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What (who) is economic crisis - definition
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![Roman]] [[denarius]] was debased over time.](https://commons.wikimedia.org/wiki/Special:FilePath/8denarii.jpg?width=200 "Roman]] [[denarius]] was debased over time.")
![[[Philip II of Spain]] defaulted four times on Spain's debt.](https://commons.wikimedia.org/wiki/Special:FilePath/Portrait of Philip II of Spain by Sofonisba Anguissola - 002b.jpg?width=200 "[[Philip II of Spain]] defaulted four times on Spain's debt.")
![Black Friday, 9 May 1873, Vienna Stock Exchange. The [[Panic of 1873]] and [[Long Depression]] followed.](https://commons.wikimedia.org/wiki/Special:FilePath/Schwarzer Freitag Wien 1873.jpg?width=200 "Black Friday, 9 May 1873, Vienna Stock Exchange. The [[Panic of 1873]] and [[Long Depression]] followed.")
![The bursting of the [[South Sea Bubble]] and [[Mississippi Bubble]] in 1720 is regarded as the first modern financial crisis.](https://commons.wikimedia.org/wiki/Special:FilePath/South Sea Bubble Cards-Tree.png?width=200 "The bursting of the [[South Sea Bubble]] and [[Mississippi Bubble]] in 1720 is regarded as the first modern financial crisis.")
![January 2016 cover of ''[[The Economist]]'' magazine about the crisis. The cover depicts then-president Dilma Rousseff.](https://commons.wikimedia.org/wiki/Special:FilePath/Brazil's fall (The Economist).jpg?width=200 "January 2016 cover of ''[[The Economist]]'' magazine about the crisis. The cover depicts then-president Dilma Rousseff.")
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![Evolution of the [[Gini coefficient]] in Brazil from 2012 to 2019. Source: Ibre/FGV<ref name="IBRE" />](https://commons.wikimedia.org/wiki/Special:FilePath/Gini da Renda do Trabalho nos Domicílios per Capita.png?width=200 "Evolution of the [[Gini coefficient]] in Brazil from 2012 to 2019. Source: Ibre/FGV<ref name=\"IBRE\" />")
Wikipedia
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A financial crisis is any of a broad variety of situations in which some financial assets suddenly lose a large part of their nominal value. In the 19th and early 20th centuries, many financial crises were associated with banking panics, and many recessions coincided with these panics. Other situations that are often called financial crises include stock market crashes and the bursting of other financial bubbles, currency crises, and sovereign defaults. Financial crises directly result in a loss of paper wealth but do not necessarily result in significant changes in the real economy (e.g. the crisis resulting from the famous tulip mania bubble in the 17th century).
Many economists have offered theories about how financial crises develop and how they could be prevented. There is no consensus, however, and financial crises continue to occur from time to time.
