Which 1997 crisis began with the devaluation of Thailand's currency and spread through Asian markets?

The 1997 crisis that began with the devaluation of Thailand’s currency and spread through Asian markets was the Asian financial crisis.

Thailand abandoned the baht’s fixed exchange-rate arrangement on July 2, 1997, after intense pressure on its foreign-exchange reserves. The baht then lost value, and investors reassessed the financial strength of other economies in the region.

Currency collapses, falling stock markets, corporate failures, and banking problems affected Indonesia, South Korea, Malaysia, and other economies. Heavy foreign-currency borrowing made the effects especially severe because debts became harder to repay after local currencies weakened.

The International Monetary Fund organized assistance programs for several countries. The crisis later contributed to instability in Russia and Brazil, although those countries had distinct domestic and financial circumstances.