What was the name of the 1997 crash trigger when Thailand abandoned its fixed exchange rate?

The 1997 Asian crash was triggered when Thailand abandoned its fixed exchange rate and devalued the baht.

On July 2, 1997, Thailand allowed the baht to float after defending its currency became too costly. The baht then lost substantial value, exposing weaknesses in Thailand’s banks and companies, many of which had borrowed in foreign currencies.

Investors reassessed other Asian economies with large foreign debts, property bubbles, weak financial systems, or exchange-rate arrangements that appeared difficult to defend. Pressure spread to Indonesia, South Korea, Malaysia, and other markets. Currency collapses translated into falling stock prices, bankruptcies, and recessions.

The crisis was not simply a stock-market event. It involved currencies, banks, corporate borrowing, and international capital flows. The International Monetary Fund arranged assistance programs for several affected countries, although the conditions attached to those programs remain debated by economists and historians.