What was the name of the 1997 crisis when Thailand’s baht devaluation spread across East Asian markets?

The 1997 crisis in which Thailand’s baht devaluation spread across East Asian markets was the Asian financial crisis.

Thailand abandoned its fixed exchange-rate system on July 2, 1997, allowing the baht to float after intense pressure on its foreign-exchange reserves. The currency depreciated sharply, and financial stress spread to Indonesia, South Korea, Malaysia, and other economies. Stock markets fell, companies struggled with foreign-currency debts, and several countries sought international assistance.

The crisis was not simply a stock-market event. It involved exchange rates, banking systems, corporate borrowing, property speculation, and sudden reversals of international capital flows. The International Monetary Fund arranged major support programs for Thailand, Indonesia, and South Korea. Hong Kong’s currency peg survived, although its stock market suffered a severe late-October attack and sell-off.