Banking panics have been the cause of several financial crises in the 19th, 20th and 21st centuries, many of which have led to recessions or depressions.
Stock market crashes, credit crises, financial bubble bursts, sovereign defaults and currency crises are all examples of financial crises.
The financial crisis may be limited to one country or one segment of financial services, but it is more likely to spread to a regional or global level.