Which 1997 crisis began in Thailand after the baht was floated and spread through East Asia?

The 1997 crisis that began in Thailand after the baht was floated and spread through East Asia was the Asian financial crisis.

Thailand abandoned its fixed exchange-rate policy for the baht on 2 July 1997 after exhausting foreign-exchange reserves. The baht then lost substantial value, and pressure spread to currencies, banks, and stock markets across Indonesia, South Korea, Malaysia, and other economies. Large foreign-currency debts made the adjustment especially painful.

The International Monetary Fund organized assistance programs for several affected countries, including Thailand, Indonesia, and South Korea. The crisis was not simply a stock-market event: currency devaluations, banking failures, property collapses, and corporate debt all reinforced one another. Hong Kong’s market also came under intense pressure, although its currency peg survived.