What name is given to the 1997 Asian financial crisis's speculative currency and stock-market turmoil?

The 1997 Asian financial crisis is the name given to the speculative currency and stock-market turmoil that spread across East and Southeast Asia. It began in Thailand after pressure on the baht forced the country to abandon its long-standing exchange-rate policy in July 1997.

The crisis then affected Indonesia, South Korea, Malaysia, and other economies. Investors withdrew capital, currencies lost value, companies and banks faced foreign-currency debts, and stock markets plunged. The turmoil was especially damaging because many borrowers had debts denominated in U.S. dollars while their domestic currencies were falling.

The International Monetary Fund arranged major assistance programs for Thailand, Indonesia, and South Korea, with conditions involving financial and economic reforms. The crisis also prompted debate over fixed exchange rates, short-term international capital flows, and the design of international rescue packages.

The event is sometimes called the Asian currency crisis, but its effects reached banking systems, companies, employment, and equity markets. Russia’s 1998 default and ruble devaluation came later and helped trigger a separate global hedge-fund crisis.