What was the name of the 1997 crisis in which Thailand’s baht devaluation triggered market turmoil across Asia?

The 1997 crisis in which Thailand’s baht devaluation triggered market turmoil across Asia was the Asian financial crisis.

Thailand abandoned its currency peg to the U.S. dollar on July 2, 1997, allowing the baht to fall sharply. Investors then reassessed other Asian economies, and pressure spread to currencies, banks, companies, and stock exchanges across the region.

Indonesia, South Korea, Malaysia, and the Philippines were among the countries heavily affected. Large foreign-currency debts and fragile financial systems made the adjustment especially painful. The International Monetary Fund organized assistance programs for several countries, including Thailand, Indonesia, and South Korea.

The crisis was not solely a stock-market event: currency collapses and banking problems were central. Its stock-market effects, however, made it one of the most important emerging-market financial crashes of the late twentieth century.