Which phrase describes the 1997–1998 stock-market crash that spread from Thailand across much of East Asia?

The 1997–1998 stock-market crash that spread from Thailand across much of East Asia is called the Asian financial crisis.

The crisis began when Thailand abandoned the baht's fixed exchange-rate arrangement on July 2, 1997. The baht depreciated sharply, and pressure spread to other economies with high foreign-currency debts, fragile banks, or heavily leveraged companies.

Indonesia, South Korea, Malaysia, and the Philippines were among the economies hit hard. Currency collapses, falling share prices, business failures, and recessions reinforced one another.

Although it is often described as a stock-market crash, the event was broader than equities. Currency markets, banks, property markets, and government finances were all involved, and the International Monetary Fund arranged major rescue programs.