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Financial Crises History
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Nordic Banking Crisis (early 1990s)
A crisis where banking systems in Sweden, Finland, and Norway collapsed leading to nationalization and/or government bailouts due to a real estate and financial bubble.
Oil Crisis (1973)
Following the Yom Kippur War, OAPEC proclaimed an oil embargo, leading to high oil prices and causing a stock market crash and stagflation in many countries.
Dot-com Bubble (2000)
An excessive speculative bubble where the excessive investment in Internet-based companies led to a stock market crash when it burst.
Junk Bond Crisis (1989)
Arising from the collapse of the junk bond market in the United States, this crisis led to the bankruptcy of several firms and a slowdown in LBO activity.
Turkish Economic Crisis (2001)
A crisis precipitated by a mix of fiscal deficits, high inflation, and a government decision to float the currency, resulting in severe banking failures and economic contraction.
Banking Crisis of the Great Depression (1930s)
Characterized by a wave of banking panics, these crises led to a catastrophic decrease in bank lending and collapse of many banks during the Great Depression.
Global Financial Crisis (2007-2008)
Originating in the USA from the subprime mortgage market collapse, this crisis resulted in a severe global financial downturn and the European sovereign debt crisis.
Savings and Loan Crisis (1980s-1990s)
A series of banking failures in the United States that led to a severe financial crisis in the Savings and Loan industry, ultimately costing taxpayers billions.
The Great Depression (1929)
A severe worldwide economic depression initiated by the US stock market crash of 1929, exacerbated by bank failures, and reduction in purchasing.
Mexican Peso Crisis (1994-1995)
Caused by political turmoil and a fixed exchange rate policy, the crisis saw a rapid devaluation of the Mexican Peso and required a US-backed bailout.
Black Monday (1987)
A sudden, severe, and largely unexpected stock market crash that occurred on October 19, 1987, with the Dow Jones Industrial Average falling by 22% in a single day.
Argentine Economic Crisis (1999-2002)
Triggered by a currency board regime and external shocks, Argentina faced a severe recession, defaulting on its debt, and experiencing massive social unrest.
Tulip Mania (1637)
Considered to be the first recorded economic bubble, Tulip Mania occurred in the Dutch Republic when speculators drove tulip bulb prices to extremes, before prices dramatically collapsed.
European Sovereign Debt Crisis (2010)
A crisis in which several European countries faced the collapse of financial institutions, high government debt, and rapidly rising bond yield spreads.
Latin American Debt Crisis (1980s)
During the 1980s, Latin American countries, unable to pay back substantial foreign debts, experienced severe economic stagnation, inflation, and poverty.
Panic of 1907
A financial crisis that took place in the United States when the New York Stock Exchange fell almost 50% from its peak the previous year, leading to bankruptcy and economic depression.
Lebanese Financial Crisis (2020-onward)
An ongoing financial crisis caused by state-level corruption, economic mismanagement, and the unsustainable accumulation of debt, leading to currency collapse and hyperinflation.
South Sea Bubble (1720)
The South Sea Company in Britain granted a monopoly to trade in the South Seas, resulting in rampant speculation before collapsing, devastating the economy.
Asian Financial Crisis (1997)
Resulting from a lack of foreign currency to pay debts, multiple Asian countries saw their currencies fall, leading to financial contagion and a regional economic crisis.
Russian Financial Crisis (1998)
Due to a decline in productivity, economic mismanagement, and a fixed currency rate, Russia eventually defaulted on its debt leading to the devaluation of the Ruble.
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