Which currency crisis accompanied Thailand’s 1997 stock-market crash after the baht was floated?

The Asian financial crisis accompanied Thailand’s 1997 stock-market crash after the baht was floated.

Thailand abandoned its fixed exchange-rate policy on July 2, 1997, allowing the baht to float. The currency then lost substantial value, and financial stress spread through Thailand’s banks, companies, and equity market. The shock soon reached Indonesia, South Korea, Malaysia, and other economies.

The crisis involved heavy foreign borrowing, weak financial institutions, property speculation, and pressure on currency pegs. It was not simply a stock-market event: exchange rates, banking systems, government finances, and corporate debt were all involved. The International Monetary Fund provided assistance to several affected countries, including Thailand and South Korea. Russia’s 1998 crisis followed soon afterward but is classified separately.