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FinObservatory

Crisis atlas / ISL

Iceland

37 distinct crisis events in 9 episodes, 1920–2016, from the union of five primary chronologies.

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

15
Banking crises
22
Currency crises
0
Sovereign debt crises
37
Crisis events
1920–2016
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. 2016
    Bankingrr1 source
  2. 2015
    Bankingrr1 source
  3. 2014
    Bankingrr1 source
  4. 2013
    Bankingrr1 source
  5. 2012
    Bankinglaeven_valencia, rr2 sources
  6. 2011
    Bankinglaeven_valencia, rr2 sources
  7. 2010
    Bankinglaeven_valencia, rr2 sources
  8. 2009
    Bankinglaeven_valencia, rr2 sources
  9. 2008
    Currencygmd, laeven_valencia, rr3 sources
    Bankinggmd, laeven_valencia, rr3 sources
  10. 2007
    Bankingrr1 source
  11. 2000
    Currencyrr1 source
  12. 1993
    Bankinggmd1 source
  13. 1989
    Currencygmd, laeven_valencia, rr3 sources
  14. 1988
    Currencyrr1 source
  15. 1986
    Currencyrr1 source
    Bankingrr1 source
  16. 1985
    Currencyrr1 source
    Bankinggmd, rr2 sources
  17. 1984
    Currencyrr1 source
  18. 1983
    Currencyrr1 source
  19. 1982
    Currencyrr1 source
  20. 1981
    Currencygmd, laeven_valencia, rr3 sources
  21. 1980
    Currencyrr1 source
  22. 1979
    Currencyrr1 source
  23. 1978
    Currencyrr1 source
  24. 1977
    Currencyrr1 source
  25. 1976
    Currencyrr1 source
  26. 1975
    Currencygmd, laeven_valencia, rr3 sources
  27. 1974
    Currencyrr1 source
  28. 1970
    Currencyrr1 source
  29. 1960
    Currencygmd, rr2 sources
  30. 1950
    Currencyrr1 source
  31. 1947
    Currencygmd, rr2 sources
  32. 1932
    Currencygmd, rr2 sources
  33. 1930
    Bankinggmd1 source
  34. 1920
    Bankinggmd1 source

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.

1920

Banking
Inflation (% y/y)
-250255075191519201925
Policy rate (%)
0510191519201925
Govt debt (% of GDP)
0102030191519201925

1930–1932

BankingCurrency
Inflation (% y/y)
-20-10010192519301937
Policy rate (%)
02.557.5192519301937
Govt debt (% of GDP)
0102030192519301937

1947–1950

Currency
Inflation (% y/y)
-100102030194219471955
Policy rate (%)
02.557.5194219471955
Govt debt (% of GDP)
051015194219471955

1960

Currency
Inflation (% y/y)
01020195519601965
Policy rate (%)
0510195519601965
Govt debt (% of GDP)
051015195519601965

1970

Currency
Inflation (% y/y)
0204060196519701975
Policy rate (%)
01020196519701975
Govt debt (% of GDP)
01020196519701975

1974–1989

CurrencyBanking
Inflation (% y/y)
050100196919741994
Policy rate (%)
02040196919741994
Govt debt (% of GDP)
0204060196919741994

1993

Banking
Inflation (% y/y)
0102030198819931998
Policy rate (%)
0102030198819931998
Govt debt (% of GDP)
0204060198819931998

2000

Currency
Inflation (% y/y)
02.557.5199520002005
Policy rate (%)
051015199520002005
Govt debt (% of GDP)
050100199520002005

2007–2016

BankingCurrencyFiscal cost 37.6% of GDP, output loss 34.5% of GDP (Laeven-Valencia 2026)
Inflation (% y/y)
051015200220072021
Policy rate (%)
01020200220072021
Govt debt (% of GDP)
050100150200220072021

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