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FinObservatory

Crisis atlas / FIN

Finland

29 distinct crisis events in 12 episodes, 1877–2021, from the union of five primary chronologies.

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

14
Banking crises
15
Currency crises
0
Sovereign debt crises
29
Crisis events
1877–2021
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. 2005
    Currencyrr1 source
  4. 1996
    Bankingesrb1 source
  5. 1995
    Bankingesrb, laeven_valencia2 sources
  6. 1994
    Bankingesrb, laeven_valencia, rr3 sources
  7. 1993
    Currencygmd, laeven_valencia2 sources
    Bankingesrb, laeven_valencia, rr3 sources
  8. 1992
    Currencyrr1 source
    Bankingesrb, laeven_valencia, rr3 sources
  9. 1991
    Bankingesrb, jst, laeven_valencia, rr4 sources
  10. 1990
    Bankinggmd1 source
  11. 1967
    Currencygmd, rr2 sources
  12. 1963
    Currencygmd, rr2 sources
  13. 1950
    Currencygmd, rr2 sources
  14. 1948
    Currencyrr1 source
  15. 1946
    Currencyrr1 source
  16. 1945
    Currencygmd, rr2 sources
  17. 1939
    Bankingrr1 source
  18. 1932
    Currencyrr1 source
  19. 1931
    Currencygmd, rr2 sources
    Bankinggmd, jst, rr3 sources
  20. 1921
    Currencyrr1 source
    Bankinggmd, jst, rr3 sources
  21. 1920
    Currencyrr1 source
  22. 1919
    Currencygmd, rr2 sources
  23. 1915
    Currencygmd, rr2 sources
  24. 1900
    Bankinggmd, jst, rr3 sources
  25. 1877
    Bankingjst1 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

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.

1877

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

1900

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

1915

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

1919–1921

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

1931–1932

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

1939

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

1945–1950

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

1963

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

1967

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

1990–1996

BankingCurrency1991–1995: fiscal cost 12.8% of GDP, output loss 69.6% of GDP(Laeven-Valencia 2026)
Inflation (% y/y)
Policy rate (%)
Govt debt (% of GDP)

2005

Currency
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