Crisis atlas / CHN / 1919–1949
China, 1919–1949
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.
Crisis years in this episode
Every distinct (year, type) event inside the 1919–1949 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.
- 1919Currencygmd, rr2 sourcesSovereign debtgmd, rr2 sources
- 1920Currencyrr1 sourceSovereign debtrr1 source
- 1921Currencyrr1 sourceSovereign debtrr1 source
- 1922Sovereign debtrr1 source
- 1923Bankinggmd, rr2 sourcesSovereign debtrr1 source
- 1924Bankingrr1 sourceSovereign debtrr1 source
- 1925Bankingrr1 sourceCurrencygmd, rr2 sourcesSovereign debtrr1 source
- 1926Sovereign debtrr1 source
- 1927Sovereign debtrr1 source
- 1928Currencyrr1 sourceSovereign debtrr1 source
- 1929Currencyrr1 sourceSovereign debtrr1 source
- 1930Sovereign debtrr1 source
- 1931Bankinggmd, rr2 sourcesCurrencygmd, rr2 sourcesSovereign debtrr1 source
- 1932Currencyrr1 sourceSovereign debtgmd, rr2 sources
- 1933Sovereign debtrr1 source
- 1934Bankingrr1 sourceSovereign debtrr1 source
- 1935Bankingrr1 sourceCurrencygmd, rr2 sourcesSovereign debtrr1 source
- 1936Bankingrr1 sourceSovereign debtrr1 source
- 1937Bankingrr1 source
- 1938Currencyrr1 source
- 1939Currencyrr1 sourceSovereign debtgmd, rr2 sources
- 1940Currencyrr1 sourceSovereign debtrr1 source
- 1941Sovereign debtrr1 source
- 1942Sovereign debtrr1 source
- 1943Currencygmd, rr2 sourcesSovereign debtrr1 source
- 1944Currencyrr1 sourceSovereign debtrr1 source
- 1945Currencyrr1 sourceSovereign debtrr1 source
- 1946Currencyrr1 sourceSovereign debtgmd, rr2 sources
- 1947Currencyrr1 sourceSovereign debtrr1 source
- 1948Currencyrr1 sourceSovereign debtrr1 source
- 1949Currencyrr1 sourceSovereign debtrr1 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
This banking episode is not in the Laeven-Valencia systemic banking crises database, which covers systemic banking crises from 1970. The crisis is dated here by other chronologies (GMD, JST, Reinhart-Rogoff, or ESRB), none of which report a fiscal cost or output loss.
Macro context, 1912–1956
Seven years either side of the episode. Each panel has its own scale; the crisis window is shaded. Only indicators with data for China in this window are shown. Bank credit growth (year over year in total loans) is available for the 18 Jordà-Schularick-Taylor advanced economies.
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.
- Global Macro Database1919, 1925, 1931, 1935, 1943
- Reinhart-Rogoff1919, 1920, 1921, 1925, 1928, 1929, 1931, 1932, 1935, 1938, 1939, 1940, 1943, 1944, 1945, 1946, 1947, 1948, 1949
- Global Macro Database1919, 1932, 1939, 1946
- Reinhart-Rogoff1919, 1920, 1921, 1922, 1923, 1924, 1925, 1926, 1927, 1928, 1929, 1930, 1931, 1932, 1933, 1934, 1935, 1936, 1939, 1940, 1941, 1942, 1943, 1944, 1945, 1946, 1947, 1948, 1949
- Global Macro Database1923, 1931
- Reinhart-Rogoff1923, 1924, 1925, 1931, 1934, 1935, 1936, 1937
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
7 interventions from the Metrick-Schmelzing banking-crisis database whose recorded year falls inside this episode window (1919–1949). 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.
- 1921LendingAHEL
- 1923-1925No interventionNO/I
- Oct-1928Capital injectionsAHCI
- 1931LendingAHEL
- Jun-1935LendingAHEL
- Jun-1935Capital injectionsBBCI
- Mar-1935Capital injectionsAHCI
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.