What was the 1997 crisis triggered when Thailand abandoned its baht peg called?

The 1997 crisis triggered when Thailand abandoned its baht peg was called the Asian financial crisis.

Thailand allowed the baht to float on July 2, 1997, after intense pressure on its foreign-exchange reserves. The currency then lost substantial value, exposing weaknesses created by large foreign debts, property speculation, fragile banks, and short-term borrowing. Financial stress spread rapidly across East and Southeast Asia.

Indonesia, South Korea, and Malaysia were among the countries most severely affected. Stock markets and currencies plunged, businesses failed, and several governments sought assistance from the International Monetary Fund. Hong Kong’s market also came under heavy pressure, although its currency peg survived.

The crisis was regional rather than a single worldwide stock-market event. It nevertheless became a major example of how currency arrangements, banking systems, and equity markets can transmit stress across borders. The 1994 Mexican crisis is instead known as the Tequila crisis, a commonly confused name that refers to a different episode.