Crisis atlas / FRA / 1919–1925

France, 1919–1925

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.

Currency

Crisis years in this episode

Every distinct (year, type) event inside the 1919–1925 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.

1919
Currencygmd, rr2 sources
1920
Currencyrr1 source
1922
Currencyrr1 source
1923
Currencyrr1 source
1925
Currencygmd, 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

Laeven-Valencia banking-crisis detail

Laeven-Valencia reports fiscal cost and output loss for systemic banking crises only. This episode involves currency crises, for which no comparable cost figures exist in the source chronologies.

Macro context, 1912–1932

Seven years either side of the episode. Each panel has its own scale; the crisis window is shaded. Only indicators with data for France 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)

Real GDP growth (% y/y)

Policy rate (%)

Govt debt (% of GDP)

Unemployment (%)

Current account (% of GDP)

Bank credit growth (% y/y)

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

Global Macro Database1919, 1925
Reinhart-Rogoff1919, 1920, 1922, 1923, 1925

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.