The answer is yes and I always point to the Financial Crisis of 33 AD in Rome which was mainly caused by a mass issuance of unsecured loans by the Roman banking house.[1]

Some of the major reasons why financial recessions happen are: abnormal leveraging, liquidity mismatches, wars, taxes, subsidies, governance.

[1] https://www.businessinsider.com/qe-in-the-financial-crisis-o...