Which stock-market crash began after Thailand abandoned its baht peg in July 1997?

The Asian financial crisis began after Thailand abandoned its baht peg in July 1997.

On July 2, 1997, Thailand allowed the baht to float after defending its exchange rate became too costly. The currency fell sharply, exposing weaknesses in companies and banks that had borrowed heavily in foreign currencies.

Financial pressure spread to Indonesia, South Korea, Malaysia, the Philippines, and other economies. Stock markets fell, currencies depreciated, businesses failed, and several countries sought assistance from the International Monetary Fund.

The crisis was not simply a stock-market event. It combined currency collapses, banking stress, excessive short-term borrowing, property bubbles, and sudden reversals of international capital. Russia later experienced a related but distinct financial crisis in 1998.