What was the common name of the 1997–1998 financial crisis that began with Thailand’s baht devaluation?

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

Thailand abandoned its fixed exchange-rate policy on 2 July 1997 after heavy pressure on the baht. The currency then lost value, and financial stress spread through economies that had accumulated substantial foreign-currency debt, property speculation, and fragile banking-sector loans.

Indonesia, South Korea, and Malaysia were among the countries hit especially hard. Stock markets plunged, currencies depreciated, companies failed, and economic output contracted. The International Monetary Fund organized major rescue packages, including a large program for South Korea.

The crisis was not confined to East and Southeast Asia. Russia defaulted on domestic debt in 1998, and financial turmoil contributed to the failure of the U.S. hedge fund Long-Term Capital Management. Those later events are related to the period’s global contagion but are not the name of the original Asian episode.