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<span>Causes</span> </div> </a> <button aria-controls="toc-Causes-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Causes subsection</span> </button> <ul id="toc-Causes-sublist" class="vector-toc-list"> <li id="toc-Structural_weaknesses_in_Ecuador" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Structural_weaknesses_in_Ecuador"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.1</span> <span>Structural weaknesses in Ecuador</span> </div> </a> <ul id="toc-Structural_weaknesses_in_Ecuador-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Shocks_and_vulnerability" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Shocks_and_vulnerability"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.2</span> <span>Shocks and vulnerability</span> </div> </a> <ul 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class="mw-page-title-main">1998–1999 Ecuador economic crisis</span></h1> <div id="p-lang-btn" class="vector-dropdown mw-portlet mw-portlet-lang" > <input type="checkbox" id="p-lang-btn-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-p-lang-btn" class="vector-dropdown-checkbox mw-interlanguage-selector" aria-label="Go to an article in another language. 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</div> </div> <div id="bodyContent" class="vector-body" aria-labelledby="firstHeading" data-mw-ve-target-container> <div class="vector-body-before-content"> <div class="mw-indicators"> </div> <div id="siteSub" class="noprint">From Wikipedia, the free encyclopedia</div> </div> <div id="contentSub"><div id="mw-content-subtitle"></div></div> <div id="mw-content-text" class="mw-body-content"><div class="mw-content-ltr mw-parser-output" lang="en" dir="ltr"><div class="shortdescription nomobile noexcerpt noprint searchaux" style="display:none">Period of economic instability</div> <p>The <b>1998–99 Ecuador economic crisis</b> was a period of economic instability that resulted from a combined inflationary-currency crisis, financial crisis, fiscal crisis, and sovereign debt crisis.<sup id="cite_ref-:0_1-0" class="reference"><a href="#cite_note-:0-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> Severe inflation and devaluation of the <a href="/wiki/Ecuadorian_sucre" title="Ecuadorian sucre">sucre</a> led to President <a href="/wiki/Jamil_Mahuad" title="Jamil Mahuad">Jamil Mahuad</a> announcing on January 9, 2000 that the <a href="/wiki/U.S._dollar" class="mw-redirect" title="U.S. dollar">U.S. dollar</a> <a href="/wiki/Currency_substitution" title="Currency substitution">would be adopted as the national currency</a>. Poor economic conditions and subsequent protests against the government resulted in the <a href="/wiki/2000_Ecuadorian_coup_d%27%C3%A9tat" title="2000 Ecuadorian coup d'état">2000 Ecuadoran <i>coup d’état</i></a> in which Jamil Mahuad was forced to resign and was replaced by his Vice President, <a href="/wiki/Gustavo_Noboa" title="Gustavo Noboa">Gustavo Noboa</a>. </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Background">Background</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=1998%E2%80%931999_Ecuador_economic_crisis&action=edit&section=1" title="Edit section: Background"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Throughout the 20th century, Ecuador was one of the poorer countries in Latin America, and had high rates of poverty and income inequality compared to other countries in the region. By the late 1990s around 45% of the population lived below the national poverty line, making them especially vulnerable.<sup id="cite_ref-:0_1-1" class="reference"><a href="#cite_note-:0-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> The discovery of oil in the 1960s lead to rapid economic growth, but created an economy that was dependent on exports of oil and agricultural products such as bananas, coffee, and shrimp. Lower oil prices resulted in economic stagnation throughout the 1980s and into the 1990s, as oil exports alone accounted for half of the country's total exports and about a third of all government revenue in the late 1990s.<sup id="cite_ref-:0_1-2" class="reference"><a href="#cite_note-:0-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-:1_2-0" class="reference"><a href="#cite_note-:1-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> Ecuador's population and economy can be geographically divided into three general regions: the Pacific coastal region in the west, the central Andean highlands, and the eastern Amazonian regions. 95% of the population lives on the coast or the central highlands, and accounts for the majority of Ecuador's economic activity. The Amazonian regions are mostly populated by indigenous people who are generally poorer, despite the fact that the Amazon contains Ecuador's significant oil reserves. Across all three regions, poverty is much worse in rural areas than in urban areas. Ecuador's social and economic inequalities have contributed to internal tensions and political divides on a national level, which became evident during the government's response to the financial crisis.<sup id="cite_ref-:2_3-0" class="reference"><a href="#cite_note-:2-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-:1_2-1" class="reference"><a href="#cite_note-:1-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Causes">Causes</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=1998%E2%80%931999_Ecuador_economic_crisis&action=edit&section=2" title="Edit section: Causes"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div><p> In 2010, author and professor Alberto Valencia Granada published a book called <i>When Success is a Crime: Filanbanco: A Case of Violation of Human Rights in Ecuador</i>. His book summarizes the causes of the financial crisis:</p><blockquote><p>In the late 1990s, Ecuador (and the entire region) experienced capital flight following the East Asian and Russian crises. Ecuador then experienced a political-economic crisis that was aggravated by many factors: military confrontation with Peru, lack of sufficient hydroelectric energy production (due to low water levels), and difficulties in the agricultural sector because of the El Niño weather phenomenon. These factors together deepened the political crisis in the country — a time period that saw four presidents within eight years. The biggest victims of the economic crisis were the agricultural export industry located along the coasts, which were Filanbanco’s principal credit recipients. Lack of payments from these customers, combined with restrictions on opening new lines of international credit, squeezed the bank. Thus, the bank turned to other companies within the <a href="/wiki/The_Isaias_Group" title="The Isaias Group">Isaias Group</a> for cash along with liquidity loans from the Central Bank.<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup></p></blockquote> <div class="mw-heading mw-heading3"><h3 id="Structural_weaknesses_in_Ecuador">Structural weaknesses in Ecuador</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=1998%E2%80%931999_Ecuador_economic_crisis&action=edit&section=3" title="Edit section: Structural weaknesses in Ecuador"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Economic conditions in Ecuador allowed the development of a weak financial system which was more vulnerable to disruptions. The financial sector was also affected by the regional fragmentation between policy makers in the capital, Quito, and banks based in the port city of Guayaquil, the most populous city and economic centre of the country in 1999. Financial liberalization policies had been adopted in the early 1990s by conservative president <a href="/wiki/Sixto_Dur%C3%A1n-Ball%C3%A9n" class="mw-redirect" title="Sixto Durán-Ballén">Sixto Durán-Ballén</a> and his vice president <a href="/wiki/Alberto_Dahik" title="Alberto Dahik">Alberto Dahik</a> (widely considered the economic tsar of the government and mastermind of neoliberal policies),<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> allowing easier access to international markets and investors, but they also created a largely deregulated domestic financial sector.