Financial crisis in Thailand caused by speculative attack | Macroeconomics | Khan Academy
Thailand Crisis 1997
Looking back at Asian financial crisis 20 years after
The crisis started in Thailand with the financial collapse of the Thai baht after the Thai government was forced to float the baht due to lack of foreign currency to support its currency peg to the U.S. dollar. Thailand had acquired a burden of foreign debt that made the country effectively bankrupt even before the collapse of its currency.