Venezuelan banking crisis of 1994

The 1994 banking crisis occurred in Venezuela when a number of the banks of Venezuela were taken over by the government. The first to fail, in January 1994, was Banco Latino, the country's second-largest bank ($1.3 billion bailout^[1]). Later, two banks accounting for 18% of total deposits (Banco Consolidado and Banco de Venezuela) also failed.^[2] The crisis led the President Rafael Caldera to suspend constitutional rights in order to impose price controls, exposure of deep corruption in the Venezuelan banking system, and the resignation of Finance Minister Julio Sosa Rodriguez.^[3]^[4]^[5]

History

The Venezuelan government spent $5 billion from January to June 1994 to try to rescue 8 banks, which were all declared bankrupt in June 1994. State officials suggested that most of the public funds for recovery had been stolen by bankers fleeing the country's crisis. At this point, reserves at the Central Bank dropped from $12 billion to $8 billion.^[1]

On 9 August 1994, Banco de Venezuela became the tenth bank bailed out by the Venezuelan government during the crisis, with the government taking a majority stake for an estimated at US$294m.^[6] In total, between January 1994 and August 1995 17 of the country's 49 commercial banks, as well as some subsidiaries, failed - representing 53% of the system assets.^[7] Estimates of the total cost of the bailout range from 18 to 31% of GDP;^[8] one estimate gives the total cost of the bank bailouts as 1.8 trillion Bolivars, or $12bn.^[2]

Economic liberalization in the early 1990s and lax banking supervision had laid the seeds for the crisis, which was then triggered by the cumulative effects of a collapse in the oil price, which led to sharply reduced government spending and weakened the Venezuelan economy.^[2]

Ruth de Krivoy, who was President of the Central Bank of Venezuela at the height of the crisis in 1994, later published a book on the episode.^[9]

References

^ ^a ^b Escobar, Gabriel (1994-06-27). "VENEZUELAN ECONOMY IN CRISIS". Washington Post. ISSN 0190-8286. Retrieved 2023-03-16.
^ ^a ^b ^c Molano, 1997. Financial reverberations: the Latin American banking system during the mid-1990s. SBC Warburg Working Paper, Social Science Research Network (1997).
^ Brooke, James (1994-05-16). "Failure of High-Flying Banks Shakes Venezuelan Economy". The New York Times. ISSN 0362-4331. Retrieved 2024-08-14.
^ "VENEZUELAN ECONOMY IN CRISIS". Washington Post. 2024-01-05. ISSN 0190-8286. Retrieved 2024-08-14.
^ "Venezuelan Finance Minister resigns - UPI Archives". UPI. 1995-02-06.
^ "Veneuela (sic) Announces Bank Rescue Package". New York Times. August 10, 1994. Retrieved 2009-01-13.
^ Molina, C.A. (2002), "Predicting bank failures using a hazard model: the Venezuelan banking crisis", Emerging Markets Review, Volume 3, Issue 1, 1 March 2002, Pages 31-50
^ Maxfield, Sylvia (2003), "When do voters matter more than cronies in developing countries? The politics of bank crisis resolution", in Critical issues in international financial reform (R. Albert Berry, Gustavo Indart, eds.), Transaction Publishers, p272
^ Da Costa, Mercedes (2001), Collapse: The Venezuelan Banking Crisis of '94, Finance & Development, 1 March 2001

v t e Rafael Caldera
President of Venezuela (1964–1969; 1994–1999)
First presidency	Guerrilla pacification Operación Canguro 1973 general election
Second presidency	Venezuelan banking crisis of 1994 Pardon of Hugo Chávez Caso de los banqueros prófugos [es] 1998 presidential election
Electoral history	1947 general election 1958 general election 1963 general election 1968 general election 1983 general election 1993 general election
Family	Alicia Pietri (wife)
Related	Labor Law of Venezuela Puntofijo Pact
← Raúl Leoni Carlos Andrés Pérez → ← Carlos Andrés Pérez Hugo Chávez → Category

