What was the nickname of the severe 1997 stock-market crash that began in Thailand and spread across East Asia?

The severe 1997 stock-market crash that began in Thailand and spread across East Asia was the Asian financial crisis. It began when Thailand abandoned its exchange-rate peg to the US dollar on July 2, 1997, causing the baht to fall sharply.

Investors then reassessed economies across the region, selling currencies, shares, and other assets. Indonesia, South Korea, Malaysia, and the Philippines were among the countries hit particularly hard. Companies and banks that had borrowed heavily in foreign currencies faced much larger debts when local currencies depreciated.

The International Monetary Fund organized major assistance programs for Thailand, Indonesia, and South Korea, often with conditions requiring financial and structural reforms. Hong Kong’s currency peg survived, although its stock market experienced violent volatility. The crisis also affected Russia and other emerging markets, but the Asian financial crisis specifically refers to the East Asian-centered episode.