Which 1997 market crash began in Thailand after the baht was forced to float?

The 1997 market crash that began in Thailand after the baht was forced to float was the Asian financial crisis.

Thailand abandoned its fixed exchange-rate policy on July 2, 1997, allowing the baht to float after intense pressure on its foreign-exchange reserves. The currency then lost substantial value, and investors reassessed risks throughout the region.

Capital fled several Asian markets, causing sharp falls in stock prices and exchange rates. Indonesia, South Korea, and Thailand were among the countries hit hardest. Many firms and banks had borrowed in foreign currencies, so devaluation made their debts much more expensive in local-currency terms.

The International Monetary Fund arranged rescue programs for Thailand, Indonesia, and South Korea. Hong Kong defended its currency peg during the crisis, while Malaysia imposed capital controls. Russia and Brazil later experienced related international market stress, but the Asian financial crisis specifically refers to the regional turmoil that began in 1997.