系统性银行危机数据库：1970-2025

Systemic Banking CrisesDatabase: 1970-2025 Luc Laeven and Fabian Valencia WP/26/94 IMF Working Papersdescribe research inprogress by the author(s) and are published toelicit comments and to encourage debate.The views expressed in IMF Working Papers are 2026MAY IMF Working Paper Western Hemisphere Department Systemic Banking Crises Database: 1970-2025Prepared by Luc Laeven and Fabian Valencia* Authorized for distribution by Dora Iakova IMF Working Papersdescribe research in progress by the author(s) and are published to elicitcomments and to encourage debate.The views expressed in IMF Working Papers are those of the ABSTRACT:This paper presents an updated version of the Laeven and Valencia (2013, 2020) database onsystemic banking crises, extending the coverage through 2025. The update incorporates new episodes, whilemaintaining the definition established in previous editions, which emphasizes both significant signs of financialdistress and substantial policy interventions. The update integrates textual tools to screen potential candidates RECOMMENDED CITATION:Laeven and Valencia. 2026. “Systemic Banking Crises Database: 1970-2025.”IMF Working Paper 2026/94, International Monetary Fund, Washington, DC. WORKING PAPERS Systemic Banking CrisesDatabase: 1970-2025 Prepared by Luc Laeven and Fabian Valencia* Contents I. Introduction............................................................................................................................3 III. Identifying and Dating Systemic Banking Crises..............................................................6 IV. Banking Crises Episodes During 1970–2025.....................................................................7 A. The March 2023 events in the US and Switzerland.........................................................10B. Banking crises episodes by income level ........................................................................11 V. Policy Interventions during Crises....................................................................................12 VI. Crises Outcomes...............................................................................................................15 A. Fiscal Costs of Banking Crises........................................................................................16B. Peak Nonperforming Loans ............................................................................................17C. Systemic Banking Crises Duration..................................................................................18D. Output Losses ................................................................................................................19 VII. Conclusions......................................................................................................................20 References..............................................................................................................................21 Appendix I. Banking Crises Episodes and Policy Responses.............................................25 Appendix II. Implementation of Textual Analysis.................................................................43 I.Introduction Since 2020, the global economy has experienced a sequence of overlapping shocks, includingthe COVID-19 pandemic-induced economic shutdown, persistent supply chain disruptions, anda global inflation surge. These shocks have contributed to heightened macroeconomic volatility,elevated debt burdens, and structural realignments in global production and trade. Unlike pastepisodes of economic stress, the global banking system demonstrated remarkable resilience in Nevertheless, banking vulnerabilities did resurface in 2023. The failure of Silicon ValleyBank (SVB) and Signature Bank in the United States, followed by the emergency takeover ofCredit Suisse in Switzerland, served as stark reminders of the potential for rapid confidence loss In this context, timely and accurate identification of systemic banking crises remains animportant priority for research and policy. To this end, this paper updates the Laeven andValencia database – last updated in 2020 – to reflect crisis episodes during 1970-2025. Weexploit textual tools to detect possible instances of systemic banking crises and then assess Between 1970 and 2025, we record 164 banking crises (including borderline cases),dated yearly and, where possible, monthly. The database covers policy responses, fiscal costs,output losses, and other statistics. High-income countries tend to experience longer crises with The literature on banking crisis dating has grown since the global financial crisis withnotable contributions including Reinhart and Rogoff (2009), Schularick and Taylor (2012),Romer and Romer (2017), and Baron et al. (2021). Some of these studies rely on quantitative information while others on narrative approaches. Our approach is a combination of narrativeand quantitative information that aims a