What nickname was given to the 1997 collapse of Thailand’s baht and the wider East Asian financial crisis?

The 1997 collapse of Thailand’s baht and the wider East Asian financial crisis was nicknamed the Tom Yum Kung crisis.

The name refers to tom yum kung, a spicy Thai shrimp soup, linking the crisis to its origin in Thailand. On July 2, 1997, Thailand abandoned its fixed exchange-rate system and allowed the baht to float after intense speculative pressure.

The turmoil spread through Southeast and East Asia. Currencies depreciated, stock markets plunged, companies and banks faced foreign-currency debts, and several governments sought emergency assistance from the International Monetary Fund.

The crisis is sometimes called the Asian financial crisis, but “Tom Yum Kung crisis” is a specifically Thai name. It is also distinct from Mexico’s 1994–95 Tequila crisis and Brazil’s 1999 currency crisis.