What was the nickname of the 1997 crash that began in Thailand and spread across Asian markets?

The 1997 crash that began in Thailand and spread across Asian markets was the Asian financial crisis.

Thailand abandoned its fixed exchange-rate policy on 2 July 1997, allowing the baht to float after intense pressure on foreign-exchange reserves. The baht then depreciated sharply, and concerns spread to other economies with high foreign-currency debts, property booms, weak financial supervision, or heavy short-term borrowing.

Indonesia, South Korea, and Thailand were among the countries hit hardest. Stock markets fell, currencies weakened, companies failed, and banking systems required international assistance. The International Monetary Fund arranged major support programs for several affected countries, often alongside demanding economic reforms.

The crisis was not simply a stock-market event. Currency devaluation and debt mismatches were central, while falling share prices reflected broader financial stress. Hong Kong resisted pressure on its currency in 1997, although its stock market still experienced severe volatility.