What was the name of the 1997 crash that spread from Thailand across East Asian financial markets?

The 1997 crash that spread from Thailand across East Asian financial markets was the Asian financial crisis.

The crisis began when Thailand abandoned its fixed exchange-rate defense of the baht on July 2, 1997. The baht depreciated sharply, and investors began questioning the currencies, banks, and corporations of other economies in the region.

Pressure spread to Indonesia, South Korea, Malaysia, and other markets. Many companies had borrowed heavily in U.S. dollars while earning revenue in local currencies, so devaluation made their debts far more expensive. Falling asset prices and capital flight then reinforced one another.

The International Monetary Fund arranged assistance programs for several affected economies, including Thailand, Indonesia, and South Korea. Hong Kong’s stock market also experienced intense pressure, although its currency peg was maintained. The crisis exposed risks from short-term foreign borrowing and weak financial supervision.