Skip to content
FinObservatory

Crisis atlas / DEU

Germany

76 distinct crisis events in 16 episodes, 1807–2021, from the union of five primary chronologies.

Debt profile: government debt trajectory and crisis-start levels →

27
Banking crises
20
Currency crises
29
Sovereign debt crises
76
Crisis events
1807–2021
Span

Crisis timeline

Every distinct (year, type) event, most recent first, with the chronologies flagging it. Start-year sources (GMD, JST) do not mark continuation years, so long episodes show lower agreement after their first year.

  1. 2021
    Bankingesrb1 source
  2. 2020
    Bankingesrb1 source
  3. 2013
    Bankingesrb1 source
  4. 2012
    Bankingesrb1 source
  5. 2011
    Bankingesrb1 source
  6. 2010
    Bankingesrb, rr2 sources
  7. 2009
    Bankingesrb, laeven_valencia, rr3 sources
  8. 2008
    Bankingesrb, gmd, jst, laeven_valencia, rr5 sources
  9. 2007
    Bankingesrb, rr2 sources
  10. 2005
    Currencyrr1 source
  11. 2003
    Bankingesrb1 source
  12. 2002
    Bankingesrb1 source
  13. 2001
    Bankingesrb1 source
  14. 1999
    Currencyrr1 source
  15. 1997
    Currencyrr1 source
  16. 1984
    Currencyrr1 source
  17. 1979
    Bankingrr1 source
  18. 1978
    Bankingrr1 source
  19. 1977
    Bankingrr1 source
  20. 1974
    Bankingesrb1 source
  21. 1953
    Sovereign debtrr1 source
  22. 1952
    Sovereign debtrr1 source
  23. 1951
    Sovereign debtrr1 source
  24. 1950
    Sovereign debtrr1 source
    Currencygmd, rr2 sources
  25. 1949
    Sovereign debtrr1 source
  26. 1948
    Sovereign debtgmd, rr2 sources
    Currencyrr1 source
  27. 1947
    Sovereign debtrr1 source
  28. 1946
    Sovereign debtrr1 source
  29. 1945
    Sovereign debtrr1 source
    Currencygmd, rr2 sources
  30. 1944
    Sovereign debtrr1 source
  31. 1943
    Sovereign debtrr1 source
  32. 1942
    Sovereign debtrr1 source
  33. 1941
    Sovereign debtrr1 source
  34. 1940
    Sovereign debtrr1 source
  35. 1939
    Sovereign debtrr1 source
  36. 1938
    Sovereign debtrr1 source
  37. 1937
    Sovereign debtrr1 source
  38. 1936
    Sovereign debtrr1 source
  39. 1935
    Sovereign debtrr1 source
  40. 1934
    Sovereign debtrr1 source
  41. 1933
    Sovereign debtrr1 source
  42. 1932
    Sovereign debtgmd, rr2 sources
    Bankingrr1 source
  43. 1931
    Bankingjst, rr2 sources
  44. 1930
    Bankinggmd, rr2 sources
  45. 1929
    Bankingrr1 source
  46. 1924
    Currencyrr1 source
  47. 1923
    Sovereign debtrr1 source
    Currencyrr1 source
  48. 1922
    Sovereign debtgmd, rr2 sources
    Currencyrr1 source
  49. 1921
    Currencyrr1 source
  50. 1920
    Currencyrr1 source
  51. 1919
    Currencyrr1 source
  52. 1918
    Currencygmd, rr2 sources
  53. 1914
    Bankinggmd1 source
  54. 1901
    Bankinggmd, jst, rr3 sources
  55. 1891
    Bankinggmd, jst2 sources
  56. 1880
    Bankingrr1 source
  57. 1874
    Bankinggmd1 source
  58. 1873
    Bankingjst1 source
  59. 1872
    Currencygmd, rr2 sources
  60. 1863
    Currencyrr1 source
  61. 1862
    Currencygmd, rr2 sources
  62. 1857
    Bankinggmd, rr2 sources
  63. 1850
    Sovereign debtgmd, rr2 sources
  64. 1815
    Currencyrr1 source
  65. 1814
    Sovereign debtrr1 source
    Currencyrr1 source
  66. 1813
    Sovereign debtrr1 source
    Currencygmd, rr2 sources
  67. 1812
    Sovereign debtgmd, rr2 sources
  68. 1807
    Sovereign debtgmd, rr2 sources

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

Macro context around each episode

Inflation, central-bank policy rate, and government debt in a window of five years either side of each crisis episode (consecutive crisis years bridged across gaps of up to two years). Crisis years shaded.

1807

Sovereign debt
Inflation (% y/y)
Policy rate (%)
No data for this window
Govt debt (% of GDP)
No data for this window

1812–1815

Sovereign debtCurrency
Inflation (% y/y)
Policy rate (%)
Govt debt (% of GDP)
No data for this window

1850

Sovereign debt
Inflation (% y/y)
Policy rate (%)
Govt debt (% of GDP)
No data for this window

1857

Banking
Inflation (% y/y)
Policy rate (%)
Govt debt (% of GDP)
No data for this window

1862–1863

Currency
Inflation (% y/y)
Policy rate (%)
Govt debt (% of GDP)
No data for this window

1872–1874

CurrencyBanking
Inflation (% y/y)
Policy rate (%)
Govt debt (% of GDP)

1880

Banking
Inflation (% y/y)
Policy rate (%)
Govt debt (% of GDP)

1891

Banking
Inflation (% y/y)
Policy rate (%)
Govt debt (% of GDP)

1901

Banking
Inflation (% y/y)
Policy rate (%)
Govt debt (% of GDP)

1914

Banking
Inflation (% y/y)
Policy rate (%)
Govt debt (% of GDP)

1918–1924

CurrencySovereign debt
Inflation (% y/y)
Policy rate (%)
Govt debt (% of GDP)

1929–1953

BankingSovereign debtCurrency
Inflation (% y/y)
Policy rate (%)
Govt debt (% of GDP)

1974–1979

Banking
Inflation (% y/y)
Policy rate (%)
Govt debt (% of GDP)

1984

Currency
Inflation (% y/y)
Policy rate (%)
Govt debt (% of GDP)

1997–2013

CurrencyBanking2008–2009: fiscal cost 2.7% of GDP, output loss 12.3% of GDP(Laeven-Valencia 2026)
Inflation (% y/y)
Policy rate (%)
Govt debt (% of GDP)

2020–2021

Banking
Inflation (% y/y)
Policy rate (%)
Govt debt (% of GDP)

Source: Global Macro Database 2026_06 (Müller, Xu, Lehbib & Chen 2025) Inflation is % year over year; policy rate is the central-bank rate in %; government debt is % of GDP. Methodology