FinObservatory

Crisis atlas / ESP

Spain

110 distinct crisis events in 16 episodes, 1814–2021, from the union of five primary chronologies.

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

37
Banking crises
20
Currency crises
53
Sovereign debt crises
110
Crisis events
1814–2021
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, laeven_valencia, rr3 sources
  6. 2011
    Bankingesrb, laeven_valencia, rr3 sources
  7. 2010
    Bankingesrb, laeven_valencia, rr3 sources
  8. 2009
    Bankingesrb, laeven_valencia, rr3 sources
  9. 2008
    Bankinggmd, jst, laeven_valencia, rr4 sources
  10. 2005
    Currencyrr1 source
  11. 1993
    Currencyrr1 source
  12. 1985
    Bankingesrb, rr2 sources
  13. 1984
    Bankingesrb, rr2 sources
  14. 1983
    Currencygmd, laeven_valencia2 sources
    Bankingesrb, rr2 sources
  15. 1982
    Currencyrr1 source
    Bankingesrb, rr2 sources
  16. 1981
    Bankingesrb, laeven_valencia, rr3 sources
  17. 1980
    Bankingesrb, laeven_valencia, rr3 sources
  18. 1979
    Bankingesrb, laeven_valencia, rr3 sources
  19. 1978
    Bankingesrb, laeven_valencia, rr3 sources
  20. 1977
    Currencyrr1 source
    Bankingjst, laeven_valencia, rr3 sources
  21. 1975
    Bankinggmd1 source
  22. 1967
    Currencygmd, rr2 sources
  23. 1960
    Currencyrr1 source
  24. 1959
    Currencygmd, rr2 sources
  25. 1950
    Currencyrr1 source
  26. 1949
    Currencyrr1 source
  27. 1946
    Currencygmd, rr2 sources
  28. 1939
    Sovereign debtrr1 source
  29. 1938
    Sovereign debtrr1 source
    Currencyrr1 source
  30. 1937
    Sovereign debtrr1 source
    Currencyrr1 source
  31. 1936
    Sovereign debtgmd, rr2 sources
    Currencygmd, rr2 sources
  32. 1931
    Currencyrr1 source
    Bankinggmd, jst, rr3 sources
  33. 1930
    Currencyrr1 source
  34. 1929
    Currencygmd, rr2 sources
  35. 1925
    Bankingrr1 source
  36. 1924
    Bankinggmd, jst, rr3 sources
  37. 1923
    Bankingrr1 source
  38. 1922
    Bankingrr1 source
  39. 1921
    Currencyrr1 source
    Bankingrr1 source
  40. 1920
    Bankinggmd, jst, rr3 sources
  41. 1918
    Currencygmd, rr2 sources
  42. 1913
    Bankinggmd, jst2 sources
  43. 1898
    Currencygmd, rr2 sources
  44. 1890
    Bankinggmd, jst2 sources
  45. 1883
    Bankingjst1 source
  46. 1882
    Sovereign debtrr1 source
    Bankinggmd1 source
  47. 1881
    Sovereign debtrr1 source
  48. 1880
    Sovereign debtrr1 source
  49. 1879
    Sovereign debtrr1 source
  50. 1878
    Sovereign debtrr1 source
  51. 1877
    Sovereign debtgmd, rr2 sources
  52. 1867
    Sovereign debtrr1 source
  53. 1866
    Sovereign debtrr1 source
  54. 1865
    Sovereign debtrr1 source
  55. 1864
    Sovereign debtrr1 source
  56. 1863
    Sovereign debtrr1 source
  57. 1862
    Sovereign debtrr1 source
  58. 1861
    Sovereign debtrr1 source
  59. 1860
    Sovereign debtrr1 source
  60. 1859
    Sovereign debtrr1 source
  61. 1858
    Sovereign debtrr1 source
  62. 1857
    Sovereign debtrr1 source
  63. 1856
    Sovereign debtrr1 source
  64. 1855
    Sovereign debtrr1 source
  65. 1854
    Sovereign debtrr1 source
  66. 1853
    Sovereign debtrr1 source
  67. 1852
    Sovereign debtrr1 source
  68. 1851
    Sovereign debtrr1 source
  69. 1850
    Sovereign debtrr1 source
  70. 1849
    Sovereign debtrr1 source
  71. 1848
    Sovereign debtrr1 source
  72. 1847
    Sovereign debtrr1 source
    Bankingrr1 source
  73. 1846
    Sovereign debtrr1 source
    Bankinggmd, rr2 sources
  74. 1845
    Sovereign debtrr1 source
  75. 1844
    Sovereign debtrr1 source
  76. 1843
    Sovereign debtrr1 source
  77. 1842
    Sovereign debtrr1 source
  78. 1841
    Sovereign debtrr1 source
  79. 1840
    Sovereign debtrr1 source
  80. 1839
    Sovereign debtrr1 source
  81. 1838
    Sovereign debtrr1 source
  82. 1837
    Sovereign debtgmd, rr2 sources
  83. 1834
    Sovereign debtrr1 source
  84. 1833
    Sovereign debtrr1 source
  85. 1832
    Sovereign debtrr1 source
  86. 1831
    Sovereign debtrr1 source
  87. 1830
    Sovereign debtrr1 source
  88. 1829
    Sovereign debtrr1 source
    Bankinggmd, rr2 sources
  89. 1828
    Sovereign debtrr1 source
  90. 1827
    Sovereign debtrr1 source
  91. 1826
    Sovereign debtrr1 source
  92. 1825
    Sovereign debtrr1 source
  93. 1824
    Sovereign debtgmd, rr2 sources
  94. 1820
    Sovereign debtgmd, rr2 sources
  95. 1817
    Bankingrr1 source
  96. 1816
    Bankingrr1 source
  97. 1815
    Bankingrr1 source
  98. 1814
    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.

