The document summarizes the 1997 Asian Financial Crisis. It began in Thailand due to a real estate bubble fueled by foreign capital inflows. When the US raised interest rates, capital fled Thailand, forcing the baht to float and devalue sharply. This triggered a broader regional crisis, with currency devaluations and economic downturns impacting Indonesia, South Korea, and other Southeast Asian countries. The IMF provided $40 billion in loans to stabilize currencies and support reforms, but the crisis exposed weaknesses in the Asian economic model and financial systems.