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FinObservatory

Crisis atlas / PAN

Panama

31 distinct crisis events in 2 episodes, 1932–1996, from the union of five primary chronologies.

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

2
Banking crises
0
Currency crises
29
Sovereign debt crises
31
Crisis events
1932–1996
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. 1996
    Sovereign debtgmd, laeven_valencia, rr3 sources
  2. 1995
    Sovereign debtrr1 source
  3. 1994
    Sovereign debtrr1 source
  4. 1993
    Sovereign debtrr1 source
  5. 1992
    Sovereign debtrr1 source
  6. 1991
    Sovereign debtrr1 source
  7. 1990
    Sovereign debtrr1 source
  8. 1989
    Sovereign debtrr1 source
    Bankinglaeven_valencia, rr2 sources
  9. 1988
    Sovereign debtrr1 source
    Bankinggmd, laeven_valencia, rr3 sources
  10. 1987
    Sovereign debtrr1 source
  11. 1986
    Sovereign debtrr1 source
  12. 1985
    Sovereign debtrr1 source
  13. 1984
    Sovereign debtrr1 source
  14. 1983
    Sovereign debtgmd, laeven_valencia, rr3 sources
  15. 1946
    Sovereign debtrr1 source
  16. 1945
    Sovereign debtrr1 source
  17. 1944
    Sovereign debtrr1 source
  18. 1943
    Sovereign debtrr1 source
  19. 1942
    Sovereign debtrr1 source
  20. 1941
    Sovereign debtrr1 source
  21. 1940
    Sovereign debtrr1 source
  22. 1939
    Sovereign debtrr1 source
  23. 1938
    Sovereign debtrr1 source
  24. 1937
    Sovereign debtrr1 source
  25. 1936
    Sovereign debtrr1 source
  26. 1935
    Sovereign debtrr1 source
  27. 1934
    Sovereign debtrr1 source
  28. 1933
    Sovereign debtrr1 source
  29. 1932
    Sovereign debtgmd, 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.

1932–1946

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

1983–1996

Sovereign debtBanking1988–1989: fiscal cost 12.9% of GDP, output loss 85.0% of GDP(Laeven-Valencia 2026)
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