<sup id="cite_ref-:0_1-3" class="reference"><a href="#cite_note-:0-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-:1_2-2" class="reference"><a href="#cite_note-:1-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-:2_3-1" class="reference"><a href="#cite_note-:2-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> Many Ecuadoran banks were well connected to prominent business groups and politicians, and financial supervision and regulation was not strongly enforced. As a result, Ecuadoran banks experienced a credit boom in the 1990s, <a href="/wiki/Crony_capitalism" title="Crony capitalism">providing high-risk loans to well-connected customers</a>, assuming that the government and Central Bank would bail them out if needed.<sup id="cite_ref-:0_1-4" class="reference"><a href="#cite_note-:0-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> Lack of oversight also allowed many banks to engage in lucrative but risky offshore banking in U.S. dollar denominations, creating an informal dollarization of the financial sector, and a vulnerability to fluctuations in the exchange rate.<sup id="cite_ref-:2_3-2" class="reference"><a href="#cite_note-:2-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Shocks_and_vulnerability">Shocks and vulnerability</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=1998%E2%80%931999_Ecuador_economic_crisis&action=edit&section=4" title="Edit section: Shocks and vulnerability"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Ecuador's public finances in the 1990s were heavily dependent on oil revenue, and public spending was high. In the short term, the financial crisis was triggered by a series of external shocks. A severe <a href="/wiki/1997%E2%80%9398_El_Ni%C3%B1o_event" title="1997–98 El Niño event">El Niño in 1997–1998</a> caused heavy rains and flooding that caused widespread crop failures and damaged infrastructure costing approximately 13% of its GDP. These shocks occurred soon after several financial crises in <a href="/wiki/1997_Asian_financial_crisis" title="1997 Asian financial crisis">Asia (1997)</a>, <a href="/wiki/1998_Russian_financial_crisis" title="1998 Russian financial crisis">Russia (1998)</a>, and Brazil (1998), which were damaging to the world economy. In this context, global financial institutions were more reluctant to offer credit lines to Ecuador and other developing countries.<sup id="cite_ref-:0_1-5" class="reference"><a href="#cite_note-:0-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-:2_3-3" class="reference"><a href="#cite_note-:2-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> Oil prices plunged in 1998, partly in response to global economic slowdown following the Asian financial crisis, which significantly reduced the government's revenues. These shocks created a situation where the public deficit grew uncontrollably, as the government had to recover from El Niño damage, but had restricted access to oil revenues and international financing. For example, the public sector deficit increased from 2.6% of GDP in 1997 to 6.2% in 1998.<sup id="cite_ref-:3_8-0" class="reference"><a href="#cite_note-:3-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> </p><p>Ecuador was also undergoing a period of political vulnerability in the 1990s. The fragmentation and divided politics of the country resulted in a relatively weak state throughout the 1990s, which never gained widespread support. Populist president <a href="/wiki/Abdal%C3%A1_Bucaram" title="Abdalá Bucaram">Abdalá Bucaram</a>, known as "El Loco", was declared mentally unfit by Congress and fled after nation-wide protests in 1997, and an interim government under <a href="/wiki/Fabi%C3%A1n_Alarc%C3%B3n" title="Fabián Alarcón">Fabián Alarcón</a> was in power until Jamil Mahuad <a href="/wiki/1998_Ecuadorian_general_election" title="1998 Ecuadorian general election">was elected in 1998</a>, just as the banking crisis was developing.<sup id="cite_ref-:3_8-1" class="reference"><a href="#cite_note-:3-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Crisis_and_government_response">Crisis and government response</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=1998%E2%80%931999_Ecuador_economic_crisis&action=edit&section=5" title="Edit section: Crisis and government response"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The economic crisis began in the context of increasing public debt and poor economic performance on a national level. In the private financial sector, banks had given out excessively risky loans, and were struggling to maintain liquidity. The banking crisis started in April 1998 with the failure of a small bank, but the ensuing atmosphere of uncertainty caused excessive withdrawals and triggered more bank failures throughout 1998. By August, important bank failures had reached the point where the government could no longer intervene by bailing out and supporting struggling banks.<sup id="cite_ref-:2_3-4" class="reference"><a href="#cite_note-:2-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> By December, the "AGD law" (Agencia de Garantía de Depósitos) set up deposit insurance, in an attempt to discourage further withdrawals.<sup id="cite_ref-:1_2-3" class="reference"><a href="#cite_note-:1-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> Another law starting in January 1999 established a 1% tax on any financial transactions, which would discourage withdrawals and raise revenue for the struggling government.<sup id="cite_ref-:2_3-5" class="reference"><a href="#cite_note-:2-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> However, this tax proved devastating for both the financial system and ordinary people as it discouraged all financial activity and did not prevent deposit withdrawals. Other proposed government policies included increases in general sales taxes and gasoline taxes.<sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> </p><p>By early 1999, major banks were failing and being taken over and closed by the AGD, while still providing a deposit guarantee. Increasing consumer prices and the depreciation of the Sucre raised fears of hyperinflation, and in March 1999 the government declared a national <a href="/wiki/Bank_holiday" title="Bank holiday">bank holiday</a>, which ended up lasting a full week from March 8–12.<sup id="cite_ref-strike-hit_11-0" class="reference"><a href="#cite_note-strike-hit-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> At the end of the holiday, the government announced a partial deposit freeze in which dollar-denominated bank deposits were frozen for between six months to a year.<sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-eases_13-0" class="reference"><a href="#cite_note-eases-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> This did temporarily slow inflation, but it caused the collapse of trust in the banking system and poor economic conditions.<sup id="cite_ref-strike-hit_11-1" class="reference"><a href="#cite_note-strike-hit-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-eases_13-1" class="reference"><a href="#cite_note-eases-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> Throughout 1999, the government did gradually unfreeze deposits, but this was followed by widespread withdrawals and more bank failure, due to a lack of confidence in the banks.<sup id="cite_ref-eases_13-2" class="reference"><a href="#cite_note-eases-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> By September, the government itself had defaulted on external debts as it had spent significant resources supporting the central bank and its deposit guarantees.