FinObservatory

Crisis atlas / USA

United States

71 distinct crisis events in 19 episodes, 1814–2011, from the union of five primary chronologies.

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

39
Banking crises
31
Currency crises
1
Sovereign debt crises
71
Crisis events
1814–2011
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. 2011
    Bankinglaeven_valencia1 source
  2. 2010
    Bankinglaeven_valencia, rr2 sources
  3. 2009
    Bankinglaeven_valencia, rr2 sources
  4. 2008
    Bankinglaeven_valencia, rr2 sources
  5. 2007
    Bankinggmd, jst, laeven_valencia, rr4 sources
  6. 2003
    Currencyrr1 source
  7. 2002
    Currencyrr1 source
  8. 1991
    Bankingrr1 source
  9. 1990
    Bankinggmd, rr2 sources
  10. 1989
    Bankingrr1 source
  11. 1988
    Bankinglaeven_valencia, rr2 sources
  12. 1987
    Bankingrr1 source
  13. 1986
    Bankingrr1 source
  14. 1985
    Bankingrr1 source
  15. 1984
    Bankinggmd, jst, rr3 sources
  16. 1975
    Currencyrr1 source
  17. 1971
    Currencyrr1 source
  18. 1969
    Currencygmd, rr2 sources
  19. 1948
    Currencyrr1 source
  20. 1947
    Currencygmd, rr2 sources
  21. 1940
    Currencyrr1 source
  22. 1939
    Currencygmd, rr2 sources
  23. 1936
    Currencyrr1 source
  24. 1933
    Sovereign debtgmd, rr2 sources
    Currencygmd, rr2 sources
    Bankingrr1 source
  25. 1932
    Bankingrr1 source
  26. 1931
    Currencyrr1 source
    Bankingrr1 source
  27. 1930
    Currencyrr1 source
    Bankinggmd, jst, rr3 sources
  28. 1929
    Currencyrr1 source
    Bankingrr1 source
  29. 1927
    Currencyrr1 source
  30. 1926
    Currencygmd, rr2 sources
  31. 1921
    Currencyrr1 source
  32. 1920
    Currencygmd, rr2 sources
  33. 1915
    Currencyrr1 source
  34. 1914
    Currencygmd, rr2 sources
    Bankingrr1 source
  35. 1908
    Currencygmd, rr2 sources
  36. 1907
    Bankinggmd, jst, rr3 sources
  37. 1902
    Currencygmd, rr2 sources
  38. 1897
    Currencygmd, rr2 sources
  39. 1894
    Currencyrr1 source
  40. 1893
    Currencyrr1 source
    Bankingjst, rr2 sources
  41. 1892
    Currencyrr1 source
  42. 1891
    Currencygmd, rr2 sources
  43. 1890
    Bankinggmd1 source
  44. 1886
    Currencygmd, rr2 sources
  45. 1884
    Bankinggmd, rr2 sources
  46. 1876
    Currencygmd, rr2 sources
  47. 1873
    Bankinggmd, jst, rr3 sources
  48. 1866
    Bankingrr1 source
  49. 1865
    Bankingrr1 source
  50. 1864
    Bankingrr1 source
  51. 1862
    Currencygmd, rr2 sources
  52. 1861
    Bankinggmd, rr2 sources
  53. 1857
    Bankinggmd, rr2 sources
  54. 1841
    Bankinggmd, rr2 sources
  55. 1838
    Bankingrr1 source
  56. 1837
    Bankinggmd, rr2 sources
  57. 1825
    Bankinggmd, rr2 sources
  58. 1819
    Bankingrr1 source
  59. 1818
    Bankingrr1 source
  60. 1817
    Bankingrr1 source
  61. 1816
    Bankingrr1 source
  62. 1815
    Bankingrr1 source
  63. 1814
    Currencygmd, rr2 sources
    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.

1814–1819

BankingCurrency
Inflation (% y/y)
-20020180918141824
Policy rate (%)
No data for this window
Govt debt (% of GDP)
01020180918141824

1825

Banking
Inflation (% y/y)
-15-10-505182018251830
Policy rate (%)
No data for this window
Govt debt (% of GDP)
01020182018251830

1837–1841

Banking
Inflation (% y/y)
-10-50510183218371846
Policy rate (%)
No data for this window
Govt debt (% of GDP)
0123183218371846

1857

Banking
Inflation (% y/y)
-1001020185218571862
Policy rate (%)
No data for this window
Govt debt (% of GDP)
0510185218571862

1861–1866

BankingCurrency
Inflation (% y/y)
-2002040185618611871
Policy rate (%)
No data for this window
Govt debt (% of GDP)
02040185618611871

1873–1876

BankingCurrency
Inflation (% y/y)
-10-505186818731881
Policy rate (%)
No data for this window
Govt debt (% of GDP)
0102030186818731881

1884–1886

BankingCurrency
Inflation (% y/y)
-4-2024187918841891
Policy rate (%)
No data for this window
Govt debt (% of GDP)
0102030187918841891

1890–1897

BankingCurrency
Inflation (% y/y)
-6-4-202188518901902
Policy rate (%)
No data for this window
Govt debt (% of GDP)
051015188518901902

1902

Currency
Inflation (% y/y)
-20246189719021907
Policy rate (%)
No data for this window
Govt debt (% of GDP)
0510189719021907

1907–1908

BankingCurrency
Inflation (% y/y)
-2.502.55190219071913
Policy rate (%)
No data for this window
Govt debt (% of GDP)
0246190219071913

1914–1915

BankingCurrency
Inflation (% y/y)
-1001020190919141920
Policy rate (%)
0246190919141920
Govt debt (% of GDP)
02040190919141920

1920–1921

Currency
Inflation (% y/y)
-20-1001020191519201926
Policy rate (%)
02.557.5191519201926
Govt debt (% of GDP)
02040191519201926

1926–1940

CurrencyBankingSovereign debt
Inflation (% y/y)
-20-1001020192119261945
Policy rate (%)
02.557.5192119261945
Govt debt (% of GDP)
050100150192119261945

1947–1948

Currency
Inflation (% y/y)
-1001020194219471953
Policy rate (%)
012194219471953
Govt debt (% of GDP)
050100150194219471953

1969–1971

Currency
Inflation (% y/y)
051015196419691976
Policy rate (%)
0510196419691976
Govt debt (% of GDP)
0204060196419691976

1975

Currency
Inflation (% y/y)
051015197019751980
Policy rate (%)
0102030197019751980
Govt debt (% of GDP)
0204060197019751980

1984–1991

BankingFiscal cost 3.7% of GDP, output loss 0.0% of GDP (Laeven-Valencia 2026)
Inflation (% y/y)
051015197919841996
Policy rate (%)
0102030197919841996
Govt debt (% of GDP)
0255075197919841996

2002–2003

Currency
Inflation (% y/y)
024199720022008
Policy rate (%)
02.557.5199720022008
Govt debt (% of GDP)
0255075199720022008

2007–2011

BankingFiscal cost 4.5% of GDP, output loss 30.0% of GDP (Laeven-Valencia 2026)
Inflation (% y/y)
-2024200220072016
Policy rate (%)
0246200220072016
Govt debt (% of GDP)
050100150200220072016

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