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→Historic Crashes
! Class !! Description
|-
| 1 || Flash crashes and other short -term market anomalies.
|-
| 2 || Short to medium term economic disturbancedisturbances that are limited to a sector
|-
| 3 || Full-blown economic Economic crisis
|}
My starting list comes from [https://en.wikipedia.org/wiki/List_of_stock_market_crashes_and_bear_markets a list of stock market crashes].
Using the largest decline on the Dow of the period as the crash day gives:
===Data driven approach===
Identify crashes as using the largest single-day declines on the DJIA:
{| class="wikitable"
! Date !! Open !! High !! Low !! Close !! Adj Close !! Volume !! SingleDayChange
|-
| 10/19/1987 || 2046.670044 || 2164.159912 || 1677.550049 || 1738.73999 || 1738.73999 || 87230000 || -22.6%
|-
| 10/26/1987 || 1864.219971 || 1881.800049 || 1774.040039 || 1793.930054 || 1793.930054 || 35420000 || -8.0%
|-
| 1/8/1988 || 2046.579956 || 2058.689941 || 1898.040039 || 1911.310059 || 1911.310059 || 27440000 || -6.9%
|-
| 10/13/1989 || 2753.280029 || 2773.360107 || 2545.48999 || 2569.26001 || 2569.26001 || 37620000 || -6.9%
|-
| 10/27/1997 || 7714.399902 || 7714.419922 || 7159.919922 || 7161.200195 || 7161.200195 || 91830000 || -7.2%
|-
| 8/31/1998 || 8052.450195 || 8095.450195 || 7539.069824 || 7539.069824 || 7539.069824 || 117890000 || -6.4%
|-
| 4/14/2000 || 10922.84961 || 10922.84961 || 10201.53027 || 10305.76953 || 10305.76953 || 267580000 || -5.7%
|-
| 9/17/2001 || 9580.320313 || 9580.320313 || 8883.400391 || 8920.700195 || 8920.700195 || 565600000 || -7.1%
|-
| 9/29/2008 || 11139.62012 || 11139.94043 || 10365.4502 || 10365.4502 || 10365.4502 || 385940000 || -7.0%
|-
| 10/7/2008 || 9955.419922 || 10124.03027 || 9436.669922 || 9447.110352 || 9447.110352 || 362520000 || -5.1%
|-
| 10/9/2008 || 9261.69043 || 9448.139648 || 8579.19043 || 8579.19043 || 8579.19043 || 436740000 || -7.3%
|-
| 10/15/2008 || 9301.910156 || 9308.759766 || 8530.120117 || 8577.910156 || 8577.910156 || 374350000 || -7.9%
|-
| 10/22/2008 || 9027.839844 || 9027.839844 || 8335.299805 || 8519.209961 || 8519.209961 || 348840000 || -5.7%
|-
| 11/5/2008 || 9616.599609 || 9616.599609 || 9111.469727 || 9139.269531 || 9139.269531 || 264640000 || -5.0%
|-
| 11/19/2008 || 8420.69043 || 8504.639648 || 7987.080078 || 7997.279785 || 7997.279785 || 350470000 || -5.1%
|-
| 11/20/2008 || 7995.529785 || 8187.399902 || 7506.970215 || 7552.290039 || 7552.290039 || 528130000 || -5.6%
|-
| 12/1/2008 || 8826.889648 || 8827.049805 || 8141.359863 || 8149.089844 || 8149.089844 || 321010000 || -7.7%
|-
| 8/8/2011 || 11433.92969 || 11434.08984 || 10809.84961 || 10809.84961 || 10809.84961 || 479980000 || -5.5%
|-
| 3/9/2020 || 24992.35938 || 24992.35938 || 23706.07031 || 23851.01953 || 23851.01953 || 750430000 || -7.8%
|-
| 3/11/2020 || 24604.63086 || 24604.63086 || 23328.32031 || 23553.2207 || 23553.2207 || 663960000 || -5.9%
|-
| 3/12/2020 || 22184.71094 || 22837.94922 || 21154.46094 || 21200.61914 || 21200.61914 || 908260000 || -10.0%
|-
| 3/16/2020 || 20917.5293 || 21768.2793 || 20116.46094 || 20188.51953 || 20188.51953 || 770130000 || -12.9%
|-
| 3/18/2020 || 20188.68945 || 20489.33008 || 18917.46094 || 19898.91992 || 19898.91992 || 871360000 || -6.3%
|-
| 6/11/2020 || 26282.50977 || 26294.08008 || 25082.7207 || 25128.16992 || 25128.16992 || 647780000 || -6.9%
|}
Grouping them using 6-month windows gives 9 crashes:
*1987/1988: 3 obs (including largest)
*1989: 1 obs
*1997: 1 obs
*1998: 1 obs
*2000: 1 obs
*2001: 1 obs
*2008: 9 obs
*2011: 1 obs
*2020: 6 obs (and counting, including second and third largest)