<sup id="cite_ref-:1_2-4" class="reference"><a href="#cite_note-:1-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-:2_3-6" class="reference"><a href="#cite_note-:2-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Economic_effects">Economic effects</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=1998%E2%80%931999_Ecuador_economic_crisis&action=edit&section=6" title="Edit section: Economic effects"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="Dollarization">Dollarization</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=1998%E2%80%931999_Ecuador_economic_crisis&action=edit&section=7" title="Edit section: Dollarization"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Despite the government's efforts to curb inflation, the Sucre depreciated rapidly at the end of 1999, resulting in widespread informal use of U.S. dollars in the financial system. As a last resort to prevent hyperinflation, the government formally adopted the U.S. dollar in January 2000. The stability of the new currency was a necessary first step towards economic recovery, but the exchange rate was fixed at 25,000:1, which resulted in great losses of wealth.<sup id="cite_ref-:1_2-5" class="reference"><a href="#cite_note-:1-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Poverty_and_living_conditions">Poverty and living conditions</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=1998%E2%80%931999_Ecuador_economic_crisis&action=edit&section=8" title="Edit section: Poverty and living conditions"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The severe effects of the financial crisis were especially visible in Ecuador because of the preexisting problems of poverty and national inequality. The general economic uncertainty resulted in loss of jobs and wealth, which had the most significant effect on people who were already vulnerable. The government was financially limited due to its debt defaults, and had to focus on macroeconomic solutions rather than the social problems that developed during the financial crisis. Measures of poverty, including extreme poverty and the poverty gap, all increased during the crisis and peaked in 1999. Rural areas were especially affected, and metrics such as worse child nutrition, reduced educational spending, and poor health outcomes all showed that the financial crisis had severe effects. An estimated 200,000 Ecuadorans also left the country between 1998 and 2000, representing 2% of the labor force of the country.<sup id="cite_ref-:2_3-7" class="reference"><a href="#cite_note-:2-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Political_effects">Political effects</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=1998%E2%80%931999_Ecuador_economic_crisis&action=edit&section=9" title="Edit section: Political effects"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/2000_Ecuadorian_coup_d%27%C3%A9tat" title="2000 Ecuadorian coup d'état">2000 Ecuadorian coup d'état</a></div> <p>President Jamil Mahuad suffered declining popularity ratings throughout the financial crisis, decreasing from 60% in 1998 to 6% in early 2000. The dollarization policy proved to be particularly unpopular even if it was implemented successfully. Protests led by a coalition of indigenous peoples (CONAIE) and supported by the military occupied congress and forced President Mahuad to resign.<sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Social_effects">Social effects</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=1998%E2%80%931999_Ecuador_economic_crisis&action=edit&section=10" title="Edit section: Social effects"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="Migration_to_the_United_States">Migration to the United States</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=1998%E2%80%931999_Ecuador_economic_crisis&action=edit&section=11" title="Edit section: Migration to the United States"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The Ecuadoran financial crisis caused massive migrations, primarily to the United States and Spain. Between the years 1999 and 2000, approximately 400,000 Ecuadorans migrated to the United States.<sup id="cite_ref-:4_15-0" class="reference"><a href="#cite_note-:4-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> This was not the first wave of Ecuadoran migration to the U.S., and so this wave of migrants joined roughly half a million other Ecuadorans who had already paved the way for migration. Most Ecuadorans who migrated to the U.S. as a result of the Ecuadoran financial crisis were from the regions of Azuay and Cañar.<sup id="cite_ref-:4_15-1" class="reference"><a href="#cite_note-:4-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> The largest community of Ecuadorans in the U.S. resides in the New York metropolitan area.<sup id="cite_ref-:4_15-2" class="reference"><a href="#cite_note-:4-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> Half of the Ecuadoran diaspora is within the United States.<sup id="cite_ref-:4_15-3" class="reference"><a href="#cite_note-:4-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> </p><p>Ecuadoran migration to the US has become increasingly transnational in nature. This is due in part to remittances sent back to communities in Ecuador by migrant communities in the US. The sending of these remittances facilitates a continuous connection between migrants and those at home, which in turn facilitates further migration.<sup id="cite_ref-:5_16-0" class="reference"><a href="#cite_note-:5-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> Remittances to Ecuador were at around $643 million in 1997, and increased $1.41 billion in 2001 which highlights the sudden impact emigration had on Ecuador.<sup id="cite_ref-:5_16-1" class="reference"><a href="#cite_note-:5-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Migration_to_Spain">Migration to Spain</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=1998%E2%80%931999_Ecuador_economic_crisis&action=edit&section=12" title="Edit section: Migration to Spain"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Many Ecuadorians migrated to Spain in search of financial opportunity, as Spain's economy had been flourishing. Around 7,000 Ecuadorians arrived to Spain each month in 2000. This early wave left Ecuador during the hardest part of the economic crisis and was composed of young people eager to work. By 2005, the Ecuadorian community in Spain was around 500,000 people. During the period until 2004, the migrants were mainly composed family members joining those who had first migrated.<sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> The Ecuadorian diaspora in Spain differs from the U.S. one in that Ecuadorians experienced greater economic prosperity in Spain. They sent up to 46% of their salary, 16% invested in improving living conditions for their families back in Ecuador.<sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> A lot of which were young kids reuniting with their parents, such kids grew up in Spain, attended school, and are now making up the second generation of Ecuadorians in Spain. </p> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=1998%E2%80%931999_Ecuador_economic_crisis&action=edit&section=13" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-references-wrap mw-references-columns"><ol class="references"> <li id="cite_note-:0-1"><span class="mw-cite-backlink">^ <a href="#cite_ref-:0_1-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-:0_1-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-:0_1-2"><sup><i><b>c</b></i></sup></a> <a href="#cite_ref-:0_1-3"><sup><i><b>d</b></i></sup></a> <a href="#cite_ref-:0_1-4"><sup><i><b>e</b></i></sup></a> <a href="#cite_ref-:0_1-5"><sup><i><b>f</b></i></sup></a></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite id="CITEREFMontiel2014" class="citation book cs1">Montiel, Peter J. 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Retrieved <span class="nowrap">2019-05-09</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=www.eluniverso.com&rft.atitle=628.308+ecuatorianos+emigraron+desde+el+2000+-+ENE.+21%2C+2005+-+Migraci%C3%B3n+-+Historicos+-+EL+UNIVERSO&rft.date=2005-01-21&rft_id=https%3A%2F%2Fwww.eluniverso.com%2F2005%2F01%2F21%2F0001%2F626%2FD1BF04A4384F49AF97990661ED50AA68.