What was the name of the 1997 financial crisis that began with Thailand’s currency devaluation?

The 1997 financial crisis that began with Thailand’s currency devaluation was the Asian financial crisis.

Thailand abandoned its fixed exchange-rate policy for the baht on July 2, 1997, after heavy pressure on its foreign-exchange reserves. The baht then lost substantial value, and financial stress spread through several Asian economies.

Indonesia, South Korea and Thailand were among the countries most severely affected. Falling currencies made foreign-currency debts harder to repay, while banks and companies faced collapsing asset prices and reduced investor confidence.

The crisis was not simply a stock-market event: it involved currencies, banks, sovereign finances and international lending. The International Monetary Fund arranged major assistance programs, while the turmoil contributed to recessions and political change in parts of the region.