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The Panic of 1884 was an economic panic during the Depression of 1882–1885.^[1] It was unusual in that it struck at the end rather than the beginning of the recession. The panic created a credit shortage that led to a significant economic decline in the United States, turning a recession into a depression.^[2]

Background

In the late 19th century, the gold reserves of Europe were depleted and, as demand for it rose,^[3] more than $150 million in gold was exported from the United States between 1882 and 1884.^[2]^[4] The New York City national banks halted investments in the rest of the United States and called in outstanding loans.^[1]

The Panic of 1873 was also a factor in the Panic of 1884. The 1873 panic was caused by practices including speculative bonds and overextension of credit to fund the construction of infrastructure.^[5]^[6] Part of the overextension of credit before 1873 was for railroads, particularly the Northern Pacific railroad, which was financed by Cooke & Co.^[6] In addition, the failure of banks in 1873 undermined the confidence people had in them, increasing mistrust.^[5]

Causes

The failure of several banks set off the panic of 1884.

Grant and Ward

Around 1880, Ferdinand Ward and Ulysses “Buck” Grant Jr., son of former president Ulysses S. Grant, joined to form Grant and Ward, a brokerage firm.^[7]^[8] Ward made a series of bad investments but altered the books to make it appear that the firm was still making money.^[8] He then raised money through a Ponzi-style scheme by promising investors a 10% per month return on investment, but no money was invested. Payments came from new investors.^[8] In addition to capital from investors, the firm was financed in part by James Fish's Marine National Bank.^[9] The Marine National Bank had taken a $1.6 million loan from the city.^[8] In April 1884, the city's comptroller reduced the city's deposits with the bank, causing the bank to fail and Ward's scheme to be exposed.^[8]

In May 1884 the two firms, the Marine National and the brokerage firm Grant and Ward, crashed when their owners’ speculative investments lost value. The failure of Grant and Ward^[3] and Marine National Bank tipped off the Panic of 1884.^[7] When the firms collapsed, it had a ripple effect across Wall Street, causing other firms to fail.

John Chester Eno

Another cause of the panic and mistrust in 1884 was John Chester Eno's embezzlement of over $3 million from the Second National Bank.^[10] The embezzlement was news around the country and he fled to Canada after the bank was almost out of money.^[10] In light of the situation, large numbers of depositors ran to the bank to withdraw their deposits.^[11] His father, Amos Eno, replaced the money Eno had stolen.^[11]

Result

The panic was mostly contained to banks in New York City.^[12]^[13]

The Metropolitan National Bank closed after a rumor spread that the president was going to borrow money from the bank to use on railroad securities.^[12] This claim was proven untrue later.^[12] The institution had financial ties to the banks around it, which raised doubts to the banks it was linked with, after its closure.^[12] This started to spread through Metropolitan's network to institutions located in New Jersey and Pennsylvania. But, it was quickly contained.^[12]

The New York Clearing House thoroughly examined the Metropolitan and deemed it solvent.^[12] The Clearing House advertised the solvency and loaned the bank $3 million so it could withstand the situation and not crash.^[12] These actions reassured the public that their money was safe, and the panic came to an end.^[12]

Some accounts blamed the New York Clearinghouse's decision to stop publishing bank-specific information along with other actions since it is viewed to have alleviated the need for a suspension of convertibility.^[13] It is argued that this is evidenced in the way the panic was largely confined to New York.^[13]

