What was the 1997 financial crisis across Thailand and other East Asian economies called?

The 1997 financial crisis across Thailand and other East Asian economies was called the Asian financial crisis.

The crisis began in Thailand after pressure forced the government to abandon the baht’s fixed exchange-rate regime on July 2, 1997. The baht then lost substantial value. Investors and lenders became concerned about foreign-currency debt, property speculation, weak financial institutions and the sustainability of exchange-rate arrangements across the region.

Financial stress spread to Indonesia, South Korea and other economies. Stock markets and currencies fell, companies faced difficulty repaying dollar-denominated loans, and several countries sought assistance from the International Monetary Fund. The crisis caused deep recessions and significant social hardship, although affected economies later recovered.

The episode is sometimes called the Asian currency crisis or East Asian crisis. It was not simply a stock-market crash: currency devaluations, banking problems, capital outflows and corporate debt were central features. Russia’s 1998 default followed partly in the wider climate of global financial stress but was a separate crisis.