What was the nickname for the 1997–1998 financial crisis that began in Thailand?

The 1997–1998 financial crisis that began in Thailand was called the Asian financial crisis.

The crisis began when Thailand abandoned the baht’s fixed exchange-rate regime on July 2, 1997. The currency depreciated sharply, exposing borrowers and businesses that had accumulated large amounts of foreign-currency debt. Investor confidence weakened, and pressure spread to other Asian economies.

Thailand, Indonesia, and South Korea were among the countries most affected. Stock markets plunged, currencies lost value, companies failed, and banking systems came under severe strain. The International Monetary Fund organized rescue programs for several countries, although the conditions attached to assistance were controversial.

The crisis was not simply a stock-market crash. Currency devaluations, property declines, weak financial regulation, short-term foreign borrowing, and capital flight interacted to produce the broader emergency. “Asian financial crisis” is the standard name, while “Asian currency crisis” emphasizes its exchange-rate dimension.