What was the nickname of the 1997 currency and stock-market crisis that began in Thailand?

The 1997 currency and stock-market crisis that began in Thailand was the Asian financial crisis.

Thailand abandoned its fixed exchange-rate regime for the baht on July 2, 1997, after heavy pressure from currency speculators and a sharp loss of foreign reserves. The baht then depreciated substantially, exposing companies and banks that had borrowed heavily in foreign currencies.

Financial stress spread to Indonesia, South Korea, Malaysia, and other economies. Stock markets plunged, currencies weakened, and many businesses faced insolvency because their dollar-denominated debts became more expensive in local-currency terms. The International Monetary Fund organized major assistance programs, including a large package for South Korea. The crisis was not confined to stock exchanges: banking systems, property markets, corporate debt, and exchange-rate policies were all involved. “Tequila Crisis” refers instead to Mexico’s 1994–95 financial crisis.