Which 1997 crisis caused dramatic stock-market declines across East and Southeast Asia?

The 1997 crisis that caused dramatic stock-market declines across East and Southeast Asia was the Asian financial crisis.

The crisis began in Thailand after pressure on the baht forced the country to abandon its fixed exchange-rate arrangement in July 1997. Currency devaluations and capital flight then spread to Indonesia, South Korea, Malaysia, and other economies. Stock markets fell as investors reassessed banks, companies, and government finances.

Large foreign-currency debts, property bubbles, weak financial regulation, and exchange-rate pegs made several economies vulnerable. The International Monetary Fund arranged major assistance programs for countries including Thailand, Indonesia, and South Korea, subject to policy conditions.

The crisis was not limited to share prices: currencies collapsed, businesses failed, and unemployment rose. Russia and other markets later faced related international financial stress, but those events are usually treated as separate stages of the wider period.