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

The 1997 crisis that triggered sharp stock-market falls across East and Southeast Asia was the Asian financial crisis.

The crisis began in Thailand after pressure forced the baht to float on July 2, 1997. Investors then questioned other economies with heavy foreign-currency borrowing, fixed exchange rates, high private debt, and vulnerable financial systems.

Contagion spread to Indonesia, South Korea, Malaysia, and the Philippines, while stock markets and currencies fell sharply. Thailand, Indonesia, and South Korea received major International Monetary Fund support packages with strict conditions.

Hong Kong defended its currency peg during intense market pressure, while Japan and Russia were also affected by the wider financial instability. The crisis was not simply a stock-market event: exchange-rate collapses, banking failures, corporate debt, and international capital flows all reinforced one another.