What was the name of the 1997 crisis that began with currency turmoil in Thailand and spread across Asian markets?

The 1997 crisis that began with currency turmoil in Thailand and spread across Asian markets was the Asian financial crisis.

Thailand abandoned the baht’s dollar peg on July 2, 1997, after severe pressure on its foreign-exchange reserves. The baht then depreciated sharply, and investors reassessed other economies with high foreign-currency debt, property speculation, and financial-sector weaknesses.

The turmoil spread to Indonesia, South Korea, Malaysia, and other economies. Falling currencies increased the local cost of repaying dollar-denominated loans, while stock markets and property markets plunged. International Monetary Fund rescue programs were arranged for Thailand, Indonesia, and South Korea, although their conditions generated major political debate.

Hong Kong defended its currency peg but experienced a dramatic stock-market sell-off in October 1997. The crisis was not simply a stock-market crash: currency collapses, banking stress, debt, and capital flight were closely connected. Russia later experienced a separate major financial crisis in 1998.