Table 1. Defining and dating crises varieties

|Crisis type|Threshold or criteria to“date”the crisis|Selected studies|
|---|---|---|
|<br>Systemic banking<br>crisis|**Event:**The beginning of a banking crisis is marked by<br>one of two types of events: (1) bank runs that lead to the<br>closure, merging, or takeover by the public sector of one<br>or more financial institutions; and (2) if there are no runs,<br>the closure, merging, take-over, or large-scale<br>government assistance of an important financial<br>institution (or group of institutions), that marks the start<br>of a string of similar outcomes for other financial<br>institutions.|Conant (1919), Bernanke and<br>James (1991), Eichengreen<br>(1992), Caprio and Klingbiel<br>(1996), Kaminsky and<br>Reinhart (1999), Bordo,<br>et.al.(2001), Reinhart and<br>Rogoff (2008), and Laeven<br>and Valencia (2013) and<br>(2020).|
|Borderline/financial<br>distress|**Event:**Same as above but problems could be<br>idiosyncratic affecting a single large institution, or a<br>limited number of smaller institutions. In either case, it<br>does not involve a “too big to fail situation.” In the 19<sup>th</sup><br>century local/regional banking problems were not<br>uncommon.|<br>A subset of the above studies,<br>including the early one by<br>Conant (1919) also include<br>borderline/distress cases.|
|Currency crises and<br>crashes|**Quantitative:**Indices to define currency crises range<br>from the univariate, relying entirely on changes in the<br>exchange rate (depreciations versus the relevant anchor<br>currency greater than some threshold); bivariate to<br>include foreign exchange reserves losses; tri-variate,<br>adding a short-term policy rate to also capture an interest<br>rate defense.|Univariate studies: Frankel<br>and Rose (1996); Reinhart<br>and Rogoff (2009). Bivariate:<br>Kaminsky and Reinhart<br>(1999); tri-variate<br>Eichengreen, Rose and<br>Wyplosz (1996)|
|Inflation crises|**Quantitative:**An annual (or 12-month) inflation rate<br>above a particular threshold. Because of its multi-century,<br>pre-fiat money coverage Reinhart and Rogoff (2009) use<br>20 percent per annum. The remaining studies referenced,<br>which focus on the modern era, use a 40 percent annual<br>threshold.|<br>Bruno and Easterly (1998)<br>Reinhart and Rogoff (2003)<br>and (2009), Ilzetzki, Reinhart,<br>and Rogoff (2019).|
|Hyperinflation|**Quantitative:**<br>Inflation ≥ 50 percent a month<br>Annual increases in the price level exceeding 500<br>percent.|Cagan (1956) is associated<br>with the monthly definition<br>while Reinhart and Rogoff<br>(2009) adopt the annual<br>threshold.|
|External sovereign<br>debt crisis: Private<br>creditors|**Credit event:**A sovereign default is defined as the<br>failure to meet principal or interest payment on the due<br>date (or within the specified grace period). The episodes<br>also include instances where rescheduled debt is<br>ultimately extinguished in terms less favorable to the<br>creditors than the original contract.<br>**Quantitative:**External arrears to the private sector<br>(banks, bondholders, and others)|The major credit rating<br>agencies define credit events<br>in the same manner.<br>Beers, Jones, Walsh (2020)<br>defines defaults by arrears.|
|External sovereign<br>debt crises: Official<br>creditors|<br>Credit event: Debt rescheduling, usually in connection<br>with the Paris Club creditors but in the past two decades<br>also includes debt restructuring with Chinese loans.|On Paris Club debt see<br>Trebesch (2012), while on<br>China’s debt restructuring,<br>see Horn, Reinhart and<br>Trebesch (2019)|
|Domestic debt<br>crises (de jure)|**Credit event:**It mirrors the description of a sovereign<br>default on external debt, but it may also have other<br>manifestations, such as the forcible conversion of bank<br>deposits (either changing the currency of denomination or<br>their maturity and other terms).|<br>Reinhart and Rogoff (2009)<br>and (2011)|

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