The document summarizes the East Asian financial crisis of 1997-1998. It provides background on the economic growth and policies of East Asian countries prior to the crisis. It then discusses some of the key factors that contributed to the crisis, including faulty macroeconomic policies, excessive foreign borrowing and risk-taking, and poor lending practices. The crisis began in Thailand and then spread to other countries through financial contagion and loss of investor confidence. The IMF intervened to stabilize currencies and reform banking systems.