What was the 1997 market crisis centered in East and Southeast Asia called?

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

The crisis began in Thailand when authorities abandoned the baht's fixed exchange-rate system on July 2, 1997. The currency fell sharply, and pressure spread to Indonesia, South Korea, Malaysia, and other economies. Investors withdrew capital, companies struggled with foreign-currency debts, and stock and property markets collapsed.

Many affected economies had experienced rapid growth financed by large inflows of short-term foreign money. Banks and corporations often borrowed in US dollars while earning revenue in local currencies. When exchange rates broke down, the local-currency cost of repayment surged.

The International Monetary Fund arranged major assistance programs, including a package for South Korea. The crisis also affected Russia and Brazil through global financial contagion. A common mistake is to describe it as only a stock-market event; currency devaluations, banking failures, corporate debt, and sovereign policy were central parts of the story.