What was the name of the 1997 financial crisis that began with a collapse of Thailand's baht and spread through Asian markets?

The 1997 Asian financial crisis was the regional market crisis that began when Thailand’s baht collapsed and spread through Asian economies.

Thailand abandoned its fixed exchange-rate policy on July 2, 1997, after heavy pressure on the baht. The currency then lost substantial value. Investors reassessed other economies with high foreign-currency debt, weak financial systems, or exchange rates that appeared difficult to defend.

The turmoil spread to Indonesia, South Korea, Malaysia, and the Philippines, among other countries. Falling currencies increased the local cost of repaying dollar-denominated loans. Stock markets declined, companies failed, and banking systems came under intense stress. The International Monetary Fund organized support programs for several affected economies, with South Korea receiving a major assistance package.

The crisis was not simply a stock-market crash: it also involved currencies, banks, corporate debt, and international capital flows. Russia later defaulted on domestic debt in 1998, and Brazil faced pressure soon afterward, but those events are distinct from the original Asian crisis.