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3A1998%E2%80%931999+Ecuador+economic+crisis" class="Z3988"></span></span> </li> <li id="cite_note-18"><span class="mw-cite-backlink"><b><a href="#cite_ref-18">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFFEPP2001" class="citation book cs1">FEPP, ALER (2001). <i>El proceso migratorio de ecuatorianos a españa</i>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=El+proceso+migratorio+de+ecuatorianos+a+espa%C3%B1a&rft.date=2001&rft.aulast=FEPP&rft.aufirst=ALER&rfr_id=info%3Asid%2Fen.wikipedia.org%3A1998%E2%80%931999+Ecuador+economic+crisis" class="Z3988"></span></span> </li> </ol></div> <div class="navbox-styles"><style data-mw-deduplicate="TemplateStyles:r1129693374">.mw-parser-output .hlist dl,.mw-parser-output .hlist ol,.mw-parser-output .hlist ul{margin:0;padding:0}.mw-parser-output .hlist dd,.mw-parser-output .hlist dt,.mw-parser-output .hlist li{margin:0;display:inline}.mw-parser-output .hlist.inline,.mw-parser-output .hlist.inline dl,.mw-parser-output .hlist.inline ol,.mw-parser-output .hlist.inline ul,.mw-parser-output .hlist dl dl,.mw-parser-output .hlist dl ol,.mw-parser-output .hlist dl ul,.mw-parser-output .hlist ol dl,.mw-parser-output .hlist ol ol,.mw-parser-output .hlist ol ul,.mw-parser-output .hlist ul dl,.mw-parser-output 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Independence">War of Independence</a></li> <li><a href="/wiki/Gran_Colombia" title="Gran Colombia">Gran Colombia</a> (<a href="/wiki/Reunification_of_Gran_Colombia" title="Reunification of Gran Colombia">reunification</a>)</li> <li><a href="/wiki/Ecuadorian%E2%80%93Peruvian_territorial_dispute" title="Ecuadorian–Peruvian territorial dispute">Ecuadorian–Peruvian territorial dispute</a></li> <li><a href="/wiki/History_of_Ecuador_(1830%E2%80%931860)" title="History of Ecuador (1830–1860)">1830–1860</a> <ul><li><a href="/wiki/March_Revolution_(Ecuador)" title="March Revolution (Ecuador)">March Revolution</a></li> <li><a href="/wiki/Ecuadorian%E2%80%93Peruvian_War_(1857%E2%80%931860)" title="Ecuadorian–Peruvian War (1857–1860)">Ecuadorian–Peruvian War (1857–1860)</a></li></ul></li> <li><a href="/wiki/History_of_Ecuador_(1860%E2%80%931895)" title="History of Ecuador (1860–1895)">1860–1895</a></li> <li><a href="/wiki/Liberal_Revolution_of_1895" title="Liberal Revolution of 1895">Liberal Revolution of 1895</a></li> <li><a href="/wiki/History_of_Ecuador_(1895%E2%80%931925)" title="History of Ecuador (1895–1925)">1895–1925</a> <ul><li><a href="/wiki/Concha_Revolution" class="mw-redirect" title="Concha Revolution">Concha Revolution</a></li> <li><a href="/wiki/1922_Guayaquil_general_strike" title="1922 Guayaquil general strike">1922 general strike</a></li></ul></li> <li><a href="/wiki/History_of_Ecuador_(1925%E2%80%931944)" title="History of Ecuador (1925–1944)">1925–1944</a> <ul><li><a href="/wiki/Ecuadorian%E2%80%93Peruvian_War" title="Ecuadorian–Peruvian War">Ecuadorian–Peruvian War</a></li></ul></li> <li><a href="/wiki/History_of_Ecuador_(1944%E2%80%931960)" title="History of Ecuador (1944–1960)">1944–1960</a></li> <li><a href="/wiki/History_of_Ecuador_(1960%E2%80%931990)" class="mw-redirect" title="History of Ecuador (1960–1990)">1960–1990</a> <ul><li><a href="/wiki/Ecuadorian_Military_Junta_of_1963" title="Ecuadorian Military Junta of 1963">Military Junta of 1963</a></li> <li><a href="/wiki/El_Carnavalazo" title="El Carnavalazo">El Carnavalazo</a></li> <li><a href="/wiki/Supreme_Council_of_Government" title="Supreme Council of Government">Supreme Council of Government</a></li> <li><a href="/wiki/Paquisha_War" title="Paquisha War">Paquisha War</a></li></ul></li> <li><a href="/wiki/History_of_Ecuador_(1990%E2%80%93present)" title="History of Ecuador (1990–present)">1990–present</a> <ul><li><a href="/wiki/War_on_drugs_in_Ecuador" title="War on drugs in Ecuador">War on drugs in Ecuador</a></li> <li><a href="/wiki/Cenepa_War" title="Cenepa War">Cenepa War</a></li> <li><a href="/wiki/2000_Ecuadorian_coup_d%27%C3%A9tat" title="2000 Ecuadorian coup d'état">2000 coup d'état</a></li> <li><a href="/wiki/2010_Ecuador_crisis" class="mw-redirect" title="2010 Ecuador crisis">2010 coup d'état attempt and crisis</a></li> <li><a href="/wiki/2024_Ecuadorian_conflict" title="2024 Ecuadorian conflict">2024 Ecuadorian conflict</a></li></ul></li></ul> </div></td><td class="noviewer navbox-image" rowspan="5" style="width:1px;padding:0 0 0 2px"><div><span typeof="mw:File"><a href="/wiki/Coat_of_arms_of_Ecuador" title="Coat of arms of Ecuador"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/d/d9/Coat_of_arms_of_Ecuador_original_version.svg/90px-Coat_of_arms_of_Ecuador_original_version.svg.png" decoding="async" width="90" height="90" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/d9/Coat_of_arms_of_Ecuador_original_version.svg/135px-Coat_of_arms_of_Ecuador_original_version.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/d9/Coat_of_arms_of_Ecuador_original_version.svg/180px-Coat_of_arms_of_Ecuador_original_version.svg.png 2x" data-file-width="750" data-file-height="750" /></a></span></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Geography_of_Ecuador" title="Geography of Ecuador">Geography</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><td colspan="2" class="navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/List_of_birds_of_Ecuador" title="List of birds of Ecuador">Birds</a></li> <li><a href="/wiki/List_of_cities_in_Ecuador" title="List of cities in Ecuador">Cities</a></li> <li><a href="/wiki/Climate_of_Ecuador" title="Climate of Ecuador">Climate</a></li> <li><a href="/wiki/List_of_earthquakes_in_Ecuador" title="List of earthquakes in Ecuador">Earthquakes</a></li> <li><a href="/wiki/Environment_of_Ecuador" title="Environment of Ecuador">Environment</a></li> <li><a href="/wiki/List_of_islands_of_Ecuador" class="mw-redirect" title="List of islands of Ecuador">Islands</a></li> <li><a href="/wiki/List_of_mammals_of_Ecuador" title="List of mammals of Ecuador">Mammals</a></li> <li><a href="/wiki/List_of_mountains_in_Ecuador" title="List of mountains in Ecuador">Mountains</a></li> <li><a href="/wiki/List_of_national_parks_in_Ecuador" title="List of national parks in Ecuador">National parks</a></li> <li><a href="/wiki/Provinces_of_Ecuador" title="Provinces of Ecuador">Provinces</a></li> <li><a href="/wiki/List_of_rivers_of_Ecuador" title="List of rivers of Ecuador">Rivers</a></li> <li><a href="/wiki/List_of_volcanoes_in_Ecuador" title="List of volcanoes in Ecuador">Volcanoes</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Politics_of_Ecuador" title="Politics of Ecuador">Politics</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><td colspan="2" class="navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/2008_Constitution_of_Ecuador" title="2008 Constitution of Ecuador">Constitution</a></li> <li><a href="/wiki/Elections_in_Ecuador" title="Elections in Ecuador">Elections</a></li> <li><a href="/wiki/Foreign_relations_of_Ecuador" title="Foreign relations of Ecuador">Foreign relations</a></li> <li><a href="/wiki/Armed_Forces_of_Ecuador" title="Armed Forces of Ecuador">Military</a></li> <li><a href="/wiki/National_Assembly_(Ecuador)" title="National Assembly (Ecuador)">National Assembly</a></li> <li><a href="/wiki/National_Congress_(Ecuador)" title="National Congress (Ecuador)">National Congress <span style="font-size:85%;">(former)</span></a></li> <li><a href="/wiki/List_of_political_parties_in_Ecuador" title="List of political parties in Ecuador">Political parties</a></li> <li><a href="/wiki/President_of_Ecuador" title="President of Ecuador">President</a> <ul><li><a href="/wiki/List_of_presidents_of_Ecuador" title="List of presidents of Ecuador">List</a></li></ul></li> <li><a href="/wiki/Vice_President_of_Ecuador" title="Vice President of Ecuador">Vice President</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Economy_of_Ecuador" title="Economy of Ecuador">Economy</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><td colspan="2" class="navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Banking_in_Ecuador" title="Banking in Ecuador">Banking</a> <ul><li><a href="/wiki/Central_Bank_of_Ecuador" title="Central Bank of