References

^ ^a ^b Sherlock, Thomas J. (2013-04-15). Colorado's Healthcare Heritage: A Chronology of the Nineteenth and Twentieth Centuries Volume One — 1800-1899. Bloomington, IN: iUniverse. p. 287. ISBN 9781475980257.
^ ^a ^b Quentin, Skrabec (2015). The 100 Most Important American Financial Crises: An Encyclopedia of the Lowest Points in American Economic History. Santa Barbara, CA: ABC-CLIO. p. 103. ISBN 9781440830112.
^ ^a ^b Maslin, Janet (2012-05-13). "Great-Grandfather Was a First-Class Bamboozler". The New York Times. ISSN 0362-4331. Retrieved 2021-02-04.
^ Nelson, Scott (17 October 2008). "The Real Great Depression". The Chronicle of Higher Education. Retrieved 2021-02-04.
^ ^a ^b Lee, Jennifer (2008-10-14). "New York and the Panic of 1873". City Room. Retrieved 2021-02-04.
^ ^a ^b Hiltzik, Michael. "Perspective | Presidents who don't act decisively make financial crises worse". The Washington Post.
^ ^a ^b "The Pioneers Of Financial Fraud". finance.yahoo.com. Retrieved 2021-02-04.
^ ^a ^b ^c ^d ^e "Great frauds in history: the downfall of Ferdinand Ward – the "Napoleon of finance"". MoneyWeek. Retrieved 2021-02-04.
^ "Great frauds in history: the downfall of Ferdinand Ward – the "Napoleon of finance"". MoneyWeek. Retrieved 2021-01-29.
^ ^a ^b Unterman, Katherine (2015-10-19). Uncle Sam's Policemen. Harvard University Press. ISBN 978-0-674-91589-3.
^ ^a ^b Wicker, Elmus (2000). Banking Panics of the Gilded Age. Cambridge University Press. p. 36. ISBN 978-0-521-02547-8.
^ ^a ^b ^c ^d ^e ^f ^g ^h "Banking Panics of the Gilded Age | Federal Reserve History". www.federalreservehistory.org. Retrieved 2021-02-04.
^ ^a ^b ^c Gorton, Gary B.; Tallman, Ellis W. (2018). Fighting Financial Crises: Learning from the Past. Chicago: University of Chicago Press. p. 51. ISBN 9780226479514.

Sources

Fels, Rendigs (1952). "The American Business Cycle of 1879-85". Journal of Political Economy. 60 (1): 60–75. doi:10.1086/257151. S2CID 153791133.0
Kane, Thomas (1981). The Romance & Tragedy of Banking: Problems & Incidents of Government Supervision of National Banks. Anro Communications. ISBN 978-0405136597.
Richardson, Gary; Sablik, Tim (December 4, 2015). "Banking Panics of the Gilded Age". Federal Reserve History.
Sangkyun, Park (2012). Contagion of Bank Failures. New York, New York: Routledge. ISBN 978-0415751698.
Sobel, Robert (1968). Panic on Wall Street: A History of America's Financial Disasters. New York: Macmillan. Chapter 6. ISBN 1-893122-46-8.

[:0-1] Sherlock, Thomas J. (2013-04-15). Colorado's Healthcare Heritage: A Chronology of the Nineteenth and Twentieth Centuries Volume One — 1800-1899. Bloomington, IN: iUniverse. p. 287. ISBN 9781475980257.

[:1-2] Quentin, Skrabec (2015). The 100 Most Important American Financial Crises: An Encyclopedia of the Lowest Points in American Economic History. Santa Barbara, CA: ABC-CLIO. p. 103. ISBN 9781440830112.

[:5-3] Maslin, Janet (2012-05-13). "Great-Grandfather Was a First-Class Bamboozler". The New York Times. ISSN 0362-4331. Retrieved 2021-02-04.

[4] Nelson, Scott (17 October 2008). "The Real Great Depression". The Chronicle of Higher Education. Retrieved 2021-02-04.

[:3-5] Lee, Jennifer (2008-10-14). "New York and the Panic of 1873". City Room. Retrieved 2021-02-04.

[:4-6] Hiltzik, Michael. "Perspective | Presidents who don't act decisively make financial crises worse". The Washington Post.

[:6-7] "The Pioneers Of Financial Fraud". finance.yahoo.com. Retrieved 2021-02-04.

[:7-8] "Great frauds in history: the downfall of Ferdinand Ward – the "Napoleon of finance"". MoneyWeek. Retrieved 2021-02-04.

[:32-9] "Great frauds in history: the downfall of Ferdinand Ward – the "Napoleon of finance"". MoneyWeek. Retrieved 2021-01-29.

[:8-10] Unterman, Katherine (2015-10-19). Uncle Sam's Policemen. Harvard University Press. ISBN 978-0-674-91589-3.

[:9-11] Wicker, Elmus (2000). Banking Panics of the Gilded Age. Cambridge University Press. p. 36. ISBN 978-0-521-02547-8.

