What name was given to the 1997–1998 collapse that began with Thailand's baht devaluation?

The 1997–1998 collapse that began with Thailand's baht devaluation was the Asian financial crisis.

Thailand abandoned its fixed exchange-rate policy and allowed the baht to float on July 2, 1997. The currency fell sharply, exposing weaknesses in heavily indebted banks and companies that had borrowed in foreign currencies.

Financial pressure spread across East and Southeast Asia. Indonesia, South Korea, Malaysia, and the Philippines were among the countries affected, while Hong Kong's market and currency also came under intense pressure. Falling currencies, collapsing asset prices, corporate failures, and banking problems reinforced one another.

The International Monetary Fund arranged major assistance programs, including a large package for South Korea. The crisis is sometimes called the Asian currency crisis, but “Asian financial crisis” is the broader standard term because the turmoil involved banks, companies, exchange rates, and stock markets rather than currencies alone.