What was the 1997–1998 market crisis that began with Thailand’s baht devaluation commonly called?

The 1997–1998 market crisis that began with Thailand’s baht devaluation was commonly called the Asian financial crisis.

Thailand abandoned its fixed exchange-rate policy on 2 July 1997 after intense pressure on the baht. The currency’s sharp devaluation revealed heavy foreign-currency borrowing and weaknesses in banks and corporations across the region.

Financial stress spread to Indonesia, South Korea, Malaysia, and other economies. Stock markets fell, currencies lost value, companies failed, and international rescue programs were assembled, including a major International Monetary Fund package for South Korea.

The crisis was not limited to stock exchanges: currency, banking, and debt markets were all involved. Russia’s 1998 default and Brazil’s later difficulties reflected wider global financial contagion, but they are distinct episodes rather than alternative names for the Asian crisis.