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

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

Thailand abandoned its fixed exchange-rate support for the baht on July 2, 1997, after heavy pressure on the currency. The baht then depreciated sharply, and financial stress spread across several Asian economies. Investors reassessed currencies, banks, companies, and stock markets throughout the region.

Indonesia, South Korea, and Malaysia were among the countries most affected. Currency declines increased the local-currency burden of foreign-currency debt, while property and equity prices fell. The crisis also produced banking failures, recessions, and political upheaval in several economies. Hong Kong defended its currency peg, although its stock market suffered major volatility.

The International Monetary Fund arranged assistance programs for Thailand, Indonesia, and South Korea, subject to economic conditions. The crisis was not simply a stock-market event: exchange-rate regimes, short-term foreign borrowing, weak financial supervision, and capital flight all played major roles. Russia later experienced its own 1998 crisis, but that was a separate episode influenced partly by the earlier Asian turmoil.