Which 1997 crisis began after Thailand devalued the baht and spread across Asian markets?

The 1997 crisis that began after Thailand devalued the baht was the Asian financial crisis.

Thailand abandoned its fixed exchange-rate regime on July 2, 1997, allowing the baht to fall sharply. Investors then reassessed other Asian economies, especially those with large foreign-currency debts, weak financial institutions, or overvalued property and equity markets.

The turmoil spread to Indonesia, South Korea, Malaysia, and other economies. Stock markets and currencies fell, companies faced rising debt burdens, and several countries required international financial assistance. The International Monetary Fund arranged major programs for Thailand, Indonesia, and South Korea.

The crisis was not simply a stock-market crash: currency devaluations, banking failures, corporate insolvencies, and capital flight interacted. Its effects also contributed to political change, including the end of Suharto’s presidency in Indonesia in 1998.