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) | 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)
-1000100200180918141819
Policy rate (%)
0510180918141819
Govt debt (% of GDP)
No data for this window

1820–1821

Currency
Inflation (% y/y)
-50050100181518201826
Policy rate (%)
0510181518201826
Govt debt (% of GDP)
No data for this window

1864

Currency
Inflation (% y/y)
-505185918641869
Policy rate (%)
02.557.5185918641869
Govt debt (% of GDP)
No data for this window

1898–1900

Banking
Inflation (% y/y)
-1001020189318981905
Policy rate (%)
02.557.5189318981905
Govt debt (% of GDP)
02040189318981905

1914

Banking
Inflation (% y/y)
02040190919141919
Policy rate (%)
0246190919141919
Govt debt (% of GDP)
02040190919141919

1919–1923

BankingCurrency
Inflation (% y/y)
-2002040191419191928
Policy rate (%)
02.557.5191419191928
Govt debt (% of GDP)
0204060191419191928

1927

Banking
Inflation (% y/y)
-20-10010192219271932
Policy rate (%)
02.557.5192219271932
Govt debt (% of GDP)
0204060192219271932

1931

Banking
Inflation (% y/y)
-20-10010192619311936
Policy rate (%)
0246192619311936
Govt debt (% of GDP)
0204060192619311936

1936

Banking
Inflation (% y/y)
-1001020193119361941
Policy rate (%)
0246193119361941
Govt debt (% of GDP)
0204060193119361941

1950

Currency
Inflation (% y/y)
-1001020194519501955
Policy rate (%)
024194519501955
Govt debt (% of GDP)
0255075194519501955

1982

Currency
Inflation (% y/y)
051015197719821987
Policy rate (%)
051015197719821987
Govt debt (% of GDP)
0255075197719821987

1986–1993

CurrencyBankingFiscal cost 2.7% of GDP, output loss 5.1% of GDP (Laeven-Valencia 2026)
Inflation (% y/y)
051015198119861998
Policy rate (%)
051015198119861998
Govt debt (% of GDP)
0204060198119861998

2008–2009

BankingCurrency
Inflation (% y/y)
024200320082014
Policy rate (%)
0246200320082014
Govt debt (% of GDP)
0204060200320082014

2014–2016

Currency
Inflation (% y/y)
024200920142021
Policy rate (%)
012200920142021
Govt debt (% of GDP)
0204060200920142021

2020–2021

Banking
Inflation (% y/y)
0246201520202025
Policy rate (%)
0246201520202025
Govt debt (% of GDP)
0204060201520202025

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