FinObservatory

Crisis atlas / DNK

Denmark

35 distinct crisis events in 13 episodes, 1813–2021, from the union of five primary chronologies.

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

29
Banking crises
5
Currency crises
1
Sovereign debt crises
35
Crisis events
1813–2021
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. 2014
    Bankingrr1 source
  4. 2013
    Bankingesrb, rr2 sources
  5. 2012
    Bankingesrb, rr2 sources
  6. 2011
    Bankingesrb, rr2 sources
  7. 2010
    Bankingesrb, rr2 sources
  8. 2009
    Bankingesrb, laeven_valencia, rr3 sources
  9. 2008
    Bankingesrb, gmd, jst, laeven_valencia, rr5 sources
  10. 1995
    Bankingesrb1 source
  11. 1994
    Bankingesrb1 source
  12. 1993
    Bankingesrb1 source
  13. 1992
    Bankingesrb, gmd, rr3 sources
  14. 1991
    Bankingesrb, rr2 sources
  15. 1990
    Bankingesrb, rr2 sources
  16. 1989
    Bankingesrb, rr2 sources
  17. 1988
    Bankingesrb, rr2 sources
  18. 1987
    Bankingesrb, jst, rr3 sources
  19. 1950
    Currencygmd, rr2 sources
  20. 1933
    Currencygmd, rr2 sources
  21. 1931
    Bankingrr1 source
  22. 1921
    Bankingjst, rr2 sources
  23. 1920
    Currencyrr1 source
  24. 1919
    Currencyrr1 source
    Bankinggmd1 source
  25. 1918
    Currencygmd, rr2 sources
  26. 1914
    Bankingrr1 source
  27. 1908
    Bankingjst1 source
  28. 1907
    Bankinggmd, rr2 sources
  29. 1902
    Bankingrr1 source
  30. 1885
    Bankinggmd, jst, rr3 sources
  31. 1877
    Bankinggmd, jst, rr3 sources
  32. 1857
    Bankinggmd, rr2 sources
  33. 1813
    Sovereign debtgmd, rr2 sources
    Bankinggmd, rr2 sources

Source: Global Macro Database 2026_06 (Müller, Xu, Lehbib & Chen 2025) | Jordà-Schularick-Taylor Macrohistory R6 | Laeven & Valencia (2020) | 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.

1813

BankingSovereign debt
Inflation (% y/y)
-2000200400180818131818
Policy rate (%)
No data for this window
Govt debt (% of GDP)
No data for this window

1857

Banking
Inflation (% y/y)
-1001020185218571862
Policy rate (%)
0246185218571862
Govt debt (% of GDP)
No data for this window

1877

Banking
Inflation (% y/y)
-4-2024187218771882
Policy rate (%)
0246187218771882
Govt debt (% of GDP)
0102030187218771882

1885

Banking
Inflation (% y/y)
-4-202188018851890
Policy rate (%)
0246188018851890
Govt debt (% of GDP)
0102030188018851890

1902

Banking
Inflation (% y/y)
-10123189719021907
Policy rate (%)
02.557.5189719021907
Govt debt (% of GDP)
01020189719021907

1907–1908

Banking
Inflation (% y/y)
02.557.5190219071913
Policy rate (%)
02.557.5190219071913
Govt debt (% of GDP)
01020190219071913

1914

Banking
Inflation (% y/y)
01020190919141919
Policy rate (%)
0246190919141919
Govt debt (% of GDP)
01020190919141919

1918–1921

CurrencyBanking
Inflation (% y/y)
-20020191319181926
Policy rate (%)
02.557.5191319181926
Govt debt (% of GDP)
0102030191319181926

1931–1933

BankingCurrency
Inflation (% y/y)
-20-10010192619311938
Policy rate (%)
0246192619311938
Govt debt (% of GDP)
0102030192619311938

1950

Currency
Inflation (% y/y)
-5051015194519501955
Policy rate (%)
0246194519501955
Govt debt (% of GDP)
0255075194519501955

1987–1995

Banking
Inflation (% y/y)
051015198219872000
Policy rate (%)
051015198219872000
Govt debt (% of GDP)
050100198219872000

2008–2014

BankingFiscal cost 5.9% of GDP, output loss 35.0% of GDP (Laeven-Valencia 2026)
Inflation (% y/y)
024200320082019
Policy rate (%)
-20246200320082019
Govt debt (% of GDP)
0204060200320082019

2020–2021

Banking
Inflation (% y/y)
0510201520202025
Policy rate (%)
-2024201520202025
Govt debt (% of GDP)
0204060201520202025

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