[:10-12] ^ ^a ^b ^c ^d ^e ^f ^g ^h "Banking Panics of the Gilded Age | Federal Reserve History". www.federalreservehistory.org. Retrieved 2021-02-04.

[:2-13] Gorton, Gary B.; Tallman, Ellis W. (2018). Fighting Financial Crises: Learning from the Past. Chicago: University of Chicago Press. p. 51. ISBN 9780226479514.

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+{{Short description|Economic panic in the United States}}
-{{more footnotes|date = January 2014}}
+{{more footnotes needed|date = January 2014}}
 [[Image:Panic of 1884.jpg|right|thumb|A newspaper illustration from [[Harper's Weekly]], depicting the scene on [[Wall Street]] on the morning of May 14, 1884]]
-The '''Panic of 1884''' was an economic panic during the [[Depression of 1882-85]].<ref name=":0">{{Cite book|title=Colorado's Healthcare Heritage: A Chronology of the Nineteenth and Twentieth Centuries Volume One — 1800-1899|last=Sherlock|first=Thomas J.|date=2013-04-15|publisher=iUniverse|year=|isbn=9781475980257|location=Bloomington, IN|pages=287}}</ref> It was unusual in that it struck at the end rather than the beginning of the recession. The panic created a credit shortage that led to a significant economic decline in the United States, turning a recession into a depression.<ref name=":1">{{Cite book|title=The 100 Most Important American Financial Crises: An Encyclopedia of the Lowest Points in American Economic History|last=Quentin|first=Skrabec|publisher=ABC-CLIO|year=2015|isbn=9781440830112|location=Santa Barbara, CA|pages=103}}</ref>
+The '''Panic of 1884''' was an economic panic during the [[Depression of 1882–1885]].<ref name=":0">{{Cite book |last=Sherlock |first=Thomas J. |title=Colorado's Healthcare Heritage: A Chronology of the Nineteenth and Twentieth Centuries Volume One — 1800-1899 |date=2013-04-15 |publisher=iUniverse |isbn=9781475980257 |location=Bloomington, IN |pages=287}}</ref> It was unusual in that it struck at the end rather than the beginning of the recession. The panic created a credit shortage that led to a significant economic decline in the United States, turning a recession into a depression.<ref name=":1">{{Cite book |last=Quentin |first=Skrabec |title=The 100 Most Important American Financial Crises: An Encyclopedia of the Lowest Points in American Economic History |publisher=ABC-CLIO |year=2015 |isbn=9781440830112 |location=Santa Barbara, CA |pages=103}}</ref>
 == Background ==
+In the late 19th century, the [[gold reserves]] of Europe were depleted and, as demand for it rose,<ref name=":5">{{Cite news |last=Maslin |first=Janet |date=2012-05-13 |title=Great-Grandfather Was a First-Class Bamboozler |language=en-US |work=The New York Times |url=https://www.nytimes.com/2012/05/14/books/a-disposition-to-be-rich-by-geoffrey-c-ward.html |access-date=2021-02-04 |issn=0362-4331}}</ref> more than $150 million in gold was exported from the United States between 1882 and 1884.<ref name=":1"/><ref>{{Cite web |last=Nelson |first=Scott |date=17 October 2008 |title=The Real Great Depression |url=https://www.chronicle.com/article/the-real-great-depression |access-date=2021-02-04 |website=The Chronicle of Higher Education}}</ref> The New York City [[National bank (United States)|national bank]]s halted investments in the rest of the [[United States]] and called in outstanding loans.<ref name=":0"/>
-The [[gold reserves]] of Europe were depleted and as demand for it rose, more than $150 million in gold was exported from the United States between 1882 and 1884.<ref name=":1" /> Beginning in 1882, the U.S. economy contracted with major available indexes such as railway revenue, coal production, imports, and domestic cotton production declining by more than 25 percent. The New York City [[national bank]]s, with tacit approval of the [[United States Treasury Department]], halted investments in the rest of the [[United States]] and called in outstanding loans.