This report provides a comprehensive analysis of the 1997 Asian Financial Crisis, examining its impact on countries like Thailand, Indonesia, South Korea, Malaysia, and the Philippines. It delves into the causes of the crisis, including shifts in market confidence, macroeconomic imbalances, and inadequate policy responses. The report explores the effects on exchange rates, stock markets, commodity markets, and property markets, along with the implications for macroeconomic variables such as inflation and interest rates. The analysis includes graphical representations of exchange rate dynamics and discusses relevant economic theories like Purchasing Power Parity and Mercantilism. Furthermore, it investigates the role of governments, central banks, and the IMF in addressing the crisis, highlighting the implemented recovery strategies and structural reforms. The report concludes by assessing the long-term effects and lessons learned from this significant economic event.