What was the 1997 financial crisis in East and Southeast Asia commonly called?

The 1997 financial crisis in East and Southeast Asia was commonly called the Asian financial crisis.

The crisis began in Thailand after the baht came under intense pressure and was allowed to float in July 1997. Currency devaluations, large foreign-currency debts, weak financial systems, and property-market speculation then spread stress through Indonesia, South Korea, Malaysia, and other economies.

Although it began as a currency and banking crisis, stock markets also suffered steep losses. International lending contracted, companies struggled to repay dollar-denominated obligations, and several governments sought assistance from the International Monetary Fund.

The crisis was not confined to Asia. Financial contagion reached Russia and contributed to turmoil elsewhere, including the 1998 collapse of Long-Term Capital Management. It is sometimes incorrectly reduced to a single stock-market crash rather than a connected currency, banking, and market crisis.