FinObservatory

Crisis atlas / RUS / 1914–2000

Russian Federation, 1914–2000

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.

CurrencySovereign debtBanking

Crisis years in this episode

Every distinct (year, type) event inside the 1914–2000 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. 1914
    Currencygmd, rr2 sources
  2. 1915
    Currencyrr1 source
  3. 1917
    Currencyrr1 source
    Sovereign debtgmd, rr2 sources
  4. 1918
    Currencyrr1 source
    Sovereign debtrr1 source
  5. 1919
    Currencyrr1 source
    Sovereign debtrr1 source
  6. 1920
    Currencyrr1 source
    Sovereign debtrr1 source
  7. 1921
    Currencyrr1 source
    Sovereign debtrr1 source
  8. 1922
    Currencyrr1 source
    Sovereign debtrr1 source
  9. 1923
    Currencyrr1 source
    Sovereign debtrr1 source
  10. 1924
    Currencyrr1 source
    Sovereign debtrr1 source
  11. 1925
    Sovereign debtrr1 source
  12. 1926
    Sovereign debtrr1 source
  13. 1927
    Sovereign debtrr1 source
  14. 1928
    Currencygmd, rr2 sources
    Sovereign debtrr1 source
  15. 1929
    Sovereign debtrr1 source
  16. 1930
    Sovereign debtrr1 source
  17. 1931
    Sovereign debtrr1 source
  18. 1932
    Sovereign debtrr1 source
  19. 1933
    Currencygmd, rr2 sources
    Sovereign debtrr1 source
  20. 1934
    Currencyrr1 source
    Sovereign debtrr1 source
  21. 1935
    Sovereign debtrr1 source
  22. 1936
    Sovereign debtrr1 source
  23. 1937
    Sovereign debtrr1 source
  24. 1938
    Sovereign debtrr1 source
  25. 1939
    Sovereign debtrr1 source
  26. 1940
    Sovereign debtrr1 source
  27. 1941
    Sovereign debtrr1 source
  28. 1942
    Sovereign debtrr1 source
  29. 1943
    Sovereign debtrr1 source
  30. 1944
    Sovereign debtrr1 source
  31. 1945
    Sovereign debtrr1 source
  32. 1946
    Currencygmd, rr2 sources
    Sovereign debtrr1 source
  33. 1947
    Currencyrr1 source
    Sovereign debtrr1 source
  34. 1948
    Currencyrr1 source
    Sovereign debtrr1 source
  35. 1949
    Currencyrr1 source
    Sovereign debtrr1 source
  36. 1950
    Sovereign debtrr1 source
  37. 1951
    Sovereign debtrr1 source
  38. 1952
    Sovereign debtrr1 source
  39. 1953
    Sovereign debtrr1 source
  40. 1954
    Sovereign debtrr1 source
  41. 1955
    Sovereign debtrr1 source
  42. 1956
    Currencygmd, rr2 sources
    Sovereign debtrr1 source
  43. 1957
    Currencyrr1 source
    Sovereign debtrr1 source
  44. 1958
    Sovereign debtrr1 source
  45. 1959
    Sovereign debtrr1 source
  46. 1960
    Currencygmd, rr2 sources
    Sovereign debtrr1 source
  47. 1961
    Currencyrr1 source
    Sovereign debtrr1 source
  48. 1962
    Currencyrr1 source
    Sovereign debtrr1 source
  49. 1963
    Sovereign debtrr1 source
  50. 1964
    Sovereign debtrr1 source
  51. 1965
    Currencygmd, rr2 sources
    Sovereign debtrr1 source
  52. 1966
    Currencyrr1 source
    Sovereign debtrr1 source
  53. 1967
    Currencyrr1 source
    Sovereign debtrr1 source
  54. 1968
    Sovereign debtrr1 source
  55. 1969
    Sovereign debtrr1 source
  56. 1970
    Sovereign debtrr1 source
  57. 1971
    Sovereign debtrr1 source
  58. 1972
    Sovereign debtrr1 source
  59. 1973
    Sovereign debtrr1 source
  60. 1974
    Sovereign debtrr1 source
  61. 1975
    Currencyrr1 source
    Sovereign debtrr1 source
  62. 1976
    Sovereign debtrr1 source
  63. 1977
    Sovereign debtrr1 source
  64. 1978
    Sovereign debtrr1 source
  65. 1979
    Sovereign debtrr1 source
  66. 1980
    Sovereign debtrr1 source
  67. 1981
    Currencyrr1 source
    Sovereign debtrr1 source
  68. 1982
    Sovereign debtrr1 source
  69. 1983
    Currencyrr1 source
    Sovereign debtrr1 source
  70. 1984
    Sovereign debtrr1 source
  71. 1985
    Sovereign debtrr1 source
  72. 1986
    Sovereign debtrr1 source
  73. 1987
    Currencyrr1 source
    Sovereign debtrr1 source
  74. 1988
    Currencyrr1 source
    Sovereign debtrr1 source
  75. 1989
    Currencyrr1 source
    Sovereign debtrr1 source
  76. 1990
    Currencyrr1 source
  77. 1991
    Currencyrr1 source
    Sovereign debtrr1 source
  78. 1992
    Currencyrr1 source
    Sovereign debtrr1 source
  79. 1993
    Currencyrr1 source
    Sovereign debtrr1 source
  80. 1994
    Currencyrr1 source
    Sovereign debtrr1 source
  81. 1995
    Bankinggmd, rr2 sources
    Currencyrr1 source
    Sovereign debtrr1 source
  82. 1996
    Currencyrr1 source
    Sovereign debtrr1 source
  83. 1997
    Sovereign debtrr1 source
  84. 1998
    Bankinglaeven_valencia, rr2 sources
    Currencygmd, laeven_valencia, rr3 sources
    Sovereign debtgmd, laeven_valencia, rr3 sources
  85. 1999
    Bankingrr1 source
    Currencyrr1 source
    Sovereign debtrr1 source
  86. 2000
    Sovereign debtlaeven_valencia, 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

