Of course, some financial crises occurred after that, such as the Secondary Banking Crisis in the United Kingdom and the S&L Crisis in the United States, while they were far from a full-fledged crisis affecting the entire economy and the financial system. Such a situation, however, changed significantly in the 1990s. First, financial crises have occurred more frequently than before.
That is apparent from the recent episodes: Japan’s crisis, the Nordic crisis, the East Asian crisis, the LTCM crisis, the Russian crisis, and the current global financial crisis. In addition, financial crises have increased their magnitude. Second, financial crises have occurred on a more global scale than before.