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

The 1997 stock-market crash that began with Thailand’s baht devaluation is known as the Asian financial crisis.

Thailand abandoned its fixed exchange-rate policy on July 2, 1997, allowing the baht to float after sustained pressure on its foreign-exchange reserves. The currency quickly lost value, and financial stress spread through economies with high foreign-currency debt, weak banks, and vulnerable property markets.

Indonesia, South Korea, and Malaysia were among the countries most severely affected. Stock markets plunged, companies struggled to repay dollar-denominated loans, and several governments sought assistance from the International Monetary Fund. The crisis also contributed to political upheaval, including the end of Suharto’s presidency in Indonesia.

The crisis was regional rather than confined to one exchange. Later turmoil in Russia and Brazil reflected broader global financial instability, but those episodes are distinct from the Asian financial crisis. Hong Kong’s market also came under intense pressure in October 1997.