What term describes the 1997–1998 market crisis that began with Thailand’s baht devaluation?

The 1997–1998 crisis that began with Thailand’s baht devaluation is called the Asian financial crisis.

Thailand abandoned its fixed exchange-rate arrangement on July 2, 1997, allowing the baht to float after intense pressure on the currency. The baht then lost substantial value, and financial stress spread to other economies in East and Southeast Asia.

Indonesia, South Korea, Malaysia, and the Philippines were among the countries heavily affected. Stock markets fell, currencies depreciated, companies and banks faced foreign-currency debts, and several governments sought international assistance.

The International Monetary Fund organized major rescue programs, including one for South Korea. The crisis was not simply a stock-market event: currency regimes, short-term foreign borrowing, property speculation, and weaknesses in financial systems all contributed to its severity.