FinObservatory

Crisis atlas / DEU / 1997–2013

Germany, 1997–2013

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.

CurrencyBanking

Crisis years in this episode

Every distinct (year, type) event inside the 1997–2013 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. 1997
    Currencyrr1 source
  2. 1999
    Currencyrr1 source
  3. 2001
    Bankingesrb1 source
  4. 2002
    Bankingesrb1 source
  5. 2003
    Bankingesrb1 source
  6. 2005
    Currencyrr1 source
  7. 2007
    Bankingesrb, rr2 sources
  8. 2008
    Bankingesrb, gmd, jst, laeven_valencia, rr5 sources
  9. 2009
    Bankingesrb, laeven_valencia, rr3 sources
  10. 2010
    Bankingesrb, rr2 sources
  11. 2011
    Bankingesrb1 source
  12. 2012
    Bankingesrb1 source
  13. 2013
    Bankingesrb1 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 2008–2009
2.7%
Fiscal cost, % of GDP
12.3%
Output loss, % of GDP
2009
Episode end year

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

Macro context, 19902020

Seven years either side of the episode. Each panel has its own scale; the crisis window is shaded. Only indicators with data for Germany 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)
0246199019972020
Real GDP growth (% y/y)
-10-50510199019972020
Policy rate (%)
-50510199019972020
Govt debt (% of GDP)
050100199019972020
Unemployment (%)
051015199019972020
Current account (% of GDP)
-50510199019972020
Bank credit growth (% y/y)
-1001020199019972020

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
  • Reinhart-Rogoff1997, 1999, 2005
Banking
  • ECB/ESRB2001, 2002, 2003, 2007, 2008, 2009, 2010, 2011, 2012, 2013
  • Reinhart-Rogoff2007, 2008, 2009, 2010
  • Global Macro Database2008
  • Jordà-Schularick-Taylor2008
  • Laeven-Valencia2008, 2009

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

20 interventions from the Metrick-Schmelzing banking-crisis database whose recorded year falls inside this episode window (1997–2013). 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.

DEU-2001Germany
  1. Aug-2001Capital injectionsAHCI
  2. Aug-2001GuaranteesASG
DEU-2005Germany
  1. Nov-2005LendingAHEL
DEU-2008Germany
  1. Dec-2007Capital injectionsAHCI
  2. Dec-2007Asset managementAHAM
  3. Jul-2007LendingAHEL
  4. Jul-2007Capital injectionsAHCI
  5. Jan-2008GuaranteesOLG
  6. Oct-2008GuaranteesAG
  7. Dec-2008GuaranteesASG
  8. Oct-2008GuaranteesOLG
  9. Dec-2008GuaranteesOLG
  10. Apr-2008Capital injectionsAHCI
  11. Nov-2008Capital injectionsAHCI
  12. Dec-2008Capital injectionsAHCI
  13. Jan-2009Capital injectionsAHCI
DEU-2011Germany
  1. Sep-2011Capital injectionsAHCI
  2. Sep-2011GuaranteesASG
  3. Sep-2011GuaranteesOLG
  4. Sep-2011RestructuringRES

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.