We also take descriptions of sizeable government interventions in the financial
system as an indicator of a moderate crisis. Thus, our definition of a moderate crisis represents
a quite significant level of financial distress, and appears to roughly correspond to the cutoff in
other chronologies, such as Caprio et al. (2005) and Laeven and Valencia (2014), between a
crisis and no crisis, or between a systemic crisis and a non systemic crisis.