What was the name of the 1997 crisis that caused sharp stock-market falls across Thailand, Indonesia and South Korea?

The 1997 crisis that caused sharp stock-market falls across Thailand, Indonesia and South Korea was the Asian financial crisis.

The turmoil began in Thailand after pressure on the baht forced the country to abandon its fixed exchange-rate policy on July 2, 1997. Investors then reassessed other Asian economies with high foreign-currency debt, weak financial systems or large current-account deficits.

Currencies depreciated, share prices plunged and companies struggled to repay dollar-denominated loans. Indonesia and South Korea were among the countries hit hardest, and the International Monetary Fund organized major assistance programs.

The crisis was not confined to stock exchanges. It also involved banking failures, recession, unemployment and political change. Russia and Brazil later experienced severe financial stress, although those events had additional local causes and are not simply alternate names for the Asian crisis.