What was the name of the 1997 crisis that began after Thailand devalued its baht?

The crisis that began after Thailand devalued its baht in 1997 was the Asian financial crisis.

Thailand abandoned the baht’s fixed exchange-rate arrangement on July 2, 1997, after heavy pressure on its foreign-exchange reserves. The baht then fell sharply, and investors began questioning the currencies and financial systems of other rapidly growing East and Southeast Asian economies.

The turmoil spread to Indonesia, South Korea, Malaysia, and the Philippines, among others. Stock markets dropped, companies with large foreign-currency debts struggled, and several countries required international assistance. The International Monetary Fund arranged a major program for South Korea, while Indonesia and Thailand also received rescue packages.

The crisis was not simply a stock-market event. Weak banking regulation, short-term foreign borrowing, property speculation, and exchange-rate policies all contributed. The shock also encouraged several Asian governments to build larger foreign-exchange reserves in later years.