, rr3 sources
    Currencyrr1 source
    Sovereign debtrr1 source
  34. 1991
    Bankinglaeven_valencia, rr2 sources
    Currencyrr1 source
    Sovereign debtrr1 source
  35. 1992
    Bankinglaeven_valencia1 source
    Currencygmd, laeven_valencia, rr3 sources
    Sovereign debtrr1 source
  36. 1993
    Bankinglaeven_valencia1 source
    Currencyrr1 source
    Sovereign debtrr1 source
  37. 1994
    Bankinggmd, laeven_valencia, rr3 sources
    Currencyrr1 source
    Sovereign debtgmd, laeven_valencia, rr3 sources
  38. 1995
    Bankinglaeven_valencia, rr2 sources
    Currencyrr1 source
  39. 1996
    Bankinglaeven_valencia, rr2 sources
  40. 1997
    Bankinglaeven_valencia, rr2 sources
  41. 1998
    Bankinglaeven_valencia1 source
  42. 1999
    Currencygmd, laeven_valencia, rr3 sources
  43. 2001
    Currencyrr1 source
  44. 2002
    Currencyrr1 source

Source: Global Macro Database 2026_06 (Müller, Xu, Lehbib & Chen 2025) | Jordà-Schularick-Taylor Macrohistory R6 | Laeven & Valencia (2020, 2026) | Reinhart-Rogoff via HBS BFFS | ECB/ESRB Financial Crises Database Methodology

Laeven-Valencia banking-crisis detail

Episode-level fiscal cost and output loss from the systemic banking crises database. Fiscal cost is the gross outlay of banking-sector rescues; output loss is the cumulative deviation of real GDP from its pre-crisis trend, both as a percent of GDP.

Banking episode 1990–1994
0.0%
Fiscal cost, % of GDP
62.3%
Output loss, % of GDP
1994
Episode end year
Banking episode 1994–1998
13.2%
Fiscal cost, % of GDP
0.0%
Output loss, % of GDP
1998
Episode end year

Source: Laeven & Valencia (2026), IMF WP/26/94, Systemic Banking Crises Database 1970-2025 Methodology

Macro context, 1942–2009

Seven years either side of the episode. Each panel has its own scale; the crisis window is shaded. Only indicators with data for Brazil in this window are shown. Bank credit growth (year over year in total loans) is available for the 18 Jordà-Schularick-Taylor advanced economies.

Inflation (% y/y)
01k2k3k194219492009
Real GDP growth (% y/y)
-1001020194219492009
Policy rate (%)
050k100k150k194219492009
Govt debt (% of GDP)
050100194219492009
Unemployment (%)
051015194219492009
Current account (% of GDP)
-10-505194219492009

Source: Global Macro Database 2026_06 (Müller, Xu, Lehbib & Chen 2025) | Jordà-Schularick-Taylor Macrohistory R6 (credit) Real GDP growth is derived as the year-over-year change in real GDP; current account and government debt are percent of GDP; policy rate is the central-bank rate; bank credit growth is the year-over-year change in JST total loans. Methodology

How each source dates this episode

The chronologies disagree on start years and durations. This table is generated from the event rows, not curated: it lists, per crisis type, which source flags which years inside the window.

Currency
  • Global Macro Database1949, 1957, 1961, 1967, 1976, 1982, 1987, 1992, 1999
  • Reinhart-Rogoff1949, 1952, 1953, 1954, 1957, 1958, 1959, 1961, 1962, 1963, 1964, 1965, 1967, 1968, 1969, 1971, 1974, 1975, 1977, 1978, 1979, 1980, 1981, 1982, 1983, 1984, 1985, 1986, 1987, 1988, 1989, 1990, 1991, 1992, 1993, 1994, 1995, 1999, 2001, 2002
  • Laeven-Valencia1976, 1982, 1987, 1992, 1999
Sovereign debt
  • Global Macro Database1961, 1983, 1994
  • Reinhart-Rogoff1961, 1962, 1963, 1964, 1983, 1984, 1985, 1986, 1987, 1988, 1989, 1990, 1991, 1992, 1993, 1994
  • Laeven-Valencia1983, 1994
Banking
  • Reinhart-Rogoff1963, 1985, 1986, 1990, 1991, 1994, 1995, 1996, 1997
  • Global Macro Database1985, 1990, 1994
  • Laeven-Valencia1990, 1991, 1992, 1993, 1994, 1995, 1996, 1997, 1998

Source: Global Macro Database 2026_06 (Müller, Xu, Lehbib & Chen 2025) | Jordà-Schularick-Taylor Macrohistory R6 | Laeven & Valencia (2020, 2026) | Reinhart-Rogoff via HBS BFFS | ECB/ESRB Financial Crises Database Methodology

Documented policy responses

13 interventions from the Metrick-Schmelzing banking-crisis database whose recorded year falls inside this episode window (1949–2002). Each row is one documented government or central-bank action, tagged with the database’s own intervention categories and short code, under the crisis code it assigns. Matching is exact: same country, intervention year inside the window. The database’s global-crisis rows (no country) are never matched here.

BRA-1953Brazil
  1. May-1955OtherMC
BRA-1963Brazil
  1. 1963LendingBBEL
BRA-1985Brazil
  1. 1985GuaranteesOLG
BRA-1990Brazil
  1. Mar-1990Regulatory forbearance / rulesSBH
BRA-1994Brazil
  1. Dec-1994Capital injectionsAHCI
  2. 1995Capital injectionsAHCI
  3. Aug-1995GuaranteesAG
  4. Aug-1995Capital injectionsAHCI
  5. 1995GuaranteesAG
  6. Jan-1995Capital injectionsAHCI
  7. Jan-1995LendingAHEL
  8. Mar-1996Capital injectionsAHCI
BRA-1998Brazil
  1. 1998RestructuringRES

Source: Metrick-Schmelzing Banking-Crisis Interventions Database (Yale Program on Financial Stability) Cite as: Metrick, Andrew, and Paul Schmelzing, "Banking-Crisis Interventions Across Time and Space," working paper, 2024 (dataset consulted 2026-07-10). License: Creative Commons attribution. Methodology

Policy-response case studies (external)

For qualitative accounts of how authorities intervened in systemic crises, see the Yale Program on Financial Stability New Bagehot Project, a library of financial-crisis intervention case studies. It is a separate qualitative resource; no specific case is asserted to match this episode.