Which 1997 Asian stock-market crash followed Thailand's decision to float the baht?

The Asian stock-market crash that followed Thailand's decision to float the baht was the 1997 Asian financial crisis.

Thailand abandoned the baht's dollar peg on July 2, 1997, after heavy pressure on its foreign-exchange reserves. The currency then depreciated sharply, and investor confidence weakened across several Asian economies. Stock markets and currencies in Indonesia, South Korea, Malaysia, and other countries came under intense pressure.

Many affected economies had accumulated large foreign-currency debts, while banks and companies were exposed to property bubbles and short-term capital flows. The International Monetary Fund organized assistance packages, including a major program for South Korea. The crisis spread beyond Asia through financial markets and trade, although its effects differed substantially by country. It is distinct from the 1998 Russian financial crisis, which followed the Asian turmoil.