The great depression that started with the stock market crash in 1929 affected most of the world. Examples of significant excessive lending have been loans by international syndicates of banks, notably to Mexico, Brazil and Argentina. This was initiated by easy money in the USA beginning in 1970, and accelerated by rises in oil prices in 1973 and 1979 that increased not only the surplus of oil producing countries as supplier of funds, but also the need for loans by non-oil producing countries as well as the capacity to borrow from oil producing developing economies. Suddenly, interest rates in the US market jumped upward. Accordingly, governments of borrowing countries became insolvent, or at least they claimed to be so.
Oriental countries share the incidence of financial crises.
For example, a boom in the Japanese economy during the First World War was interrupted by a severe stock market crash in 1920 and a devastating earthquake in 1923. To reduce the unfavourable impact to the credit system, the Bank of Japan extended loans as a lender of last resort and most likely weakened the discipline of the banking sector. These bank-runs and credit collapse are now known as the 'financial crisis' of 1927. After this incident, banking regulation was substantially tightened in Japan. Incidentally, the relative intensity of disturbances to the financial sector at present, namely in the early 1990s in Japan, is at least comparable to that of the financial crisis of 1927.