What was the name of the 1997 crisis that began with the collapse of Thailand’s baht?

The 1997 crisis that began with the collapse of Thailand’s baht was the Asian financial crisis.

Thailand abandoned its fixed exchange-rate policy on 2 July 1997 after intense pressure on the baht. The currency then fell sharply, and financial stress spread across economies that had attracted large foreign capital inflows and carried substantial foreign-currency debt.

Indonesia, South Korea, Malaysia, and the Philippines were among the countries heavily affected. Stock markets fell, currencies depreciated, companies faced rising repayment costs, and banks came under severe pressure. The International Monetary Fund organized assistance programs, most notably for Thailand, Indonesia, and South Korea, with conditions involving financial and economic reforms.

The crisis is sometimes described simply as a currency crisis, but its effects reached stock exchanges, banks, corporations, employment, and public finances. Hong Kong defended its currency peg during the turmoil, while Japan experienced its own financial difficulties but was not the country where the crisis began.