What term describes the 1997 financial crisis that began with Thailand's baht devaluation and spread across Asia?

The 1997 financial crisis that began with Thailand's baht devaluation and spread across Asia was the Asian financial crisis.

Thailand abandoned its fixed exchange-rate system on 2 July 1997 and allowed the baht to float after intense pressure on its foreign-exchange reserves. The currency fell, and investors reassessed other economies that had borrowed heavily in foreign currencies or depended on short-term capital. Stock markets and currencies across Southeast and East Asia then suffered major losses.

Indonesia, South Korea, and Thailand received assistance organized through the International Monetary Fund, while Hong Kong defended its currency and stock market under severe pressure. The crisis also reached Russia and contributed to stress in global financial markets. It is sometimes called the Asian financial crisis or the IMF crisis. Although the episode began in a currency market, collapsing share prices, corporate failures, banking distress, and capital flight made it a major stock-market and financial crisis.