What was the 1997–1998 Asian stock-market crash commonly called?

The 1997–1998 Asian stock-market crash was commonly called the Asian financial crisis.

The crisis began in Thailand in July 1997, when authorities abandoned the baht’s fixed exchange-rate system. Investors then questioned other Asian currencies and economies, leading to capital flight, currency devaluations, falling share prices, and corporate failures across the region.

Indonesia, South Korea, and Thailand were among the countries hit hardest. International Monetary Fund assistance helped several governments stabilize their finances, although the rescue programs required painful reforms and austerity. Hong Kong’s stock market also endured severe pressure without abandoning its currency peg.

The event was not simply a stock-market decline. Currency mismatches, short-term foreign borrowing, weak banking systems, and property bubbles all mattered. Russia later defaulted in 1998, and Brazil faced pressure, helping spread the crisis beyond East Asia.