Which currency crisis in 1997 triggered a broad collapse in Asian stock and property markets?

The 1997 currency crisis that triggered a broad collapse in Asian stock and property markets was the 1997 Asian financial crisis.

The crisis began in Thailand when authorities abandoned the baht's dollar peg on July 2, 1997. Investors had become concerned about large foreign-currency debts, property bubbles, current-account deficits, and fragile financial institutions. The baht then depreciated sharply, making dollar-denominated debts more expensive to repay.

Contagion spread to Indonesia, South Korea, Malaysia, and other economies. Stock markets fell, currencies weakened, companies failed, and banks faced severe balance-sheet problems. The International Monetary Fund organized assistance programs for several affected countries, including Thailand, Indonesia, and South Korea.

The crisis is often called the Asian financial crisis, but its effects were international. It also influenced later debates about capital controls, exchange-rate regimes, foreign-currency borrowing, and the risks of rapid financial liberalization.