What was the 1997 Asian financial crisis stock-market crash in Thailand associated with called?

Thailand’s 1997 financial crisis is commonly called the Tom Yum Kung crisis.

The nickname refers to tom yum kung, a spicy Thai soup, and emphasizes the crisis’s association with Thailand. The episode began after pressure on Thailand’s fixed exchange-rate system forced the baht to float on July 2, 1997. The currency depreciated sharply, exposing companies and financial institutions that had borrowed heavily in foreign currencies.

The shock spread across East and Southeast Asia through exchange rates, capital flows, banking systems, and investor confidence. Stock markets in countries including Indonesia, South Korea, Malaysia, and the Philippines fell heavily, while the International Monetary Fund organized assistance programs for several affected economies. The crisis was not simply a stock-market event: currency mismatches, weak financial regulation, property speculation, and short-term foreign borrowing were central causes. Its effects also contributed to political upheaval in Indonesia and economic reforms throughout the region.