The 1997 Asian financial crisis was a period of economic collapse following the much-celebrated ‘Asian economic miracle’ of the late 1980s and 1990s. The crisis was provoked by the collapse of the Thai bhat due to severe financial overextension and a real estate bubble, triggering a chain reaction across South East Asia of slumping currencies, devalued stock markets and the withdrawal of foreign capital. Indonesia, South Korea, Thailand, Hong Kong, Laos, Malaysia and the Philippines were among the most affected countries.