What was the 1997 stock-market crisis that began in Thailand and spread across East Asia commonly called?

The 1997 stock-market and currency crisis that began in Thailand and spread across East Asia was the Asian financial crisis.

Thailand abandoned its fixed exchange-rate policy for the baht on 2 July 1997 after severe pressure on its foreign-exchange reserves. The baht then depreciated sharply, exposing companies and banks that had borrowed heavily in foreign currencies.

Financial stress spread to Indonesia, South Korea, Malaysia, and other economies. Stock markets plunged, currencies weakened, businesses failed, and international rescue programs were assembled. The International Monetary Fund arranged major assistance packages, especially for Thailand, Indonesia, and South Korea.

The crisis was not simply a stock-market event. Currency mismatches, short-term foreign borrowing, weak financial supervision, property speculation, and sudden capital outflows all played important roles. Hong Kong resisted a currency devaluation but experienced a severe stock-market fall during the wider regional turmoil.