## Currency Crises in the Post-Bretton Woods Era: A New Dataset of Large Depreciations

_IMF Working Papers, October 31, 2025_

## Source details

**Canonical URL:** [Currency Crises in the Post-Bretton Woods Era: A New Dataset of Large Depreciations](https://www.imf.org/en/publications/wp/issues/2025/10/27/currency-crises-in-the-post-bretton-woods-era-a-new-dataset-of-large-depreciations-571065)

## Other formats

- [Markdown version](/en/publications/wp/issues/2025/10/27/currency-crises-in-the-post-bretton-woods-era-a-new-dataset-of-large-depreciations-571065/index.md)
- [Structured JSON version](/en/publications/wp/issues/2025/10/27/currency-crises-in-the-post-bretton-woods-era-a-new-dataset-of-large-depreciations-571065/index.json)
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## Bibliographic details
- Authors: Alexander Culiuc, Hyunmin Park
- Published: October 31, 2025
- Series: IMF Working Papers
- DOI: https://doi.org/10.5089/9798229027793.001

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### Dataset and methodology
- Novel dataset of large depreciations worldwide since 1971.
- Multi-step approach to accurately pinpoint large depreciation events on monthly data.
- Construction of large depreciation episodes that cover 24 months after the initial depreciation event.
- Month-level data enable granular characterization across multiple metrics: maximum depreciations, equilibrium depreciations, overshooting, and number of depreciation events within a single episode.

### Stylized facts and major findings
- (i) A few months into an episode, REER tends to appreciate unless there is an “aftershock” depreciation.
- (ii) Attempts to peg following the initial depreciation are associated with a higher likelihood of “aftershocks”.
- (iii) Equilibrium REER depreciations are largest when an IMF-supported program is put in place after the initial depreciation takes place.
- The dataset supports characterization of dynamics across various characteristics and groups: income, REER trajectory, number of events, exchange rate flexibility, and IMF-supported program status.

### Key metrics and analytics enabled by the dataset
- Month-level resolution for:
  - Maximum depreciations
  - Equilibrium depreciations
  - Overshooting
  - Number of depreciation events within a single episode
- Ability to identify “aftershock” depreciations and link them to policy responses such as attempts to peg.

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## Content in this bundle

- **Working Paper**
  - [Working Paper (Markdown version)](/-/media/files/publications/wp/2025/english/wpiea2025221-source-pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Working Paper (PDF)](/-/media/files/publications/wp/2025/english/wpiea2025221-source-pdf.pdf){rel="external" type="application/pdf"}

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_Source: https://www.imf.org/en/publications/wp/issues/2025/10/27/currency-crises-in-the-post-bretton-woods-era-a-new-dataset-of-large-depreciations-571065_