Ecuador">Central Bank</a></li></ul></li> <li><a href="/wiki/Coffee_production_in_Ecuador" title="Coffee production in Ecuador">Coffee production</a></li> <li><a href="/wiki/Currency_of_Ecuador" title="Currency of Ecuador">Currency</a></li> <li><a href="/wiki/Economic_history_of_Ecuador" title="Economic history of Ecuador">Economic history</a> <ul><li><a class="mw-selflink selflink">1998–1999 Ecuador economic crisis</a></li></ul></li> <li><a href="/wiki/Mining_in_Ecuador" title="Mining in Ecuador">Mining</a></li> <li><a href="/wiki/Telecommunications_in_Ecuador" title="Telecommunications in Ecuador">Telecommunications</a></li> <li><a href="/wiki/Tourism_in_Ecuador" title="Tourism in Ecuador">Tourism</a></li> <li><a href="/wiki/Trade_unions_in_Ecuador" title="Trade unions in Ecuador">Trade unions</a></li> <li><a href="/wiki/Transport_in_Ecuador" title="Transport in Ecuador">Transport</a></li> <li><a href="/wiki/Water_supply_and_sanitation_in_Ecuador" title="Water supply and sanitation in Ecuador">Water supply and sanitation</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Category:Society_of_Ecuador" title="Category:Society of Ecuador">Society</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><td colspan="2" class="navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Crime_in_Ecuador" title="Crime in Ecuador">Crime</a></li> <li><a href="/wiki/Demographics_of_Ecuador" title="Demographics of Ecuador">Demographics</a></li> <li><a href="/wiki/Ecuadorians" title="Ecuadorians">People</a></li> <li><a href="/wiki/Education_in_Ecuador" title="Education in Ecuador">Education</a></li> <li><a href="/wiki/Health_in_Ecuador" title="Health in Ecuador">Health</a></li> <li><a href="/wiki/Religion_in_Ecuador" title="Religion in Ecuador">Religion</a></li> <li><a href="/wiki/Social_class_in_Ecuador" class="mw-redirect" title="Social class in Ecuador">Social class</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;padding-left:0.5em;padding-right:0.5em;font-weight:normal;"><a href="/wiki/Culture_of_Ecuador" title="Culture of Ecuador">Culture</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Cinema_of_Ecuador" title="Cinema of Ecuador">Cinema</a></li> <li><a href="/wiki/Ecuadorian_cuisine" title="Ecuadorian cuisine">Cuisine</a></li> <li><a href="/wiki/Flag_of_Ecuador" title="Flag of Ecuador">Flag</a></li> <li><a href="/wiki/Indigenous_peoples_in_Ecuador" title="Indigenous peoples in Ecuador">Indigenous peoples</a></li> <li><a href="/wiki/List_of_newspapers_in_Ecuador" title="List of newspapers in Ecuador">Newspapers</a></li> <li><a href="/wiki/Music_of_Ecuador" title="Music of Ecuador">Music</a></li> <li><a href="/wiki/List_of_Ecuadorians" title="List of Ecuadorians">Notable people</a></li> <li><a href="/wiki/Public_holidays_in_Ecuador" title="Public holidays in Ecuador">Public holidays</a></li> <li><a href="/wiki/Sport_in_Ecuador" title="Sport in Ecuador">Sport</a></li> <li><a href="/wiki/Smoking_in_Ecuador" title="Smoking in Ecuador">Smoking</a></li> <li><a href="/wiki/Television_in_Ecuador" title="Television in Ecuador">Television</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><td class="navbox-abovebelow" colspan="3" style="font-weight:bold;"><div><div style="margin-bottom:-0.4em;"><ul><li><span class="nobold"><a href="/wiki/Outline_of_Ecuador" title="Outline of Ecuador">Outline</a></span></li><li><span class="nobold"><a href="/wiki/Index_of_Ecuador-related_articles" title="Index of Ecuador-related articles">Index</a></span></li></ul></div> <ul><li><a href="/wiki/Category:Ecuador" title="Category:Ecuador">Category</a></li> <li><a href="/wiki/Portal:Ecuador" title="Portal:Ecuador">Portal</a></li></ul></div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="Financial_crises" style="padding:3px"><table class="nowraplinks hlist mw-collapsible mw-collapsed navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Financial_crises" title="Template:Financial crises"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Financial_crises" title="Template talk:Financial crises"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Financial_crises" title="Special:EditPage/Template:Financial crises"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Financial_crises" style="font-size:114%;margin:0 4em"><a href="/wiki/Financial_crisis" title="Financial crisis">Financial crises</a></div></th></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><span class="nowrap"><a href="/wiki/Bank_run" title="Bank run">Bank run</a></span></li> <li><span class="nowrap"><a href="/wiki/Commodity_price_shocks" title="Commodity price shocks">Commodity price shocks</a></span></li> <li><span class="nowrap"><a href="/wiki/Credit_crunch" title="Credit crunch">Credit crunch</a></span></li> <li><span class="nowrap"><a href="/wiki/Credit_cycle" title="Credit cycle">Credit cycle</a></span></li> <li><span class="nowrap"><a href="/wiki/Currency_crisis" title="Currency crisis">Currency crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Debt_crisis" title="Debt crisis">Debt crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Energy_crisis" title="Energy crisis">Energy crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Financial_contagion" title="Financial contagion">Financial contagion</a></span> <ul><li><span class="nowrap"><a href="/wiki/Social_contagion" title="Social contagion">Social contagion</a></span></li></ul></li> <li><span class="nowrap"><a href="/wiki/Flash_crash" title="Flash crash">Flash crash</a></span></li> <li><span class="nowrap"><a href="/wiki/Hyperinflation" title="Hyperinflation">Hyperinflation</a></span></li> <li><span class="nowrap"><a href="/wiki/Liquidity_crisis" title="Liquidity crisis">Liquidity crisis</a></span> <ul><li><span class="nowrap"><a href="/wiki/Accounting_liquidity" title="Accounting liquidity">Accounting</a></span></li> <li><span class="nowrap"><a href="/wiki/Liquid_capital" title="Liquid capital">Capital</a></span></li> <li><span class="nowrap"><a href="/wiki/Funding_liquidity" title="Funding liquidity">Funding</a></span></li> <li><span class="nowrap"><a href="/wiki/Market_liquidity" title="Market liquidity">Market</a></span></li></ul></li> <li><span class="nowrap"><a href="/wiki/Minsky_moment" title="Minsky moment">Minsky moment</a></span></li> <li><span class="nowrap"><a href="/wiki/Social_crisis" title="Social crisis">Social crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Stock_market_crash" title="Stock market crash">Stock market crash</a></span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Pre-<a href="/wiki/Commercial_revolution" title="Commercial revolution">1000</a></th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/Financial_crisis_of_33" title="Financial crisis of 33">Financial crisis of 33 CE</a></span></li> <li><span class="nowrap"><a href="/wiki/Crisis_of_the_Third_Century" title="Crisis of the Third Century">Crisis of the Third Century</a> (235–284 CE)</span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Commercial_revolution" title="Commercial revolution">Commercial revolution</a><br />(1000–1760)</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/Great_Bullion_Famine" title="Great Bullion Famine">Great Bullion Famine</a> (c. 1400–c. 1500)</span></li> <li><span class="nowrap"><a href="/wiki/The_Great_Debasement" title="The Great Debasement">The Great Debasement</a> (1544–1551)</span></li> <li><span class="nowrap"><a href="/wiki/Financial_history_of_the_Dutch_Republic" title="Financial history of the Dutch Republic">Dutch Republic stock market crashes</a> (c. 1600–1760)</span></li> <li><span class="nowrap"><i><a href="/wiki/Kipper_und_Wipper" title="Kipper und Wipper">Kipper und Wipper</a></i> (1621–1623)</span></li> <li><span class="nowrap"><a href="/wiki/Tulip_mania" title="Tulip mania">Tulip mania crash</a> (1637)</span></li> <li><span class="nowrap"><a href="/wiki/South_Sea_Company" title="South Sea Company">South Sea bubble crash</a> (1720)</span></li> <li><span class="nowrap"><a href="/wiki/Mississippi_Company" title="Mississippi Company">Mississippi bubble