<ref name=":0" /> A larger crisis was averted when [[New York Clearing House]] bailed out banks in risk of failure. Nevertheless, the investment firms [[Grant & Ward]], [[Marine Bank of New York]], and [[Penn Bank of Pittsburgh]] failed along with more than 10,000 small firms. This was an economic crash that occurred during the Depression of 1882–1885. It was one of the eight panics that happened in 1863–1913, in the money center of Manhattan. It occurred around the time of the Gilded Age, which was a time around the end of the Civil War, and the beginning of the 1900s. It was an era when economic progress masked social problems and the siren of financial speculation caused financial foolishness in sensible people. Panics like this tended to happen in fall, during the time of greatest strain for the banking systems. Farmers needed money for crops, and the holiday season also brought demands for increase of currency and credit. Since the National Banking System couldn't supply the currency for the increase of the demand, they rose the price of currency, instead. They increased interest rates and lowered the value of banks’ assets, which gave them trouble repaying deposits. It pushed them to insolvency. Because of this dynamic, it triggered more runs in chain reactions, that threatened the entire financial system. An estimation was made that 5% of all American mines and factories had been completely shut down due to this crash. This panic was confined in nearby states and cities around New York. During that time, the uncertainty about banks’ stability and fear that other depositors would be the first to withdraw, triggered panics.
+The [[Panic of 1873]] was also a factor in the Panic of 1884. The 1873 panic was caused by practices including speculative bonds and overextension of credit to fund the construction of infrastructure.<ref name=":3">{{Cite web |last=Lee |first=Jennifer |date=2008-10-14 |title=New York and the Panic of 1873 |url=https://cityroom.blogs.nytimes.com/2008/10/14/learning-lessons-from-the-panic-of-1873 |access-date=2021-02-04 |website=City Room |language=en-US}}</ref><ref name=":4">{{Cite news |last=Hiltzik |first=Michael |title=Perspective {{!}} Presidents who don't act decisively make financial crises worse |url=https://www.washingtonpost.com/outlook/2020/09/30/presidents-who-dont-act-decisively-make-financial-crises-worse |newspaper=[[The Washington Post]]}}</ref> Part of the overextension of credit before 1873 was for railroads, particularly the Northern Pacific railroad, which was financed by Cooke & Co.<ref name=":4"/> In addition, the failure of banks in 1873 undermined the confidence people had in them, increasing mistrust.<ref name=":3"/>
 ==Causes==
+The failure of several banks set off the panic of 1884.
-The immediate cause of the Panic of 1884 was the failure of [[Grant and Ward]] and [[Marine National Bank of New York City]]. These two firms were joined closely together as [[James D. Fish]] was a partner in both. When these two major firms collapsed, it had a ripple effect across [[Wall Street]], causing many firms to fail. Another major cause was the aftereffects of the [[Panic of 1873]], which involved practices such as speculative bonds and overextension of credit to fund the construction of infrastructure. In addition, this failure undermined the confidence people had in Wall Street as it rebuilt after the events of 1873, especially after it became known that John Chester Eno had embezzled over $3 million and fled to Canada. Even though the bank replenished the missing amount and avoided failure, the news was still a huge blow to any remaining good will and confidence Wall Street had and furthered the panic. Overall, the panic was mostly contained to New York but acted as a foreshadow to the [[Great Depression]]. In May 1884 the two firms, the Marine National and the brokerage firm Grant and Ward, crashed when their owners’ speculative investments lost value. Shortly after the first incident, the Second National Bank suffered when it was discovered that John Chester Eno embezzled 3 million dollars and ran away to Canada. Large numbers of depositors simultaneously ran to the bank to withdraw their deposits. This wave of panic forced the bank to sell more assets, further depressing asset prices, further weakening banks’ balance sheets, and further increasing the unease for the public about banks. The Metropolitan National Bank also closed after a rumor spread that the president was going to borrow money, from the bank, to use on railroad securities. Though later, this claim was proven untrue. The latter institution had financial ties to the banks around them, which raised doubts to the banks it was linked with, after its closure. This started to spread through Metropolitan's network to institutions located in New Jersey and Pennsylvania. But, it was quickly contained.
