What name is commonly given to the 1997–1998 financial crisis that began in Thailand?

The 1997–1998 financial crisis that began in Thailand is commonly called the Asian financial crisis.

Thailand’s government abandoned the baht’s fixed exchange-rate arrangement on 2 July 1997 after intense pressure on its foreign-exchange reserves. The baht then fell sharply, and financial stress spread across East and Southeast Asia.

Indonesia, South Korea, Malaysia, and other economies experienced currency depreciation, falling stock markets, banking problems, and recession. Many companies and banks had borrowed in foreign currencies, so the weakening of local currencies made their debts much harder to repay.

The International Monetary Fund arranged major support programs, including a large package for South Korea. The crisis did not affect every Asian economy in the same way, and China’s renminbi remained stable. It is also called the Asian financial crisis or Asian financial contagion, rather than a single-country stock-market crash.