What term describes the 1997 crash that began when Thailand abandoned its baht peg?

The 1997 crash that began when Thailand abandoned its baht peg is called the Asian financial crisis.

Thailand stopped defending the baht’s fixed exchange-rate regime on July 2, 1997, after heavy pressure on its foreign-exchange reserves. The baht then depreciated sharply. Investors reassessed risks across the region, and financial stress spread to Indonesia, South Korea, Malaysia, and other economies.

Many affected countries had experienced rapid credit growth, property speculation, large foreign-currency debts, and banking-sector weaknesses. Once confidence turned, capital flowed out, currencies fell, and stock markets plunged. The International Monetary Fund organized assistance programs for several countries, including Thailand, Indonesia, and South Korea.

The crisis is often called a currency crisis, but its effects reached banks, companies, public finances, and equity markets. It should not be confused with Mexico’s 1994–95 Tequila crisis or Russia’s 1998 financial crisis. Those episodes were connected to international investor sentiment but began in different countries and circumstances.