What was the 1997 financial crisis called after spreading across Thailand, Indonesia, South Korea and nearby economies?

The 1997 financial crisis that spread across Thailand, Indonesia, South Korea, and nearby economies was called the Asian financial crisis.

The crisis began in Thailand after the government allowed the baht to float on July 2, 1997, ending its long-standing link to the U.S. dollar. The baht then lost much of its value, and pressure spread to currencies, banks, companies, and stock markets across East and Southeast Asia.

Many borrowers had accumulated large amounts of short-term foreign-currency debt while property and equity prices rose rapidly. When confidence broke, capital flowed out, currencies depreciated, and dollar-denominated debts became much more expensive to repay. The International Monetary Fund organized major assistance programs for Thailand, Indonesia, and South Korea.

The crisis was not limited to stock exchanges. It also produced recessions, corporate failures, unemployment, and political upheaval. The crisis later spread beyond Asia, contributing to financial turmoil in Russia and Brazil.