What term describes the 1997 collapse that spread from Thailand through several Asian financial markets?

The 1997 collapse that spread from Thailand through several Asian financial markets was the Asian financial crisis.

The crisis began in Thailand after the baht came under intense speculative pressure. On July 2, 1997, Thailand allowed the currency to float after spending reserves defending its exchange-rate system. The baht then lost substantial value, and financial stress spread to Indonesia, South Korea, Malaysia, and other economies.

Stock markets fell sharply, currencies weakened, and companies and banks faced heavy foreign-currency debts. The International Monetary Fund organized assistance packages, including a major program for South Korea. Hong Kong’s stock market also experienced severe pressure, although its currency peg survived. The crisis was not simply a stock-market event: exchange rates, banking systems, corporate borrowing, and international capital flows were all involved.