FinObservatory

Crisis atlas / SWE

Sweden

41 distinct crisis events in 15 episodes, 1811–2021, from the union of five primary chronologies.

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

28
Banking crises
12
Currency crises
1
Sovereign debt crises
41
Crisis events
1811–2021
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. 2014
    Currencyrr1 source
  4. 2010
    Bankingesrb, rr2 sources
  5. 2009
    Bankingesrb, laeven_valencia, rr3 sources
  6. 2008
    Currencyrr1 source
    Bankingesrb, gmd, jst, laeven_valencia, rr5 sources
  7. 1997
    Bankingesrb1 source
  8. 1996
    Bankingesrb1 source
  9. 1995
    Bankingesrb, laeven_valencia2 sources
  10. 1994
    Bankingesrb, laeven_valencia, rr3 sources
  11. 1993
    Currencygmd, laeven_valencia2 sources
    Bankingesrb, laeven_valencia, rr3 sources
  12. 1992
    Currencyrr1 source
    Bankingesrb, laeven_valencia, rr3 sources
  13. 1991
    Bankingesrb, gmd, jst, laeven_valencia, rr5 sources
  14. 1982
    Currencyrr1 source
  15. 1977
    Currencyrr1 source
  16. 1950
    Currencygmd, rr2 sources
  17. 1932
    Bankingrr1 source
  18. 1931
    Bankingjst, rr2 sources
  19. 1923
    Bankingrr1 source
  20. 1922
    Bankingjst, rr2 sources
  21. 1921
    Bankingrr1 source
  22. 1919
    Bankinggmd1 source
  23. 1918
    Currencygmd, rr2 sources
  24. 1907
    Bankinggmd, jst, rr3 sources
  25. 1897
    Bankingrr1 source
  26. 1879
    Bankingrr1 source
  27. 1878
    Bankinggmd, jst, rr3 sources
  28. 1877
    Bankingrr1 source
  29. 1876
    Bankingrr1 source
  30. 1863
    Currencyrr1 source
  31. 1862
    Currencygmd, rr2 sources
  32. 1819
    Currencygmd, rr2 sources
  33. 1815
    Currencygmd, rr2 sources
  34. 1814
    Bankingrr1 source
  35. 1813
    Bankingrr1 source
  36. 1812
    Sovereign debtgmd, rr2 sources
    Bankingrr1 source
  37. 1811
    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.

1811–1815

BankingSovereign debtCurrency
Inflation (% y/y)
-2002040180618111820
Policy rate (%)
No data for this window
Govt debt (% of GDP)
0102030180618111820

1819

Currency
Inflation (% y/y)
-20-10010181418191824
Policy rate (%)
No data for this window
Govt debt (% of GDP)
01020181418191824

1862–1863

Currency
Inflation (% y/y)
-20-10010185718621868
Policy rate (%)
No data for this window
Govt debt (% of GDP)
01020185718621868

1876–1879

Banking
Inflation (% y/y)
-10-50510187118761884
Policy rate (%)
0246187118761884
Govt debt (% of GDP)
0102030187118761884

1897

Banking
Inflation (% y/y)
-10-505189218971902
Policy rate (%)
0246189218971902
Govt debt (% of GDP)
0102030189218971902

1907

Banking
Inflation (% y/y)
-2.502.557.5190219071912
Policy rate (%)
02.557.5190219071912
Govt debt (% of GDP)
0102030190219071912

1918–1923

CurrencyBanking
Inflation (% y/y)
-2502550191319181928
Policy rate (%)
02.557.5191319181928
Govt debt (% of GDP)
0102030191319181928

1931–1932

Banking
Inflation (% y/y)
-5-2.502.55192619311937
Policy rate (%)
0246192619311937
Govt debt (% of GDP)
02040192619311937

1950

Currency
Inflation (% y/y)
-1001020194519501955
Policy rate (%)
024194519501955
Govt debt (% of GDP)
0204060194519501955

1977

Currency
Inflation (% y/y)
051015197219771982
Policy rate (%)
051015197219771982
Govt debt (% of GDP)
0204060197219771982

1982

Currency
Inflation (% y/y)
051015197719821987
Policy rate (%)
051015197719821987
Govt debt (% of GDP)
0204060197719821987

1991–1997

BankingCurrencyFiscal cost 3.6% of GDP, output loss 32.9% of GDP (Laeven-Valencia 2026)
Inflation (% y/y)
-5051015198619912002
Policy rate (%)
051015198619912002
Govt debt (% of GDP)
0255075198619912002

2008–2010

BankingCurrencyFiscal cost 0.2% of GDP, output loss 25.5% of GDP (Laeven-Valencia 2026)
Inflation (% y/y)
-2024200320082015
Policy rate (%)
-2024200320082015
Govt debt (% of GDP)
0204060200320082015

2014

Currency
Inflation (% y/y)
-2024200920142019
Policy rate (%)
-1012200920142019
Govt debt (% of GDP)
0204060200920142019

2020–2021

Banking
Inflation (% y/y)
-50510201520202025
Policy rate (%)
-2024201520202025
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