+=== Grant and Ward ===
+Around 1880, [[Ferdinand Ward]] and [[Ulysses S. Grant Jr.|Ulysses “Buck” Grant Jr.]], son of former president [[Ulysses S. Grant]], joined to form Grant and Ward, a brokerage firm.<ref name=":6">{{Cite web |title=The Pioneers Of Financial Fraud |url=http://finance.yahoo.com/news/pioneers-financial-fraud-130000957.html |access-date=2021-02-04 |website=finance.yahoo.com |language=en-US}}</ref><ref name=":7">{{Cite web |title=Great frauds in history: the downfall of Ferdinand Ward – the "Napoleon of finance" |url=https://moneyweek.com/economy/people/601293/great-frauds-in-history-the-downfall-of-ferdinand-ward-the-napoleon-of |access-date=2021-02-04 |website=MoneyWeek |language=en}}</ref> Ward made a series of bad investments but altered the books to make it appear that the firm was still making money.<ref name=":7"/> He then raised money through a [[Ponzi scheme|Ponzi-style scheme]] by promising investors a 10% per month return on investment, but no money was invested. Payments came from new investors.<ref name=":7"/> In addition to capital from investors, the firm was financed in part by James Fish's Marine National Bank.<ref name=":32">{{Cite web |title=Great frauds in history: the downfall of Ferdinand Ward – the "Napoleon of finance" |url=https://moneyweek.com/economy/people/601293/great-frauds-in-history-the-downfall-of-ferdinand-ward-the-napoleon-of |access-date=2021-01-29 |website=MoneyWeek |language=en}}</ref> The Marine National Bank had taken a $1.6 million loan from the city.<ref name=":7"/> In April 1884, the city's comptroller reduced the city's deposits with the bank, causing the bank to fail and Ward's scheme to be exposed.<ref name=":7"/>
+In May 1884 the two firms, the Marine National and the brokerage firm Grant and Ward, crashed when their owners’ speculative investments lost value. The failure of [[Grant and Ward]]<ref name=":5"/> and [[Marine National Bank of New York City|Marine National Bank]] tipped off the Panic of 1884.<ref name=":6"/> When the firms collapsed, it had a ripple effect across [[Wall Street]], causing other firms to fail.
+=== John Chester Eno ===
+Another cause of the panic and mistrust in 1884 was John Chester Eno's embezzlement of over $3 million from the Second National Bank.<ref name=":8">{{Cite book |last=Unterman |first=Katherine |url=https://books.google.com/books?id=7ayoCgAAQBAJ |title=Uncle Sam's Policemen |date=2015-10-19 |publisher=Harvard University Press |isbn=978-0-674-91589-3 |language=en}}</ref> The embezzlement was news around the country and he fled to Canada after the bank was almost out of money.<ref name=":8"/> In light of the situation, large numbers of depositors ran to the bank to withdraw their deposits.<ref name=":9">{{Cite book |last=Wicker |first=Elmus |url=https://books.google.com/books?id=t0ThZfI-OIIC |title=Banking Panics of the Gilded Age |date=2000 |publisher=Cambridge University Press |isbn=978-0-521-02547-8 |pages=36 |language=en}}</ref> His father, [[Amos Eno]], replaced the money Eno had stolen.<ref name=":9"/>
 ==Result==
+The panic was mostly contained to banks in New York City.<ref name=":10">{{Cite web |title=Banking Panics of the Gilded Age {{!}} Federal Reserve History |url=https://www.federalreservehistory.org/essays/banking-panics-of-the-gilded-age |access-date=2021-02-04 |website=www.federalreservehistory.org}}</ref><ref name=":2"/>
-The New York Clearing House thoroughly examined the Metropilton and realized it was a solvent. They understood that they were able to pay off their debts. They advertised this new find and loaned Metropolitan three million dollars so it could withstand the run and not crash. These successful actions were able to reassure the public that their money was safe, and the panic came to an end. This panic severely disrupted industry and commerce, even after it concluded.
+The Metropolitan National Bank closed after a rumor spread that the president was going to borrow money from the bank to use on railroad securities.<ref name=":10"/> This claim was proven untrue later.<ref name=":10"/> The institution had financial ties to the banks around it, which raised doubts to the banks it was linked with, after its closure.<ref name=":10"/> This started to spread through Metropolitan's network to institutions located in New Jersey and Pennsylvania. But, it was quickly contained.<ref name=":10"/>
