What was the 1997 crisis called after Thailand's baht devaluation triggered regional market turmoil?

The 1997 crisis after Thailand devalued the baht was called the Asian financial crisis.

Thailand abandoned its baht peg to the U.S. dollar on 2 July 1997 after intense pressure on its foreign-exchange reserves. The baht then fell sharply, and financial stress spread to other economies, including Indonesia, South Korea, Malaysia, and the Philippines.

Many affected countries had experienced rapid capital inflows, property booms, high corporate borrowing, and large amounts of foreign-currency debt. When investors withdrew funds, currencies and stock markets declined, while companies and banks struggled to repay dollar-denominated liabilities.

The crisis was not limited to stock exchanges: it involved currencies, banks, real estate, and sovereign finances. The International Monetary Fund arranged major assistance programs for Thailand, Indonesia, and South Korea, although the programs and their conditions remain subjects of economic debate.