FinObservatory

Crisis atlas / ITA

Italy

54 distinct crisis events in 13 episodes, 1866–2021, from the union of five primary chronologies.

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

33
Banking crises
14
Currency crises
7
Sovereign debt crises
54
Crisis events
1866–2021
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. 2016
    Bankinggmd1 source
  4. 2014
    Bankingrr1 source
  5. 2013
    Bankingesrb, rr2 sources
  6. 2012
    Bankingesrb, rr2 sources
  7. 2011
    Bankingesrb, rr2 sources
  8. 2010
    Bankingrr1 source
  9. 2009
    Bankinglaeven_valencia, rr2 sources
  10. 2008
    Bankinggmd, jst, laeven_valencia, rr4 sources
  11. 2005
    Currencyrr1 source
  12. 1997
    Bankingesrb1 source
  13. 1996
    Bankingesrb1 source
  14. 1995
    Bankingesrb, rr2 sources
  15. 1994
    Bankingesrb, rr2 sources
  16. 1993
    Bankingesrb, rr2 sources
  17. 1992
    Currencyrr1 source
    Bankingesrb, gmd, rr3 sources
  18. 1991
    Bankingesrb, rr2 sources
  19. 1990
    Bankingjst, rr2 sources
  20. 1981
    Currencygmd, laeven_valencia2 sources
  21. 1976
    Currencyrr1 source
  22. 1946
    Sovereign debtrr1 source
    Currencygmd, rr2 sources
  23. 1945
    Sovereign debtrr1 source
  24. 1944
    Sovereign debtgmd, rr2 sources
  25. 1943
    Sovereign debtrr1 source
    Currencyrr1 source
  26. 1942
    Sovereign debtrr1 source
    Currencyrr1 source
  27. 1941
    Sovereign debtrr1 source
    Currencyrr1 source
  28. 1940
    Sovereign debtgmd, rr2 sources
    Currencyrr1 source
  29. 1939
    Currencyrr1 source
  30. 1936
    Currencygmd, rr2 sources
  31. 1935
    Bankingjst, rr2 sources
  32. 1931
    Bankingrr1 source
  33. 1930
    Bankinggmd, jst, rr3 sources
  34. 1922
    Bankingrr1 source
  35. 1921
    Bankinggmd, jst, rr3 sources
  36. 1920
    Currencyrr1 source
  37. 1919
    Currencygmd, rr2 sources
  38. 1915
    Currencygmd, rr2 sources
  39. 1914
    Bankinggmd, rr2 sources
  40. 1907
    Bankinggmd, jst, rr3 sources
  41. 1893
    Bankingjst, rr2 sources
  42. 1891
    Bankingrr1 source
  43. 1889
    Bankinggmd, rr2 sources
  44. 1887
    Bankingjst1 source
  45. 1873
    Bankinggmd, jst2 sources
  46. 1868
    Bankingrr1 source
  47. 1867
    Bankingrr1 source
  48. 1866
    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.

1866–1868

Banking
Inflation (% y/y)
-1001020186118661873
Policy rate (%)
0510186118661873
Govt debt (% of GDP)
050100186118661873

1873

Banking
Inflation (% y/y)
-20-1001020186818731878
Policy rate (%)
0246186818731878
Govt debt (% of GDP)
050100150186818731878

1887–1893

Banking
Inflation (% y/y)
-5-2.502.55188218871898
Policy rate (%)
0246188218871898
Govt debt (% of GDP)
050100150188218871898

1907

Banking
Inflation (% y/y)
-505190219071912
Policy rate (%)
0246190219071912
Govt debt (% of GDP)
050100150190219071912

1914–1915

BankingCurrency
Inflation (% y/y)
-200204060190919141920
Policy rate (%)
0246190919141920
Govt debt (% of GDP)
0100200190919141920

1919–1922

CurrencyBanking
Inflation (% y/y)
-200204060191419191927
Policy rate (%)
02.557.5191419191927
Govt debt (% of GDP)
0100200191419191927

1930–1931

Banking
Inflation (% y/y)
-1001020192519301936
Policy rate (%)
02.557.5192519301936
Govt debt (% of GDP)
050100150192519301936

1935–1946

BankingCurrencySovereign debt
Inflation (% y/y)
-2000200400193019351951
Policy rate (%)
02.557.5193019351951
Govt debt (% of GDP)
050100150193019351951

1976

Currency
Inflation (% y/y)
0102030197119761981
Policy rate (%)
01020197119761981
Govt debt (% of GDP)
0204060197119761981

1981

Currency
Inflation (% y/y)
0102030197619811986
Policy rate (%)
01020197619811986
Govt debt (% of GDP)
050100197619811986

1990–1997

BankingCurrency
Inflation (% y/y)
0510198519902002
Policy rate (%)
051015198519902002
Govt debt (% of GDP)
050100150198519902002

2005–2016

CurrencyBankingFiscal cost 0.7% of GDP, output loss 32.2% of GDP (Laeven-Valencia 2026)
Inflation (% y/y)
-2024200020052021
Policy rate (%)
-2024200020052021
Govt debt (% of GDP)
0100200200020052021

2020–2021

Banking
Inflation (% y/y)
-50510201520202025
Policy rate (%)
-2024201520202025
Govt debt (% of GDP)
0100200201520202025

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