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Crisis atlas / PRY / 1982–2004

Paraguay, 1982–2004

One crisis episode: distinct crisis years merged across gaps of up to two non-crisis years. Types, source agreement, and macro context are drawn from the union of five primary chronologies.

Sovereign debtCurrencyBanking

Crisis years in this episode

Every distinct (year, type) event inside the 1982–2004 window, with the chronologies flagging it and the count of agreeing sources. Start-year sources (GMD, JST) mark only the first year, so agreement falls in the continuation years.

  1. 1982
    Sovereign debtgmd, laeven_valencia2 sources
  2. 1984
    Currencygmd, laeven_valencia, rr3 sources
  3. 1985
    Currencyrr1 source
  4. 1986
    Currencyrr1 source
    Sovereign debtrr1 source
  5. 1987
    Sovereign debtrr1 source
  6. 1988
    Sovereign debtrr1 source
  7. 1989
    Currencygmd, laeven_valencia, rr3 sources
    Sovereign debtrr1 source
  8. 1990
    Sovereign debtrr1 source
  9. 1991
    Sovereign debtrr1 source
  10. 1992
    Currencyrr1 source
    Sovereign debtgmd, laeven_valencia, rr3 sources
  11. 1993
    Currencyrr1 source
  12. 1995
    Bankinggmd, laeven_valencia, rr3 sources
  13. 1996
    Bankingrr1 source
  14. 1997
    Bankingrr1 source
  15. 1998
    Bankingrr1 source
    Currencyrr1 source
  16. 1999
    Bankingrr1 source
    Currencyrr1 source
  17. 2001
    Currencyrr1 source
  18. 2002
    Bankingrr1 source
    Currencygmd, laeven_valencia, rr3 sources
  19. 2003
    Sovereign debtrr1 source
  20. 2004
    Sovereign debtrr1 source

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

Laeven-Valencia banking-crisis detail

Episode-level fiscal cost and output loss from the systemic banking crises database. Fiscal cost is the gross outlay of banking-sector rescues; output loss is the cumulative deviation of real GDP from its pre-crisis trend, both as a percent of GDP.

Banking episode 1995
12.9%
Fiscal cost, % of GDP
15.3%
Output loss, % of GDP
1995
Episode end year

Source: Laeven & Valencia (2026), IMF WP/26/94, Systemic Banking Crises Database 1970-2025 Methodology

Macro context, 1975–2011

Seven years either side of the episode. Each panel has its own scale; the crisis window is shaded. Only indicators with data for Paraguay in this window are shown. Bank credit growth (year over year in total loans) is available for the 18 Jordà-Schularick-Taylor advanced economies.

Inflation (% y/y)
02040197519822011
Real GDP growth (% y/y)
-1001020197519822011
Policy rate (%)
02040197519822011
Govt debt (% of GDP)
0255075197519822011
Unemployment (%)
0510197519822011
Current account (% of GDP)
-20-10010197519822011

Source: Global Macro Database 2026_06 (Müller, Xu, Lehbib & Chen 2025) | Jordà-Schularick-Taylor Macrohistory R6 (credit) Real GDP growth is derived as the year-over-year change in real GDP; current account and government debt are percent of GDP; policy rate is the central-bank rate; bank credit growth is the year-over-year change in JST total loans. Methodology

How each source dates this episode

The chronologies disagree on start years and durations. This table is generated from the event rows, not curated: it lists, per crisis type, which source flags which years inside the window.

Sovereign debt
  • Global Macro Database1982, 1992
  • Laeven-Valencia1982, 1992
  • Reinhart-Rogoff1986, 1987, 1988, 1989, 1990, 1991, 1992, 2003, 2004
Currency
  • Global Macro Database1984, 1989, 2002
  • Laeven-Valencia1984, 1989, 2002
  • Reinhart-Rogoff1984, 1985, 1986, 1989, 1992, 1993, 1998, 1999, 2001, 2002
Banking
  • Global Macro Database1995
  • Laeven-Valencia1995
  • Reinhart-Rogoff1995, 1996, 1997, 1998, 1999, 2002

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

Documented policy responses

7 interventions from the Metrick-Schmelzing banking-crisis database whose recorded year falls inside this episode window (1982–2004). Each row is one documented government or central-bank action, tagged with the database’s own intervention categories and short code, under the crisis code it assigns. Matching is exact: same country, intervention year inside the window. The database’s global-crisis rows (no country) are never matched here.

PRY-1995Paraguay
  1. 1995Capital injectionsBBCI
  2. 1995LendingBBEL
  3. 1995GuaranteesAG
  4. 1996Capital injectionsAHCI
  5. Jan-1997Capital injectionsAHCI
PRY-2002Paraguay
  1. Jun-2002GuaranteesAG
  2. Jun-2002RestructuringRES

Source: Metrick-Schmelzing Banking-Crisis Interventions Database (Yale Program on Financial Stability) Cite as: Metrick, Andrew, and Paul Schmelzing, "Banking-Crisis Interventions Across Time and Space," working paper, 2024 (dataset consulted 2026-07-10). License: Creative Commons attribution. Methodology

Policy-response case studies (external)

For qualitative accounts of how authorities intervened in systemic crises, see the Yale Program on Financial Stability New Bagehot Project, a library of financial-crisis intervention case studies. It is a separate qualitative resource; no specific case is asserted to match this episode.