What was the official name of the 1997 event when several Asian currencies and stock markets collapsed?

The 1997 event in which several Asian currencies and stock markets collapsed was the Asian financial crisis.

The crisis began in Thailand when authorities abandoned the baht’s fixed exchange-rate regime on July 2, 1997. The baht fell sharply, and pressure spread to Indonesia, South Korea, Malaysia, and other economies. Investors withdrew capital, while companies and banks struggled with debts denominated in foreign currencies.

Stock markets declined alongside currencies, but the crisis was not simply a stock-market crash. Weak financial supervision, high short-term foreign borrowing, property speculation, and fixed or managed exchange rates all contributed. International lenders and governments adopted emergency measures, including programs supported by the International Monetary Fund.

The crisis later affected Russia and contributed to market turmoil elsewhere, including the failure of Long-Term Capital Management in the United States. It is sometimes confused with the 1998 Russian financial crisis, which was a later and related shock.