What is the common name for the 1997 crisis that began in Thailand and spread across East Asian markets?

The 1997 crisis that began in Thailand and spread across East Asian markets is commonly called the Asian financial crisis.

It began on July 2, 1997, when Thailand abandoned its fixed exchange-rate policy and allowed the baht to float. The currency rapidly lost value, revealing heavy foreign-currency debts and weaknesses in Thailand’s financial system.

Financial pressure then spread to Indonesia, South Korea, Malaysia, and other economies. Stock markets fell sharply, currencies depreciated, companies failed, and several governments needed international assistance led by the International Monetary Fund.

The crisis is sometimes called the East Asian financial crisis or Asian currency crisis. Japan was affected by the regional turmoil, although the country’s own asset-price bubble had burst years earlier.