Macro-financial crises timeline (1929-2022)
A crisis is not defined by what set it off. What actually governed how assets behaved and what room monetary policy had was the macroeconomic regime each crisis tipped the economy into — not the crisis label.
This timeline sorts eleven episodes, from the 1929 crash to the 2022 UK gilt crisis, by their destination regime, across three distinct reading layers: a growth × inflation cell (layer 1), a named overlay such as the Dollar Shortage (layer 2), or a structural frame such as Japan’s secular stagnation (layer 3). Two crises can share the same cell without being alike: 2008 and 2020 both land in a disinflationary slowdown, yet only 2008 carried a Dollar Shortage — that secondary marker is what separates them.
Each episode opens its own analysis page. The measurement status (● measured, ◐ reconstructed, ○ frame) shows how far the classification rests on the monthly engine series, available since 2003, or on a reconstruction of earlier episodes.
Major macro-financial crises and their destination regime
Eleven episodes, from the 1929 crash to the 2022 UK gilt crisis, sorted by the macro regime each one tipped the economy into: layer 1 (a growth × inflation cell), layer 2 (a named overlay) or layer 3 (a structural frame). Each episode opens its analysis page.
Secondary marker: an overlay (e.g. Dollar Shortage on a layer-1 episode) or a structural frame (hatching) layered on top of the main regime without replacing it — this is what distinguishes 2008 (with Dollar Shortage) from 2020 (without).
Descriptive timeline of past episodes, for information only — neither predictive nor prescriptive. The destination regime is a dated, classified state, presented as such; it does not announce the next crisis.
Eco3min classification (layers 1–3) · NFCI, CFNAI-MA3, Trimmed Mean PCE · episodes from the Eco3min Crisis Hub. Monthly engine series since 2003: earlier episodes (◐) are reconstructed, the Japan frame (○) is not computed.
Go deeper
To place these episodes in the present and in the framework that classifies them: the macroeconomic regime measured today, which sets out the growth × inflation grid and the three reading layers.
Destination regimes link to their Atlas pages: disinflationary slowdowns and contractions, inflationary episodes, the Dollar Shortage and secular stagnation.
Last updated — 1 June 2026
Disclaimer – Financial Information: The analyses, commentary, and content published on eco3min.fr are provided for informational and educational purposes only. They do not constitute investment advice or a solicitation to buy or sell financial instruments. Past performance is not indicative of future results. All investment decisions involve risk and are the sole responsibility of the reader.