Which market crash began after Thailand floated the baht on July 2, 1997?

The Asian financial crisis began after Thailand floated the baht on July 2, 1997. The change ended the currency's fixed exchange-rate policy and was followed by a sharp depreciation.

Thailand had accumulated substantial foreign-currency debt, and investors became concerned about weaknesses in banks, property markets, and corporate finances. Pressure then spread to other economies, including Indonesia, South Korea, Malaysia, and the Philippines.

The crisis was not solely a stock-market event: currencies, banks, businesses, and national economies were all affected. The International Monetary Fund organized major assistance programs, including a large package for South Korea.