What was the 1997–1998 market crisis in East and Southeast Asia commonly called?

The 1997–1998 market crisis in East and Southeast Asia was commonly called the Asian financial crisis.

It began in Thailand after pressure on the baht forced the country to abandon its currency peg to the U.S. dollar in July 1997. The baht then depreciated sharply, and financial stress spread to Indonesia, South Korea, Malaysia, and other economies. Stock markets fell, currencies weakened, companies struggled with foreign-currency debt, and banking systems came under intense pressure.

The crisis was not simply a stock-market event. Large capital inflows, short-term foreign borrowing, fixed or managed exchange rates, property speculation, and financial-sector weaknesses made several economies vulnerable to a reversal of investor confidence. The International Monetary Fund arranged major assistance programs for countries including Thailand, Indonesia, and South Korea, with conditions attached. Hong Kong defended its currency and stock market during the turmoil, while Japan faced its own prolonged financial difficulties. The crisis also changed debates about capital controls, exchange-rate regimes, and the risks of borrowing in foreign currencies.