crash</a> (1720)</span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Industrial_Revolution" title="Industrial Revolution">1st Industrial Revolution</a><br />(1760–1840)</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/Amsterdam_banking_crisis_of_1763" title="Amsterdam banking crisis of 1763">Amsterdam banking crisis of 1763</a></span></li> <li><span class="nowrap"><a href="/wiki/Bengal_Bubble_of_1769" title="Bengal Bubble of 1769">Bengal bubble crash</a> (1769–1784)</span></li> <li><span class="nowrap"><a href="/wiki/British_credit_crisis_of_1772%E2%80%931773" title="British credit crisis of 1772–1773">British credit crisis of 1772–1773</a></span></li> <li><span class="nowrap"><a href="/wiki/Financial_history_of_the_Dutch_Republic" title="Financial history of the Dutch Republic">Dutch Republic financial collapse</a> (c. 1780–1795)</span></li> <li><span class="nowrap"><a href="/wiki/Copper_Panic_of_1789" title="Copper Panic of 1789">Copper Panic of 1789</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1792" title="Panic of 1792">Panic of 1792</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1796%E2%80%931797" title="Panic of 1796–1797">Panic of 1796–1797</a></span></li> <li><span class="nowrap"><a href="/wiki/Danish_state_bankruptcy_of_1813" title="Danish state bankruptcy of 1813">Danish state bankruptcy of 1813</a></span></li> <li><span class="nowrap"><a href="/wiki/Commodity_price_shocks" title="Commodity price shocks">Post-Napoleonic Irish grain price and land use shocks</a> (1815–1816)</span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1819" title="Panic of 1819">Panic of 1819</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1825" title="Panic of 1825">Panic of 1825</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1837" title="Panic of 1837">Panic of 1837</a></span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">1840–1870</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/European_potato_failure" title="European potato failure">European potato failure</a> (1845–1856)</span> <ul><li><span class="nowrap"><a href="/wiki/Great_Famine_(Ireland)" title="Great Famine (Ireland)">Great Irish Famine</a></span></li> <li><span class="nowrap"><a href="/wiki/Highland_Potato_Famine" title="Highland Potato Famine">Highland Potato Famine</a></span></li></ul></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1847" title="Panic of 1847">Panic of 1847</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1857" title="Panic of 1857">Panic of 1857</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1866" title="Panic of 1866">Panic of 1866</a></span></li> <li><span class="nowrap"><a href="/wiki/Black_Friday_(1869)" title="Black Friday (1869)">Black Friday</a> (1869)</span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Second_Industrial_Revolution" title="Second Industrial Revolution">2nd Industrial Revolution</a><br />(1870–1914)</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/Panic_of_1873" title="Panic of 1873">Panic of 1873</a></span></li> <li><span class="nowrap"><a href="/wiki/Paris_Bourse_crash_of_1882" title="Paris Bourse crash of 1882">Paris Bourse crash of 1882</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1884" title="Panic of 1884">Panic of 1884</a></span></li> <li><span class="nowrap"><a href="/wiki/Arendal_crash" title="Arendal crash">Arendal crash</a> (1886)</span></li> <li><span class="nowrap"><a href="/wiki/Baring_crisis" title="Baring crisis">Baring crisis</a> (1890)</span></li> <li><span class="nowrap"><a href="/wiki/Encilhamento" title="Encilhamento">Encilhamento</a> (1890–1893)</span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1893" title="Panic of 1893">Panic of 1893</a></span></li> <li><span class="nowrap"><a href="/wiki/Australian_banking_crisis_of_1893" title="Australian banking crisis of 1893">Australian banking crisis of 1893</a></span></li> <li><span class="nowrap"><a href="/wiki/Black_Monday_(1894)" title="Black Monday (1894)">Black Monday</a> (1894)</span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1896" title="Panic of 1896">Panic of 1896</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1901" title="Panic of 1901">Panic of 1901</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1907" title="Panic of 1907">Panic of 1907</a></span></li> <li><span class="nowrap"><a href="/wiki/Shanghai_rubber_stock_market_crisis" title="Shanghai rubber stock market crisis">Shanghai rubber stock market crisis</a> (1910)</span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1910%E2%80%9311" title="Panic of 1910–11">Panic of 1910–11</a></span></li> <li><span class="nowrap"><a href="/wiki/Financial_crisis_of_1914" title="Financial crisis of 1914">Financial crisis of 1914</a></span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Interwar_period" title="Interwar period">Interwar period</a><br />(1918–1939)</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/Hyperinflation_in_early_Soviet_Russia" title="Hyperinflation in early Soviet Russia">Early Soviet hyperinflation</a> (1917–1924)</span></li> <li><span class="nowrap"><a href="/wiki/Hyperinflation_in_the_Weimar_Republic" title="Hyperinflation in the Weimar Republic">Weimar Republic hyperinflation</a> (1921–1923)</span></li> <li><span class="nowrap"><a href="/wiki/Sh%C5%8Dwa_financial_crisis" title="Shōwa financial crisis">Shōwa financial crisis</a> (1927)</span></li> <li><span class="nowrap"><a href="/wiki/Wall_Street_Crash_of_1929" class="mw-redirect" title="Wall Street Crash of 1929">Wall Street Crash of 1929</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1930" title="Panic of 1930">Panic of 1930</a></span></li> <li><span class="nowrap"><a href="/wiki/Chinese_hyperinflation" title="Chinese hyperinflation">Chinese hyperinflation</a> (1937-1950)</span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/World_War_II" title="World War II">Wartime period</a><br />(1939–1945)</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/Hyperinflation_in_Greece" title="Hyperinflation in Greece">Greek hyperinflation</a> (1941–1946)</span></li> <li><span class="nowrap"><a href="/wiki/Chinese_hyperinflation" title="Chinese hyperinflation">Chinese hyperinflation</a> (1937-1950)</span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Post%E2%80%93World_War_II_economic_expansion" title="Post–World War II economic expansion">Post–WWII expansion</a><br />(1945–1973)</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/Hungarian_peng%C5%91#Hyperinflation" title="Hungarian pengő">Hungarian pengő hyperinflation</a> (1945–1946)</span></li> <li><span class="nowrap"><a href="/wiki/Kennedy_Slide_of_1962" title="Kennedy Slide of 1962">Kennedy Slide of 1962</a></span></li> <li><span class="nowrap"><a href="/w/index.php?title=1963%E2%80%931965_Indonesian_hyperinflation&action=edit&redlink=1" class="new" title="1963–1965 Indonesian hyperinflation (page does not exist)">1963–1965 Indonesian hyperinflation</a></span></li> <li><span class="nowrap"><a href="/wiki/Chinese_hyperinflation" title="Chinese hyperinflation">Chinese hyperinflation</a> (1937-1950)</span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Stagflation" title="Stagflation">Great Inflation</a><br />(1973–1982)</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/1970s_energy_crisis" title="1970s energy crisis">1970s energy crisis</a> (1973–1980)</span></li> <li><span class="nowrap"><a href="/wiki/1973_oil_crisis" title="1973 oil crisis">1973 oil crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/1973%E2%80%931974_stock_market_crash" title="1973–1974 stock market crash">1973–1974 stock market crash</a></span></li> <li><span class="nowrap"><a href="/wiki/Secondary_banking_crisis_of_1973%E2%80%931975" title="Secondary banking crisis of 1973–1975">Secondary banking crisis of 1973–1975</a></span></li> <li><span class="nowrap"><a href="/wiki/Steel_crisis" title="Steel crisis">Steel crisis</a> (1973–1982)</span></li> <li><span class="nowrap"><a href="/wiki/Latin_American_debt_crisis" title="Latin American debt crisis">Latin American debt crisis</a> (1975–1982)</span></li> <li><span