What was the name of the 1997 crisis that caused major stock-market falls across East and Southeast Asia?

The Asian financial crisis was the 1997 crisis that caused major stock-market and currency falls across East and Southeast Asia.

The crisis began in Thailand after pressure forced the baht to float in July 1997. It spread to Indonesia, South Korea, Malaysia, and other economies through financial links, investor withdrawals, and currency pressure. Stock markets fell sharply, companies and banks faced foreign-currency debts, and several governments sought international assistance.

The crisis was not simply a stock-market event. Fixed or tightly managed exchange rates, short-term foreign borrowing, weak financial supervision, property speculation, and fragile banking systems all contributed. The International Monetary Fund provided major assistance to Thailand, Indonesia, and South Korea, although the conditions attached to rescue programs remain debated. Hong Kong defended its currency peg during the turmoil.