v t e Financial crises
Bank run Commodity price shocks Credit crunch Credit cycle Currency crisis Debt crisis Energy crisis Financial contagion Social contagion Flash crash Hyperinflation Liquidity crisis Accounting Capital Funding Market Minsky moment Social crisis Stock market crash
Pre-1000	Financial crisis of 33 CE Crisis of the Third Century (235–284 CE)
Commercial revolution (1000–1760)	Great Bullion Famine (c. 1400–c. 1500) The Great Debasement (1544–1551) Dutch Republic stock market crashes (c. 1600–1760) Kipper und Wipper (1621–1623) Tulip mania crash (1637) South Sea bubble crash (1720) Mississippi bubble crash (1720)
1st Industrial Revolution (1760–1840)	Amsterdam banking crisis of 1763 Bengal bubble crash (1769–1784) British credit crisis of 1772–1773 Dutch Republic financial collapse (c. 1780–1795) Copper Panic of 1789 Panic of 1792 Panic of 1796–1797 Danish state bankruptcy of 1813 Post-Napoleonic Irish grain price and land use shocks (1815–1816) Panic of 1819 Panic of 1825 Panic of 1837
1840–1870	European potato failure (1845–1856) Great Irish Famine Highland Potato Famine Panic of 1847 Panic of 1857 Panic of 1866 Black Friday (1869)
2nd Industrial Revolution (1870–1914)	Panic of 1873 Paris Bourse crash of 1882 Panic of 1884 Arendal crash (1886) Baring crisis (1890) Encilhamento (1890–1893) Panic of 1893 Australian banking crisis of 1893 Black Monday (1894) Panic of 1896 Panic of 1901 Panic of 1907 Shanghai rubber stock market crisis (1910) Panic of 1910–11 Financial crisis of 1914
Interwar period (1918–1939)	Early Soviet hyperinflation (1917–1924) Weimar Republic hyperinflation (1921–1923) Shōwa financial crisis (1927) Wall Street Crash of 1929 Panic of 1930 Chinese hyperinflation (1937-1950)
Wartime period (1939–1945)	Greek hyperinflation (1941–1946) Chinese hyperinflation (1937-1950)
Post–WWII expansion (1945–1973)	Hungarian pengő hyperinflation (1945–1946) Kennedy Slide of 1962 1963–1965 Indonesian hyperinflation Chinese hyperinflation (1937-1950)
Great Inflation (1973–1982)	1970s energy crisis (1973–1980) 1973 oil crisis 1973–1974 stock market crash Secondary banking crisis of 1973–1975 Steel crisis (1973–1982) Latin American debt crisis (1975–1982) 1976 British currency crisis 1979 oil crisis Brazilian hyperinflation (1980–1982)
Great Moderation/ Great Regression (1982–2007)	Brazilian hyperinflation (1982–1994) Souk Al-Manakh stock market crash (1982) Chilean crisis of 1982 1983 Israel bank stock crisis Black Saturday (1983) Savings and loan crisis (1986–1995) Cameroonian economic crisis (1987–2000s) Black Monday (1987) 1988–1992 Norwegian banking crisis Japanese asset price bubble crash (1990–1992) Rhode Island banking crisis (1990–1992) 1991 Indian economic crisis 1990s Swedish financial crisis 1990s Finnish banking crisis 1990s Armenian energy crisis Cuban Special Period (1991–2000) Black Wednesday (1992 Sterling crisis) Yugoslav hyperinflation (1992–1994) 1994 bond market crisis Venezuelan banking crisis of 1994 Mexican peso crisis (1994–1996) 1997 Asian financial crisis October 1997 mini-crash 1998 Russian financial crisis 1998–1999 Ecuador economic crisis 1998–2002 Argentine great depression Samba effect (1999) Dot-com bubble crash (2000–2004) 9/11 stock market crash (2001) 2001 Turkish economic crisis South American economic crisis of 2002 Stock market downturn of 2002 2002 Uruguay banking crisis 2003 Myanmar banking crisis 2000s energy crisis (2003–2008) 2004 Argentine energy crisis 2007 Chinese stock bubble crash Zimbabwean hyperinflation (2007–present)
Great Recession (2007–2009)	2007–2008 financial crisis September 2008 October 2008 November 2008 December 2008 2009 Subprime mortgage crisis 2000s U.S. housing market correction U.S. bear market of 2007–2009 2008 Latvian financial crisis 2008–2009 Belgian financial crisis 2008–2009 Russian financial crisis 2008–2009 Ukrainian financial crisis 2008–2011 Icelandic financial crisis 2008–2011 Irish banking crisis 2008–2014 Spanish financial crisis Blue Monday Crash 2009 European debt crisis Greek government-debt crisis
Information Age (2009–present)	2009 Dubai debt standstill Venezuelan banking crisis of 2009–2010 2010–2014 Portuguese financial crisis Energy crisis in Venezuela (2010–present) Syrian economic crisis (2011–present) August 2011 stock markets fall 2011 Bangladesh share market scam 2012–2013 Cypriot financial crisis 2013 Chinese banking liquidity crisis Venezuela economic crisis (2013–present) 2014–2016 Brazilian economic crisis Puerto Rican government-debt crisis (2014–2022) Russian financial crisis (2014–2016) 2015 Nepal blockade 2015–2016 Chinese stock market turbulence 2015–2016 stock market selloff Brexit stock market crash (2016) Venezuelan hyperinflation (2016–2022) 2017 Sri Lankan fuel crisis Ghana banking crisis (2017–2018) Turkish economic crisis (2018–present) Lebanese liquidity crisis (2019–present) Sri Lankan economic crisis (2019–present) COVID-19 pandemic Financial market impact 2020 stock market crash Recession Chinese property sector crisis (2020–present) 2021–2023 inflation surge 2022 Russian financial crisis Pakistani economic crisis (2022–present) 2022 stock market decline 2022–2024 German economic crisis 2023 United States banking crisis 2023–2024 Egyptian financial crisis
List of banking crises List of economic crises List of sovereign debt crises List of stock market crashes and bear markets

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