What was the 1997–1998 crisis called after currency collapses spread from Thailand through East Asian markets?

The 1997–1998 crisis that spread from Thailand through East Asian markets was the Asian financial crisis.

The crisis began when Thailand abandoned the baht’s peg to the U.S. dollar on July 2, 1997. Speculators and investors then pressured other currencies, while companies and banks faced heavy foreign-currency debts. Indonesia, South Korea, Malaysia, and the Philippines experienced intense financial stress, with stock markets and currencies falling sharply.

The turmoil was not limited to currencies. Falling exchange rates increased the local cost of dollar-denominated debt, while asset-price declines damaged banks and businesses. The International Monetary Fund organized major assistance programs for Thailand, Indonesia, and South Korea.

Hong Kong defended its currency peg, but its stock market suffered a major fall. The crisis later contributed to financial turmoil in Russia and other emerging markets, although those later episodes are usually given separate names.