class="nowrap"><a href="/wiki/1976_sterling_crisis" title="1976 sterling crisis">1976 British currency crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/1979_oil_crisis" title="1979 oil crisis">1979 oil crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Hyperinflation_in_Brazil" title="Hyperinflation in Brazil">Brazilian hyperinflation</a> (1980–1982)</span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Great_Moderation" title="Great Moderation">Great Moderation</a>/<br /><a href="/wiki/Great_Regression" class="mw-redirect" title="Great Regression">Great Regression</a><br />(1982–2007)</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/Hyperinflation_in_Brazil" title="Hyperinflation in Brazil">Brazilian hyperinflation</a> (1982–1994)</span></li> <li><span class="nowrap"><a href="/wiki/Souk_Al-Manakh_stock_market_crash" title="Souk Al-Manakh stock market crash">Souk Al-Manakh stock market crash</a> (1982)</span></li> <li><span class="nowrap"><a href="/wiki/Crisis_of_1982" title="Crisis of 1982">Chilean crisis of 1982</a></span></li> <li><span class="nowrap"><a href="/wiki/1983_Israel_bank_stock_crisis" title="1983 Israel bank stock crisis">1983 Israel bank stock crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Black_Saturday_(1983)" title="Black Saturday (1983)">Black Saturday (1983)</a></span></li> <li><span class="nowrap"><a href="/wiki/Savings_and_loan_crisis" title="Savings and loan crisis">Savings and loan crisis</a> (1986–1995)</span></li> <li><span class="nowrap"><a href="/wiki/Cameroonian_economic_crisis" title="Cameroonian economic crisis">Cameroonian economic crisis</a> (1987–2000s)</span></li> <li><span class="nowrap"><a href="/wiki/Black_Monday_(1987)" title="Black Monday (1987)">Black Monday (1987)</a></span></li> <li><span class="nowrap"><a href="/wiki/1988%E2%80%931992_Norwegian_banking_crisis" title="1988–1992 Norwegian banking crisis">1988–1992 Norwegian banking crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Japanese_asset_price_bubble" title="Japanese asset price bubble">Japanese asset price bubble crash</a> (1990–1992)</span></li> <li><span class="nowrap"><a href="/wiki/Rhode_Island_banking_crisis" title="Rhode Island banking crisis">Rhode Island banking crisis</a> (1990–1992)</span></li> <li><span class="nowrap"><a href="/wiki/1991_Indian_economic_crisis" title="1991 Indian economic crisis">1991 Indian economic crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Sweden_financial_crisis_1990%E2%80%931994" class="mw-redirect" title="Sweden financial crisis 1990–1994">1990s Swedish financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/1990s_Finnish_banking_crisis" title="1990s Finnish banking crisis">1990s Finnish banking crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Armenian_energy_crisis_of_1990s" class="mw-redirect" title="Armenian energy crisis of 1990s">1990s Armenian energy crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Special_Period" title="Special Period">Cuban Special Period</a> (1991–2000)</span></li> <li><span class="nowrap"><a href="/wiki/Black_Wednesday" title="Black Wednesday">Black Wednesday (1992 Sterling crisis)</a></span></li> <li><span class="nowrap"><a href="/wiki/Hyperinflation_in_the_Federal_Republic_of_Yugoslavia" title="Hyperinflation in the Federal Republic of Yugoslavia">Yugoslav hyperinflation</a> (1992–1994)</span></li> <li><span class="nowrap"><a href="/wiki/1994_bond_market_crisis" title="1994 bond market crisis">1994 bond market crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Venezuelan_banking_crisis_of_1994" title="Venezuelan banking crisis of 1994">Venezuelan banking crisis of 1994</a></span></li> <li><span class="nowrap"><a href="/wiki/Mexican_peso_crisis" title="Mexican peso crisis">Mexican peso crisis</a> (1994–1996)</span></li> <li><span class="nowrap"><a href="/wiki/1997_Asian_financial_crisis" title="1997 Asian financial crisis">1997 Asian financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/October_27,_1997,_mini-crash" title="October 27, 1997, mini-crash">October 1997 mini-crash</a></span></li> <li><span class="nowrap"><a href="/wiki/1998_Russian_financial_crisis" title="1998 Russian financial crisis">1998 Russian financial crisis</a></span></li> <li><span class="nowrap"><a class="mw-selflink selflink">1998–1999 Ecuador economic crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/1998%E2%80%932002_Argentine_great_depression" title="1998–2002 Argentine great depression">1998–2002 Argentine great depression</a></span></li> <li><span class="nowrap"><a href="/wiki/Samba_effect" title="Samba effect">Samba effect</a> (1999)</span></li> <li><span class="nowrap"><a href="/wiki/Dot-com_bubble" title="Dot-com bubble">Dot-com bubble crash</a> (2000–2004)</span></li> <li><span class="nowrap"><a href="/wiki/Economic_effects_of_the_September_11_attacks" title="Economic effects of the September 11 attacks">9/11 stock market crash</a> (2001)</span></li> <li><span class="nowrap"><a href="/wiki/2001_Turkish_economic_crisis" title="2001 Turkish economic crisis">2001 Turkish economic crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/South_American_economic_crisis_of_2002" title="South American economic crisis of 2002">South American economic crisis of 2002</a></span></li> <li><span class="nowrap"><a href="/wiki/Stock_market_downturn_of_2002" title="Stock market downturn of 2002">Stock market downturn of 2002</a></span></li> <li><span class="nowrap"><a href="/wiki/2002_Uruguay_banking_crisis" title="2002 Uruguay banking crisis">2002 Uruguay banking crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2003_Myanmar_banking_crisis" title="2003 Myanmar banking crisis">2003 Myanmar banking crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2000s_energy_crisis" title="2000s energy crisis">2000s energy crisis</a> (2003–2008)</span></li> <li><span class="nowrap"><a href="/wiki/2004_Argentine_energy_crisis" title="2004 Argentine energy crisis">2004 Argentine energy crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Chinese_stock_bubble_of_2007" title="Chinese stock bubble of 2007">2007 Chinese stock bubble crash</a></span></li> <li><span class="nowrap"><a href="/wiki/Hyperinflation_in_Zimbabwe" title="Hyperinflation in Zimbabwe">Zimbabwean hyperinflation</a> (2007–present)</span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Great_Recession" title="Great Recession">Great Recession</a><br />(2007–2009)</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/2007%E2%80%932008_financial_crisis" title="2007–2008 financial crisis">2007–2008 financial crisis</a></span> <ul><li><span class="nowrap"><a href="/wiki/Global_financial_crisis_in_September_2008" title="Global financial crisis in September 2008">September 2008</a></span></li> <li><span class="nowrap"><a href="/wiki/Global_financial_crisis_in_October_2008" title="Global financial crisis in October 2008">October 2008</a></span></li> <li><span class="nowrap"><a href="/wiki/Global_financial_crisis_in_November_2008" title="Global financial crisis in November 2008">November 2008</a></span></li> <li><span class="nowrap"><a href="/wiki/Global_financial_crisis_in_December_2008" title="Global financial crisis in December 2008">December 2008</a></span></li> <li><span class="nowrap"><a href="/wiki/Global_financial_crisis_in_2009" title="Global financial crisis in 2009">2009</a></span></li> <li><span class="nowrap"><a href="/wiki/Subprime_mortgage_crisis" title="Subprime mortgage crisis">Subprime mortgage crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2000s_United_States_housing_market_correction" title="2000s United States housing market correction">2000s U.S. housing market correction</a></span></li> <li><span class="nowrap"><a href="/wiki/United_States_bear_market_of_2007%E2%80%932009" title="United States bear market of 2007–2009">U.S. bear market of 2007–2009</a></span></li> <li><span class="nowrap"><a href="/wiki/2008_Latvian_financial_crisis" title="2008 Latvian financial crisis">2008 Latvian financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2008%E2%80%932009_Belgian_financial_crisis" title="2008–2009 Belgian financial crisis">2008–2009 Belgian financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Great_Recession_in_Russia" title="Great Recession in Russia">2008–2009 Russian financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2008%E2%80%932009_Ukrainian_financial_crisis" title="2008–2009 Ukrainian financial crisis">2008–2009 Ukrainian financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2008%E2%80%932011_Icelandic_financial_crisis" title="2008–2011 Icelandic financial crisis">2008–2011 Icelandic financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Post-2008_Irish_banking_crisis" title="Post-2008 Irish banking crisis">2008–2011 Irish banking crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2008%E2%80%932014_Spanish_financial_crisis" title="2008–2014 Spanish financial crisis">2008–2014 Spanish financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Blue_Monday_Crash_2009" title="Blue Monday Crash 2009">Blue Monday Crash 2009</a></span></li> <li><span class="nowrap"><a href="/wiki/European_debt_crisis" title="European debt crisis">European debt crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Greek_government-debt_crisis" title="Greek government-debt crisis">Greek government-debt crisis</a></span></li></ul></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Information_Age" title="Information Age">Information Age</a><br />(2009–present)</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/Dubai_World" title="Dubai World">2009 Dubai debt standstill</a></span></li> <li><span class="nowrap"><a href="/wiki/Venezuelan_banking_crisis_of_2009%E2%80%932010" title="Venezuelan banking crisis of 2009–2010">Venezuelan banking crisis of 2009–2010</a></span></li> <li><span class="nowrap"><a href="/wiki/2010%E2%80%932014_Portuguese_financial_crisis" title="2010–2014 Portuguese financial crisis">2010–2014 Portuguese financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Energy_crisis_in_Venezuela" title="Energy crisis in Venezuela">Energy crisis in Venezuela</a> (2010–present)</span></li> <li><span class="nowrap"><a href="/wiki/Economy_of_Syria" title="Economy of Syria">Syrian economic crisis</a> (2011–present)</span></li> <li><span class="nowrap"><a href="/wiki/August_2011_stock_markets_fall" title="August 2011 stock markets fall">August 2011 stock markets fall</a></span></li> <li><span class="nowrap"><a href="/wiki/2011_Bangladesh_share_market_scam" title="2011 Bangladesh share market scam">2011 Bangladesh share market scam</a></span></li> <li><span class="nowrap"><a href="/wiki/2012%E2%80%932013_Cypriot_financial_crisis" title="2012–2013 Cypriot financial crisis">2012–2013 Cypriot financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Chinese_Banking_Liquidity_Crisis_of_2013" title="Chinese Banking Liquidity Crisis of 2013">2013 Chinese banking liquidity crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2013%E2%80%93present_economic_crisis_in_Venezuela" title="2013–present economic crisis in Venezuela">Venezuela economic crisis</a> (2013–present)</span></li> <li><span class="nowrap"><a href="/wiki/2014_Brazilian_economic_crisis" title="2014 Brazilian economic crisis">2014–2016 Brazilian economic crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Puerto_Rican_government-debt_crisis" title="Puerto Rican government-debt crisis">Puerto Rican government-debt crisis</a> (2014–2022)</span></li> <li><span class="nowrap"><a href="/wiki/Russian_financial_crisis_(2014%E2%80%932016)" title="Russian financial crisis (2014–2016)">Russian financial crisis (2014–2016)</a></span></li> <li><span class="nowrap"><a href="/wiki/2015_Nepal_blockade" title="2015 Nepal blockade">2015 Nepal blockade</a></span></li> <li><span class="nowrap"><a href="/wiki/2015%E2%80%932016_Chinese_stock_market_turbulence" title="2015–2016 Chinese stock market turbulence">2015–2016 Chinese stock market turbulence</a></span></li> <li><span class="nowrap"><a href="/wiki/2015%E2%80%932016_stock_market_selloff" title="2015–2016 stock market selloff">2015–2016 stock market selloff</a></span></li> <li><span class="nowrap"><a href="/wiki/Economic_effects_of_Brexit" title="Economic effects of Brexit">Brexit stock market crash</a> (2016)</span></li> <li><span class="nowrap"><a href="/wiki/Hyperinflation_in_Venezuela" title="Hyperinflation in Venezuela">Venezuelan hyperinflation</a> (2016–2022)</span></li> <li><span class="nowrap"><a href="/wiki/2017_Sri_Lankan_fuel_crisis" title="2017 Sri Lankan fuel crisis">2017 Sri Lankan fuel crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Ghana_banking_crisis" title="Ghana banking crisis">Ghana banking crisis</a> (2017–2018)</span></li> <li><span class="nowrap"><a href="/wiki/Turkish_economic_crisis_(2018%E2%80%93current)" title="Turkish economic crisis (2018–current)">Turkish economic crisis</a> (2018–present)</span></li> <li><span class="nowrap"><a href="/wiki/Lebanese_liquidity_crisis" title="Lebanese liquidity crisis">Lebanese liquidity crisis</a> (2019–present)</span></li> <li><span class="nowrap"><a href="/wiki/Sri_Lankan_economic_crisis_(2019%E2%80%93present)" title="Sri Lankan economic crisis (2019–present)">Sri Lankan economic crisis</a> (2019–present)</span></li> <li><span class="nowrap"><a href="/wiki/Economic_impact_of_the_COVID-19_pandemic" title="Economic impact of the COVID-19 pandemic">COVID-19 pandemic</a></span> <ul><li><span class="nowrap"><a href="/wiki/Financial_market_impact_of_the_COVID-19_pandemic" title="Financial market impact of the COVID-19 pandemic">Financial market impact</a></span></li> <li><span class="nowrap"><a href="/wiki/2020_stock_market_crash" title="2020 stock market crash">2020 stock market crash</a></span></li> <li><span class="nowrap"><a href="/wiki/Early_2020s_recession" class="mw-redirect" title="Early 2020s recession">Recession</a></span></li></ul></li> <li><span class="nowrap"><a href="/wiki/Chinese_property_sector_crisis_(2020%E2%80%93present)" title="Chinese property sector crisis (2020–present)">Chinese property sector crisis</a> (2020–present)</span></li> <li><span class="nowrap"><a href="/wiki/2021%E2%80%932023_inflation_surge" title="2021–2023 inflation surge">2021–2023 inflation surge</a></span></li> <li><span class="nowrap"><a href="/wiki/Economic_impact_of_the_Russian_invasion_of_Ukraine" title="Economic impact of the Russian invasion of Ukraine">2022 Russian financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Pakistani_economic_crisis_(2022%E2%80%93present)" title="Pakistani economic crisis (2022–present)">Pakistani economic crisis</a> (2022–present)</span></li> <li><span class="nowrap"><a href="/wiki/2022_stock_market_decline" title="2022 stock market decline">2022 stock market decline</a></span></li> <li><span class="nowrap"><a href="/wiki/German_economic_crisis_(2022%E2%80%93present)" title="German economic crisis (2022–present)">2022–2024 German economic crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2023_United_States_banking_crisis" title="2023 United States banking crisis">2023 United States banking crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2023%E2%80%932024_Egyptian_financial_crisis" title="2023–2024 Egyptian financial crisis">2023–2024 Egyptian financial crisis</a></span></li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><span class="nowrap"><a href="/wiki/List_of_banking_crises" title="List of banking crises">List of banking crises</a></span></li> <li><span class="nowrap"><a href="/wiki/List_of_economic_crises" title="List of economic crises">List of economic crises</a></span></li> <li><span class="nowrap"><a href="/wiki/List_of_sovereign_debt_crises" title="List of sovereign debt crises">List of sovereign debt crises</a></span></li> <li><span class="nowrap"><a href="/wiki/List_of_stock_market_crashes_and_bear_markets" title="List of stock market crashes and bear markets">List of stock market crashes and bear markets</a></span></li></ul> </div></td></tr></tbody></table></div>    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