With respect to exchange rates, the 1997 Asian currency crisis caused the Thai, Malaysian, Indonesian, and Korean governments to give up their pegged or heavily managed exchange rates and move to floating exchange rates.

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The 1997 Asian currency crisis did indeed cause the Thai, Malaysian, Indonesian, and Korean governments to abandon their pegged or heavily managed exchange rates and switch to floating exchange rates. This was due to the fact that their currencies came under intense pressure and their foreign exchange reserves were being depleted in a vain attempt to defend their pegged rates. Moving to floating rates allowed their currencies to adjust more freely to market forces.

With Respect to Exchange Rates, the 1997 Asian Currency Crisis