Many financial crises are at the global level, yet some of them can be country-specific, especially the ones connected with political instability.

For example, the 1990 recession of Russia, the 1958 recession in China, and the recent Brazil currency crisis is kind of independent of the global economic situation. The Eurozone crisis also only applies to a limit number of nations. Examples also include the Iceland bankruptcy.

So my question is, how could we identify those country-specific crises? Are there any established methods/datasets? Any references or ideas or suggests or guidelines will help!


1 Answer 1


Several articles use data sets on this issue but I am not sure that all the data sets are freely available.

  1. Valencia & Laeven (2012) use the IMF country reports to create their data set. It covers all IMF member countries since 1970.
    EDIT: it is available here, as pointed out by @dismalscience.

  2. Reinhart and Rogoff (2009) have 70 countries since roughly 1900 based on a wide set of sources.

  3. Romer & Romer (2017) construct financial distress index at semi-annual frequency for 24 countries based on the OECD Economic Outlook. It is available since 1967. This data set is freely available and also contains a measure for the depth of the crisis.


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