1814–1820

BankingSovereign debt
Inflation (% y/y)
-50050100150180918141825
Policy rate (%)
No data for this window
Govt debt (% of GDP)
No data for this window

1824–1867

Sovereign debtBanking
Inflation (% y/y)
-50050181918241872
Policy rate (%)
No data for this window
Govt debt (% of GDP)
050100150181918241872

1877–1883

Sovereign debtBanking
Inflation (% y/y)
-50510187218771888
Policy rate (%)
0246187218771888
Govt debt (% of GDP)
0100200187218771888

1890

Banking
Inflation (% y/y)
-5-2.502.55188518901895
Policy rate (%)
0246188518901895
Govt debt (% of GDP)
050100188518901895

1898

Currency
Inflation (% y/y)
-1001020189318981903
Policy rate (%)
0246189318981903
Govt debt (% of GDP)
050100150189318981903

1913

Banking
Inflation (% y/y)
-1001020190819131918
Policy rate (%)
0246190819131918
Govt debt (% of GDP)
050100190819131918

1918–1925

CurrencyBanking
Inflation (% y/y)
-1001020191319181930
Policy rate (%)
0246191319181930
Govt debt (% of GDP)
0255075191319181930

1929–1931

CurrencyBanking
Inflation (% y/y)
-10-505192419291936
Policy rate (%)
02.557.5192419291936
Govt debt (% of GDP)
0255075192419291936

1936–1939

CurrencySovereign debt
Inflation (% y/y)
-100102030193119361944
Policy rate (%)
02.557.5193119361944
Govt debt (% of GDP)
0255075193119361944

1946–1950

Currency
Inflation (% y/y)
-2002040194119461955
Policy rate (%)
024194119461955
Govt debt (% of GDP)
0255075194119461955

1959–1960

Currency
Inflation (% y/y)
051015195419591965
Policy rate (%)
0246195419591965
Govt debt (% of GDP)
02040195419591965

1967

Currency
Inflation (% y/y)
051015196219671972
Policy rate (%)
02.557.5196219671972
Govt debt (% of GDP)
01020196219671972

1975–1985

BankingCurrencyFiscal cost 7.7% of GDP, output loss 58.5% of GDP (Laeven-Valencia 2026)
Inflation (% y/y)
0102030197019751990
Policy rate (%)
0102030197019751990
Govt debt (% of GDP)
0204060197019751990

1993

Currency
Inflation (% y/y)
02.557.5198819931998
Policy rate (%)
051015198819931998
Govt debt (% of GDP)
0255075198819931998

2005–2014

CurrencyBankingFiscal cost 5.4% of GDP, output loss 38.8% of GDP (Laeven-Valencia 2026)
Inflation (% y/y)
-20246200020052019
Policy rate (%)
-2024200020052019
Govt debt (% of GDP)
050100150200020052019

2020–2021

Banking
Inflation (% y/y)
-50510201520202025
Policy rate (%)
-2024201520202025
Govt debt (% of GDP)
050100150201520202025

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