What was the 1997 financial crisis that began in Thailand commonly called?

The 1997 financial crisis that began in Thailand was commonly called the Asian financial crisis.

Thailand’s government abandoned the baht’s fixed exchange-rate regime on 2 July 1997 after intense pressure on the currency. The baht then depreciated sharply, exposing heavy foreign-currency debts held by companies and financial institutions. Investors rapidly reassessed risks across other Asian economies.

The turmoil spread to Indonesia, South Korea, Malaysia, and the Philippines, among others. Stock markets fell, currencies weakened, companies failed, and banking systems required restructuring. International institutions, including the International Monetary Fund, arranged major support programs for several affected countries, especially Thailand, Indonesia, and South Korea.

The crisis was not simply a stock-market event. Exchange-rate regimes, large short-term foreign debts, property speculation, weak financial regulation, and sudden capital outflows all contributed. The term “Asian financial crisis” distinguishes this episode from the later 1998 Russian financial crisis, although the events were connected through global investor sentiment.