-Other accounts also blamed the New York Clearinghouse's decision to stop publishing bank-specific information along with other actions since it is viewed to have alleviated the need for a suspension of convertibility.<ref name=":2">{{Cite book|title=Fighting Financial Crises: Learning from the Past|last=Gorton|first=Gary B.|last2=Tallman|first2=Ellis W.|publisher=University of Chicago Press|year=2018|isbn=9780226479514|location=Chicago|pages=51}}</ref> It is argued that this is evidenced in the way the panic was largely confined to New York.<ref name=":2" />
+The [[New York Clearing House]] thoroughly examined the Metropolitan and deemed it solvent.<ref name=":10"/> The Clearing House advertised the solvency and loaned the bank $3 million so it could withstand the situation and not crash.<ref name=":10"/> These actions reassured the public that their money was safe, and the panic came to an end.<ref name=":10"/>
+Some accounts blamed the New York Clearinghouse's decision to stop publishing bank-specific information along with other actions since it is viewed to have alleviated the need for a suspension of convertibility.<ref name=":2">{{Cite book |last1=Gorton |first1=Gary B. |title=Fighting Financial Crises: Learning from the Past |last2=Tallman |first2=Ellis W. |publisher=University of Chicago Press |year=2018 |isbn=9780226479514 |location=Chicago |pages=51}}</ref> It is argued that this is evidenced in the way the panic was largely confined to New York.<ref name=":2"/>
 ==See also==
@@ Line 19: / Line 34: @@
 ==References==
 {{Reflist}}
-*{{cite journal |last=Fels |first=Rendigs |authorlink= |coauthors= |year=1952 |month= |title=The American Business Cycle of 1879-85 |journal=Journal of Political Economy |volume=60 |issue=1 |pages=60–75 |doi=10.1086/257151 |url= |accessdate= |quote= }}
-*{{cite book |title=Panic on Wall Street: A History of America's Financial Disasters |last=Sobel |first=Robert |authorlink=Robert Sobel |coauthors= |year=1968 |publisher=Macmillan |location=New York |isbn=1-893122-46-8|url=https://books.google.com/books?isbn=1893122468|nopp=true|page=Chapter 6 }}
-*{{cite book|last=Sangkyun|first=Park|title=Contagion of Bank Failures|year=2012|publisher=Routledge|location=New York, New York|isbn=978-0415751698}}
-*{{cite book|last=Kane|first=Thomas|title=The Romance & Tragedy of Banking: Problems & Incidents of Government Supervision of National Banks|year=1981|publisher=Anro Communications|isbn=978-0405136597}}
-*Richardson, Gary, and Tim Sablik. “Banking Panics of the Gilded Age.” Federal Reserve History, 4 Dec. 2015, www.federalreservehistory.org/essays/banking_panics_of_the_gilded_age.
+'''Sources'''
+* {{Cite journal |last=Fels |first=Rendigs |year=1952 |title=The American Business Cycle of 1879-85 |journal=Journal of Political Economy |volume=60 |issue=1 |pages=60–75 |doi=10.1086/257151 |s2cid=153791133}}0
+* {{Cite book |last=Kane |first=Thomas |title=The Romance & Tragedy of Banking: Problems & Incidents of Government Supervision of National Banks |publisher=Anro Communications |year=1981 |isbn=978-0405136597}}
+* {{Cite journal |last1=Richardson |first1=Gary |first2=Tim |last2=Sablik |title=Banking Panics of the Gilded Age |journal=Federal Reserve History |date=December 4, 2015 |url=https://www.federalreservehistory.org/essays/banking_panics_of_the_gilded_age}}
+* {{Cite book |last=Sangkyun |first=Park |title=Contagion of Bank Failures |publisher=Routledge |year=2012 |isbn=978-0415751698 |location=New York, New York}}
+* {{Cite book |last=Sobel |first=Robert |url=https://books.google.com/books?isbn=1893122468 |title=Panic on Wall Street: A History of America's Financial Disasters |publisher=Macmillan |year=1968 |isbn=1-893122-46-8 |location=New York |page=Chapter 6 |author-link=Robert Sobel |no-pp=true}}
+{{Banking panics in the United States}}
 {{Financial crises}}
 [[Category:1884 in the United States]]
+[[Category:1884 in economic history]]
+[[Category:May 1884 events]]
 [[Category:Stock market crashes|1884]]
 [[Category:Economic crises in the United States]]
-[[Category:19th-century economic history]]
+[[Category:19th century in economic history]]
 [[Category:Financial crises]]
-[[Category:1884 in economics]]

