FinObservatory

Crisis atlas / ROU

Romania

81 distinct crisis events in 6 episodes, 1922–2021, from the union of five primary chronologies.

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

30
Banking crises
20
Currency crises
31
Sovereign debt crises
81
Crisis events
1922–2021
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. 2010
    Bankingesrb1 source
  4. 2009
    Bankingesrb1 source
  5. 2008
    Currencyrr1 source
    Bankingesrb1 source
  6. 2007
    Bankingesrb1 source
  7. 2002
    Bankingrr1 source
  8. 2001
    Currencyrr1 source
    Bankingrr1 source
  9. 2000
    Currencyrr1 source
    Bankingesrb, rr2 sources
  10. 1999
    Currencyrr1 source
    Bankingesrb, laeven_valencia, rr3 sources
  11. 1998
    Currencyrr1 source
    Bankingesrb, gmd, laeven_valencia, rr4 sources
  12. 1997
    Currencyrr1 source
    Bankingesrb, rr2 sources
  13. 1996
    Currencygmd, laeven_valencia, rr3 sources
    Bankingesrb, rr2 sources
  14. 1995
    Currencyrr1 source
    Bankingrr1 source
  15. 1994
    Currencyrr1 source
    Bankingrr1 source
  16. 1993
    Currencyrr1 source
    Bankingrr1 source
  17. 1992
    Currencyrr1 source
    Bankingrr1 source
  18. 1991
    Currencyrr1 source
    Bankingrr1 source
  19. 1990
    Currencyrr1 source
    Bankingrr1 source
  20. 1989
    Bankingesrb1 source
  21. 1988
    Bankingesrb1 source
  22. 1987
    Sovereign debtgmd, laeven_valencia2 sources
    Bankingesrb1 source
  23. 1986
    Sovereign debtrr1 source
    Bankingesrb1 source
  24. 1985
    Bankingesrb1 source
  25. 1984
    Bankingesrb1 source
  26. 1983
    Sovereign debtrr1 source
    Currencyrr1 source
    Bankingesrb1 source
  27. 1982
    Sovereign debtgmd, laeven_valencia, rr3 sources
    Bankingesrb1 source
  28. 1981
    Sovereign debtrr1 source
    Bankingesrb1 source
  29. 1973
    Currencyrr1 source
  30. 1958
    Sovereign debtrr1 source
  31. 1957
    Sovereign debtrr1 source
  32. 1956
    Sovereign debtrr1 source
  33. 1955
    Sovereign debtrr1 source
  34. 1954
    Sovereign debtrr1 source
  35. 1953
    Sovereign debtrr1 source
    Currencygmd, rr2 sources
  36. 1952
    Sovereign debtrr1 source
  37. 1951
    Sovereign debtrr1 source
  38. 1950
    Sovereign debtrr1 source
  39. 1949
    Sovereign debtrr1 source
  40. 1948
    Sovereign debtrr1 source
  41. 1947
    Sovereign debtrr1 source
  42. 1946
    Sovereign debtrr1 source
  43. 1945
    Sovereign debtrr1 source
  44. 1944
    Sovereign debtrr1 source
  45. 1943
    Sovereign debtrr1 source
  46. 1942
    Sovereign debtrr1 source
  47. 1941
    Sovereign debtrr1 source
  48. 1940
    Sovereign debtrr1 source
    Currencygmd, rr2 sources
  49. 1939
    Sovereign debtrr1 source
  50. 1938
    Sovereign debtrr1 source
  51. 1937
    Sovereign debtrr1 source
  52. 1936
    Sovereign debtrr1 source
  53. 1935
    Sovereign debtrr1 source
    Currencygmd, rr2 sources
  54. 1934
    Sovereign debtrr1 source
  55. 1933
    Sovereign debtgmd, rr2 sources
  56. 1932
    Bankingrr1 source
  57. 1931
    Bankinggmd, rr2 sources
  58. 1923
    Currencyrr1 source
  59. 1922
    Currencygmd, 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.

1922–1923

Currency
Inflation (% y/y)
0204060191719221928
Policy rate (%)
0246191719221928
Govt debt (% of GDP)
0204060191719221928

1931–1958

BankingSovereign debtCurrency
Inflation (% y/y)
-50005001k1.5k192619311963
Policy rate (%)
0510192619311963
Govt debt (% of GDP)
050100192619311963

1973

Currency
Inflation (% y/y)
012196819731978
Policy rate (%)
No data for this window
Govt debt (% of GDP)
No data for this window

1981–2002

BankingSovereign debtCurrencyFiscal cost 6.5% of GDP, output loss 0.0% of GDP (Laeven-Valencia 2026)
Inflation (% y/y)
-1000100200300197619812007
Policy rate (%)
0255075197619812007
Govt debt (% of GDP)
0102030197619812007

2007–2010

BankingCurrency
Inflation (% y/y)
-100102030200220072015
Policy rate (%)
0102030200220072015
Govt debt (% of GDP)
02040200220072015

2020–2021

Banking
Inflation (% y/y)
-1001020201520202025
Policy rate (%)
02.557.5201520202025
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