What was the 1997 crisis called after currency and stock-market turmoil spread from Thailand across East Asia?

The 1997 crisis in which turmoil spread from Thailand across East Asia was the Asian financial crisis. It began when Thailand abandoned its fixed exchange-rate support for the baht on July 2, 1997, after intense pressure on the currency.

Investors then questioned other economies whose currencies were pegged to the U.S. dollar, whose companies had substantial foreign-currency debt, or whose financial systems had weak regulation. Indonesia, South Korea, and several other markets experienced sharp currency depreciation, falling stock prices, bankruptcies, and recession. The crisis also affected Malaysia and the Philippines, among other economies.

The International Monetary Fund arranged large rescue programs, including packages for Thailand, Indonesia, and South Korea. Malaysia instead imposed capital controls and fixed its exchange rate in 1998. The crisis is often called the Asian financial crisis or Asian crisis, but it did not affect every Asian economy equally and was not simply a stock-market event.