v t e Financial crises
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2nd Industrial Revolution (1870–1914)	Panic of 1873 Paris Bourse crash of 1882 Panic of 1884 Arendal crash (1886) Baring crisis (1890) Encilhamento (1890–1893) Panic of 1893 Australian banking crisis of 1893 Black Monday (1894) Panic of 1896 Panic of 1901 Panic of 1907 Shanghai rubber stock market crisis (1910) Panic of 1910–11 Financial crisis of 1914
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Great Moderation/ Great Regression (1982–2007)	Brazilian hyperinflation (1982–1994) Souk Al-Manakh stock market crash (1982) Chilean crisis of 1982 1983 Israel bank stock crisis Black Saturday (1983) Savings and loan crisis (1986–1995) Cameroonian economic crisis (1987–2000s) Black Monday (1987) 1988–1992 Norwegian banking crisis Japanese asset price bubble crash (1990–1992) Rhode Island banking crisis (1990–1992) 1991 Indian economic crisis 1990s Swedish financial crisis 1990s Finnish banking crisis 1990s Armenian energy crisis Cuban Special Period (1991–2000) Black Wednesday (1992 Sterling crisis) Yugoslav hyperinflation (1992–1994) 1994 bond market crisis Venezuelan banking crisis of 1994 Mexican peso crisis (1994–1996) 1997 Asian financial crisis October 1997 mini-crash 1998 Russian financial crisis 1998–1999 Ecuador economic crisis 1998–2002 Argentine great depression Samba effect (1999) Dot-com bubble crash (2000–2004) 9/11 stock market crash (2001) 2001 Turkish economic crisis South American economic crisis of 2002 Stock market downturn of 2002 2002 Uruguay banking crisis 2003 Myanmar banking crisis 2000s energy crisis (2003–2008) 2004 Argentine energy crisis 2007 Chinese stock bubble crash Zimbabwean hyperinflation (2007–present)
Great Recession (2007–2009)	2007–2008 financial crisis September 2008 October 2008 November 2008 December 2008 2009 Subprime mortgage crisis 2000s U.S. housing market correction U.S. bear market of 2007–2009 2008 Latvian financial crisis 2008–2009 Belgian financial crisis 2008–2009 Russian financial crisis 2008–2009 Ukrainian financial crisis 2008–2011 Icelandic financial crisis 2008–2011 Irish banking crisis 2008–2014 Spanish financial crisis Blue Monday Crash 2009 European debt crisis Greek government-debt crisis
Information Age (2009–present)	2009 Dubai debt standstill Venezuelan banking crisis of 2009–2010 2010–2014 Portuguese financial crisis Energy crisis in Venezuela (2010–present) Syrian economic crisis (2011–present) August 2011 stock markets fall 2011 Bangladesh share market scam 2012–2013 Cypriot financial crisis 2013 Chinese banking liquidity crisis Venezuela economic crisis (2013–present) 2014–2016 Brazilian economic crisis Puerto Rican government-debt crisis (2014–2022) Russian financial crisis (2014–2016) 2015 Nepal blockade 2015–2016 Chinese stock market turbulence 2015–2016 stock market selloff Brexit stock market crash (2016) Venezuelan hyperinflation (2016–2022) 2017 Sri Lankan fuel crisis Ghana banking crisis (2017–2018) Turkish economic crisis (2018–present) Lebanese liquidity crisis (2019–present) Sri Lankan economic crisis (2019–present) COVID-19 pandemic Financial market impact 2020 stock market crash Recession Chinese property sector crisis (2020–present) 2021–2023 inflation surge 2022 Russian financial crisis Pakistani economic crisis (2022–present) 2022 stock market decline 2022–2024 German economic crisis 2023 United States banking crisis 2023–2024 Egyptian financial crisis
List of banking crises List of economic crises List of sovereign debt crises List of stock market crashes and bear markets