What was the name of the 1997 financial crisis that triggered major stock-market collapses across East Asia?

The 1997 Asian financial crisis triggered major stock-market collapses across East Asia. It began with pressure on Thailand's currency and spread through several economies that had attracted large foreign capital inflows.

Thailand abandoned its fixed exchange-rate defense for the baht on July 2, 1997. Currency devaluations, corporate debt, banking problems, and investor panic then affected Indonesia, South Korea, Malaysia, and other markets.

The crisis was not simply a stock-market event: exchange rates, foreign-currency borrowing, and financial institutions were central to it. The International Monetary Fund organized major assistance programs, especially for Thailand, Indonesia, and South Korea.