What was the nickname of the 1997 stock-market crash that began after Thailand devalued its baht?

The 1997 stock-market crash that began after Thailand devalued its baht is commonly called the Asian financial crisis.

Thailand abandoned its fixed exchange-rate policy on July 2, 1997, after intense pressure on the baht. The currency then fell sharply, and investor concern spread to other economies with large foreign-currency debts, fragile banks, or overheated property and stock markets.

Indonesia, South Korea, Malaysia, and the Philippines were among the countries heavily affected. Stock prices and currencies dropped, companies struggled to repay dollar-denominated loans, and several governments sought assistance from the International Monetary Fund.

The crisis was regional rather than limited to one stock exchange. Russia later experienced its own severe financial crisis in 1998, while Brazil faced pressure soon afterward. “Tequila Crisis” refers instead to Mexico’s 1994–95 financial crisis.