Which 1990s crisis caused major stock-market collapses across Thailand, Indonesia, and South Korea?

The 1990s crisis that caused major stock-market collapses across Thailand, Indonesia, and South Korea was the Asian financial crisis.

The crisis began in Thailand in 1997 after pressure on the baht forced the country to abandon its currency peg and allow devaluation. Investors then reassessed other Asian economies, especially those with large foreign-currency debts, weak financial systems, or fixed exchange rates. Capital flowed out rapidly, damaging currencies, banks, and stock markets.

The International Monetary Fund arranged assistance programs for several affected countries, including Thailand, Indonesia, and South Korea. The crisis later spread beyond Asia, contributing to Russia’s 1998 default and broader emerging-market stress. This answer is distinct from the 1997 Thai crash alone: the Asian financial crisis names the wider regional event.