Which 1997 financial crisis began with Thailand's decision to float its currency?

The 1997 financial crisis that began with Thailand's decision to float its currency was the Asian financial crisis.

Thailand abandoned the baht's fixed exchange-rate system on July 2, 1997, after heavy pressure on its foreign-exchange reserves. The baht then depreciated sharply, and financial stress spread across several economies in East and Southeast Asia.

Indonesia, South Korea, and Thailand were among the countries hit hardest. Falling currencies increased the local burden of foreign-currency debt, while property and stock-market bubbles reversed. The International Monetary Fund organized assistance programs for several affected countries, although the conditions attached to those programs were controversial.

The crisis was regional but had worldwide effects on markets and commodity prices. It is often confused with the 1994–95 Mexican peso crisis, which preceded it and had a different immediate trigger.