What was the 1997 financial crisis called because it began with the collapse of Thailand's baht?

The 1997 financial crisis that began with the collapse of Thailand’s baht was the Asian financial crisis.

Thailand abandoned the baht’s dollar peg on July 2, 1997, after authorities struggled to defend the currency against speculative pressure and declining foreign-exchange reserves. The baht then lost substantial value, and financial stress spread across several emerging Asian economies. Indonesia, South Korea, Malaysia, and the Philippines were among the countries hit particularly hard.

The crisis involved currency collapses, banking problems, corporate debt, and sudden reversals of international capital. The International Monetary Fund organized assistance programs for Thailand, Indonesia, and South Korea, often with conditions requiring financial and structural reforms. Although commonly called the Asian financial crisis, it later contributed to turmoil in Russia and other markets. It is distinct from the 1998 Russian financial crisis, which followed the Asian turmoil but had its own fiscal and debt-related causes.