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 1998
6.0%
Fiscal cost, % of GDP
Not reported
Output loss, % of GDP
1998
Episode end year

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

Macro context, 1907–2007

Seven years either side of the episode. Each panel has its own scale; the crisis window is shaded. Only indicators with data for Russian Federation 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)
-1k01k2k190719142007
Real GDP growth (% y/y)
-50-2502550190719142007
Policy rate (%)
0100200300190719142007
Govt debt (% of GDP)
050100150190719142007
Unemployment (%)
051015190719142007
Current account (% of GDP)
-1001020190719142007

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.

Currency
  • Global Macro Database1914, 1928, 1933, 1946, 1956, 1960, 1965, 1998
  • Reinhart-Rogoff1914, 1915, 1917, 1918, 1919, 1920, 1921, 1922, 1923, 1924, 1928, 1933, 1934, 1946, 1947, 1948, 1949, 1956, 1957, 1960, 1961, 1962, 1965, 1966, 1967, 1975, 1981, 1983, 1987, 1988, 1989, 1990, 1991, 1992, 1993, 1994, 1995, 1996, 1998, 1999
  • Laeven-Valencia1998
Sovereign debt
  • Global Macro Database1917, 1998
  • Reinhart-Rogoff1917, 1918, 1919, 1920, 1921, 1922, 1923, 1924, 1925, 1926, 1927, 1928, 1929, 1930, 1931, 1932, 1933, 1934, 1935, 1936, 1937, 1938, 1939, 1940, 1941, 1942, 1943, 1944, 1945, 1946, 1947, 1948, 1949, 1950, 1951, 1952, 1953, 1954, 1955, 1956, 1957, 1958, 1959, 1960, 1961, 1962, 1963, 1964, 1965, 1966, 1967, 1968, 1969, 1970, 1971, 1972, 1973, 1974, 1975, 1976, 1977, 1978, 1979, 1980, 1981, 1982, 1983, 1984, 1985, 1986, 1987, 1988, 1989, 1991, 1992, 1993, 1994, 1995, 1996, 1997, 1998, 1999, 2000
  • Laeven-Valencia1998, 2000
Banking
  • Global Macro Database1995
  • Reinhart-Rogoff1995, 1998, 1999
  • Laeven-Valencia1998

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

15 interventions from the Metrick-Schmelzing banking-crisis database whose recorded year falls inside this episode window (1914–2000). 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.

RUS-1914Russia
  1. Jul-1914LendingBBEL
  2. Jul-1914Regulatory forbearance / rulesDPM
  3. Jul-1914Regulatory forbearance / rulesSBH
RUS-1917Russia
  1. Dec-1917GuaranteesAG
  2. Dec-1917RestructuringRES
RUS-1995Russia
  1. 1995No interventionNO/I
RUS-1998Russia
  1. Nov-1998GuaranteesAG
  2. Oct-1998Regulatory forbearance / rulesCRL
  3. Nov-1998Asset managementBBAM
  4. Nov-1998LendingBBEL
  5. Nov-1998OtherST
  6. Dec-1998LendingBBEL
  7. Aug-1998Asset managementBBAM
  8. Aug-1998LendingBBEL
  9. 1999-2000Capital injectionsAHCI

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.