What nickname was given to the 1997 financial contagion that began with Thailand’s baht crisis?

The 1997 financial contagion that began with Thailand’s baht crisis was called the Asian financial crisis.

Thailand abandoned its fixed exchange-rate policy on 2 July 1997, allowing the baht to float after sustained pressure on its foreign-exchange reserves. The currency fell sharply, and financial stress spread across East and Southeast Asia.

Indonesia, South Korea, and other economies faced currency collapses, falling stock markets, banking failures, and severe recessions. Many companies and banks had borrowed in U.S. dollars, so local-currency depreciation made their debts much harder to repay.

The International Monetary Fund arranged major assistance programs, especially for Thailand, Indonesia, and South Korea. The crisis is distinct from the 1994 Mexican peso crisis and the 1998 Russian financial crisis, although all three showed how rapidly investor confidence can cross borders.