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FinObservatory

Crisis atlas / NOR

Norway

36 distinct crisis events in 15 episodes, 1814–2021, from the union of five primary chronologies.

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

23
Banking crises
13
Currency crises
0
Sovereign debt crises
36
Crisis events
1814–2021
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
    Currencyrr1 source
  4. 2015
    Currencyrr1 source
  5. 2014
    Currencyrr1 source
  6. 2009
    Bankingesrb1 source
  7. 2008
    Currencyrr1 source
    Bankingesrb, gmd2 sources
  8. 1993
    Bankingesrb, laeven_valencia, rr3 sources
  9. 1992
    Bankingesrb, laeven_valencia, rr3 sources
  10. 1991
    Bankingesrb, laeven_valencia, rr3 sources
  11. 1990
    Bankingesrb, rr2 sources
  12. 1989
    Bankingesrb, rr2 sources
  13. 1988
    Bankingesrb, jst, rr3 sources
  14. 1987
    Bankinggmd, rr2 sources
  15. 1986
    Currencyrr1 source
  16. 1982
    Currencyrr1 source
  17. 1950
    Currencygmd, rr2 sources
  18. 1936
    Bankingrr1 source
  19. 1931
    Bankinggmd, jst2 sources
  20. 1927
    Bankingrr1 source
  21. 1923
    Currencyrr1 source
    Bankingrr1 source
  22. 1922
    Bankingjst, rr2 sources
  23. 1921
    Currencyrr1 source
    Bankingrr1 source
  24. 1920
    Currencygmd, rr2 sources
  25. 1919
    Bankinggmd1 source
  26. 1914
    Bankinggmd1 source
  27. 1900
    Bankingrr1 source
  28. 1899
    Bankingjst, rr2 sources
  29. 1898
    Bankinggmd1 source
  30. 1864
    Currencygmd, rr2 sources
  31. 1821
    Currencyrr1 source
  32. 1820
    Currencygmd, rr2 sources
  33. 1814
    Bankinggmd, 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

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.

1814

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

1820–1821

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

1864

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

1898–1900

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

1914

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

1919–1923

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

1927

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

1931

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

1936

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

1950

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

1982

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

1986–1993

CurrencyBanking1991–1993: fiscal cost 2.7% of GDP, output loss 5.1% of GDP(Laeven-Valencia 2026)
Inflation (% y/y)
Policy rate (%)
Govt debt (% of GDP)

2008–2009

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

2014–2016

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