page_title: Financial crisis
section_title: 20th century
hierarchical_section_title: Financial crisis / History / 20th century
caption_attribution_description: Newspaper illustration depicting the crowds on Wall Street on the morning of May 14 during the Panic of 1884.
context_page_description: A financial crisis is any of a broad variety of situations in which some financial assets suddenly lose a large part of their nominal value. In the 19th and early 20th centuries, many financial crises were associated with banking panics, and many recessions coincided with these panics. Other situations that are often called financial crises include stock market crashes and the bursting of other financial bubbles, currency crises, and sovereign defaults. Financial crises directly result in a loss of paper wealth but do not necessarily result in significant changes in the real economy.
  Many economists have offered theories about how financial crises develop and how they could be prevented. There is no consensus, however, and financial crises continue to occur from time to time.
context_section_description: Panic of 1901 – limited to crashing of the New York Stock Exchange
  Panic of 1907 – pervasive USA economic recession w/ bank failures
  Panic of 1910–1911
  1910 – Shanghai rubber stock market crisis
  Wall Street Crash of 1929, followed by the Great Depression – the largest and most important economic depression in the 20th century
  1973 – 1973 oil crisis – oil prices soared, causing the 1973–1974 stock market crash
  Secondary banking crisis of 1973–1975 – United Kingdom
  1980s – Latin American debt crisis – beginning in Mexico in 1982 with the Mexican Weekend
  Bank stock crisis (Israel 1983)
  1987 – Black Monday (1987) – the largest one-day percentage decline in stock market history
  1988–92 Norwegian banking crisis
  1989–91 – United States Savings & Loan crisis
  1990 – Japanese asset price bubble collapsed
  early 1990s – Scandinavian banking crisis: Swedish banking crisis, Finnish banking crisis of 1990s
  Early 1990s recession
  1992–93 – Black Wednesday – speculative attacks on currencies in the European Exchange Rate Mechanism
  1994–95 –  Economic crisis in Mexico – speculative attack and default on Mexican debt
  1997–98 – 1997 Asian Financial Crisis – devaluations and banking crises across Asia
  1998 -  Russian financial crisis
caption: Wall Street on the morning of 14 May during the Panic of 1884.
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