What was the 1997–1998 market turmoil that began in Thailand and spread across East Asia called?

The 1997–1998 market turmoil that began in Thailand and spread across East Asia was called the Asian financial crisis.

The crisis began on July 2, 1997, when Thailand abandoned its fixed exchange-rate regime and allowed the baht to float. The currency rapidly lost value, and investors began withdrawing capital from other economies that appeared vulnerable because of heavy foreign borrowing, property speculation, and fixed or managed exchange rates.

Indonesia, South Korea, and Malaysia were among the countries hit particularly hard. Stock markets plunged, currencies depreciated sharply, companies and banks faced insolvency, and economic output contracted. The International Monetary Fund organized major assistance programs, including a large package for South Korea.

The crisis later affected Russia and contributed to global financial stress, including the 1998 failure of Long-Term Capital Management. It is often called the Asian financial crisis rather than simply a stock-market crash because currency, banking, debt, and economic crises all interacted.