What name is given to the 1997 financial crisis that spread through several East and Southeast Asian economies?

The 1997 financial crisis that spread through several East and Southeast Asian economies is called the Asian financial crisis.

It began in Thailand in July 1997, when the government abandoned the baht’s fixed exchange-rate regime after intense pressure on the currency. The baht then lost value, and financial stress spread to countries including Indonesia and South Korea. Falling currencies increased the local cost of servicing foreign-currency debt, while weak banks and heavily indebted companies worsened the shock.

Stock markets across the region fell sharply, but the crisis was not simply a stock-market event. Currency devaluations, banking failures, corporate bankruptcies, recession, and emergency international lending were central parts of the episode.

The International Monetary Fund arranged major support programs, including assistance for Thailand, Indonesia, and South Korea. Hong Kong also experienced intense market pressure but maintained its currency peg. The crisis is sometimes called the Asian financial crisis or the East Asian financial crisis; the shorter answer is the standard broad name.