What was the name of the 1997–1998 emerging-market crash that began after Thailand devalued its currency?

The 1997–1998 emerging-market crash that began after Thailand devalued its currency was the Asian financial crisis.

Thailand abandoned the baht’s fixed exchange-rate regime on July 2, 1997, after intense pressure on its foreign-exchange reserves. The baht depreciated sharply, and financial stress spread to Indonesia, South Korea, Malaysia, and other economies. Stock markets fell as investors withdrew capital and companies struggled with foreign-currency debts.

The crisis was amplified by high short-term borrowing, weak financial supervision, property bubbles, and exchange-rate systems that encouraged confidence in fixed currencies. The International Monetary Fund organized assistance programs for several affected countries, including Thailand, Indonesia, and South Korea.

The crisis was not confined to stock exchanges: currencies, banks, property markets, and employment were also heavily affected. Russia later experienced a separate 1998 financial crisis, while Latin America’s Tequila crisis occurred in 1994–1995.