Crisis atlas / MDG

Madagascar

6 distinct crisis events in 4 episodes, 1981–2004, from the union of five primary chronologies.

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

Banking crises

Currency crises

Sovereign debt crises

Crisis events

1981–2004

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.

2004
Currencygmd, laeven_valencia2 sources
1994
Currencygmd, laeven_valencia2 sources
1992
Sovereign debtgmd, laeven_valencia2 sources
1988
Bankinggmd, laeven_valencia2 sources
1984
Currencygmd, laeven_valencia2 sources
1981
Sovereign debtgmd, laeven_valencia2 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.

1981–1984

Sovereign debtCurrency

Inflation (% y/y)

Policy rate (%)

No data for this window

Govt debt (% of GDP)

1988

Bankingoutput loss 0.0% of GDP (Laeven-Valencia 2026)

Inflation (% y/y)

Policy rate (%)

No data for this window

Govt debt (% of GDP)

1992–1994

Sovereign debtCurrency

Inflation (% y/y)

Policy rate (%)

No data for this window

Govt debt (% of GDP)

2004

Currency

Inflation (% y/y)

Policy rate (%)

No data for this window

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