Which currency crisis preceded the 1998 Russian stock-market crash and debt default?

The 1997 Asian financial crisis preceded the 1998 Russian stock-market crash and debt default.

The Asian crisis began in Thailand in 1997 and spread to several economies, including Indonesia, South Korea, and Malaysia. Investors became more cautious about emerging markets, making it harder for countries and companies with foreign-currency debts to refinance.

Russia was already vulnerable because of weak tax collection, large government deficits, falling commodity prices, and political uncertainty. In August 1998, the government devalued the ruble, declared a moratorium on some private debt payments, and restructured domestic government bonds. Russian share prices collapsed.

The crisis also contributed to the failure of Long-Term Capital Management, a U.S. hedge fund with large leveraged positions. The Russian episode was therefore connected to, but distinct from, the Asian crisis: the earlier turmoil changed investor sentiment, while Russia's domestic fiscal and commodity problems magnified the shock.