What was the 1997–1998 crisis called after currency devaluations and market falls spread through East Asia?

The 1997–1998 crisis after currency devaluations and market falls spread through East Asia was called the Asian financial crisis.

The crisis began in Thailand in 1997 and spread to several economies that had accumulated large foreign-currency debts, experienced rapid credit growth, or maintained exchange-rate arrangements that investors began to doubt. Capital outflows placed pressure on currencies, banks, businesses, and stock markets.

Thailand, Indonesia, and South Korea were among the countries most affected. The International Monetary Fund organized major assistance programs for several governments, although the conditions attached to those programs remained controversial. Russia and other markets also experienced turbulence, but their later crises are generally treated as separate episodes.

The crisis is sometimes called the East Asian financial crisis or the Asian currency crisis. Those labels refer to the same broad regional upheaval. It was not limited to stock exchanges: collapsing currencies, banking distress, corporate debt, and recession were equally important parts of the story.