Peugeot 406

Manufacturer	Peugeot
Production	1995–2004 (France, United Kingdom) 1995–2008 (Egypt) 1996–2003 (Italy) (Coupé) 2000–now(Iran)
Predecessor	Peugeot 405
Successor	Peugeot 407
Class	Large family car
Body style	2-door coupé 4-door saloon 5-door estate
Layout	FF layout
Engine	1.6L I4 1.8L I4 2.0L I4 2.0L I4 Turbocharged 2.2L I4 2.9L V6 1.9L I4 Turbodiesel 2.0L I4 HDi 2.1L I4 Turbodiesel 2.2L I4 HDi
Length	4,555 mm (179 in) (4-door)
Width	1,764 mm (69 in) (4-door)
Height	1,396 mm (55 in) (4-door)
Related	Citroën Xantia
Designer	Davide Arcangeli & Lorenzo Ramciotti at Pininfarina (Coupé)[1]

Peugeot 406 Coupé

The Peugeot 406 was a large family car made by the French automaker Peugeot from 1995 to 2004. Available in saloon, estate and coupé bodystyles with a choice of petrol or turbodiesel engines, the 406 replaced the Peugeot 405 in Peugeot's lineup, and was itself replaced by the Peugeot 407. It used the same platform as the Citroën Xantia, though without that car's sophisticated hydropneumatic suspension system.

The 406 was awarded 1996 What Car? Car of the Year and 1996 & 2001 Caravan Club Towcar of the Year as well as being awarded Semperit Irish Car of the Year for 1997.

However, it lost out by a narrow margin (15 points) in the 1996 European Car of the Year award by the Fiat Bravo/Brava.

The project[link]

There is a legend concerning how the 405 was never intended to be directly replaced, with the 306 sedan taking the lower end of the 405's market, and the 605 taking the upper end. However, by examining the production chronology this can be shown to simply not be the case. The 405 was officially on sale for a year in most Western markets following the introduction of the 406 while stocks were exhausted, and the 405 estate actually remaining in production for over a year after the 406 went on sale. This demonstrates there was no hiatus in either production or sale of the "four-oh" series, and that the new 406 was planned and developed well in advance of the 405 ceasing production.

The diesel versions were very popular, and the 406 became one of Europe's best-selling diesel-powered cars.^{[citation needed]} Initially, the car was available with 1.8 L and 2.0 L petrol and 1.9 L turbodiesel engines, followed by a 110 bhp 2.1 L turbodiesel, turbocharged 2.0 L and 2.9 L petrol (2946cc) V6 engines.

The 2-door coupé was both designed and manufactured by Italian design studio Pininfarina, with choices of a 2.0 L 4-cylinder engine or a 2.9 L V6, and from 2001, a 2.2 L HDi diesel engine. Major assembly was undertaken by Pininfarina, with final assembly, including trim and engines, being undertaken by Peugeot in France. On later models, a 2.2 L petrol engine was available. For its final year on sale in the UK the model was simply called the Peugeot Coupe, with the 406 branding being dropped from the name.

The 406 was notably successful in the UK. It broke into the key UK fleet sales market,^[2] with a high percentage of units becoming company cars and taxis.^{[citation needed]}

In 2002, a Peugeot 406 HDi set the world record for the longest distance driven on a single tank of fuel. The car travelled across Australia between Melbourne to Rockhampton, with a total distance of 2,348 km. [1] [2]

This car are also built as CKD at Yontrakit Industrial factory in Lad Krabang, Bangkok, Thailand

Engines[link]

Facelift[link]

This section may contain original research. Please improve it by verifying the claims made and adding references. Statements consisting only of original research may be removed. More details may be available on the talk page. (January 2010)

An example of a facelifted 406.

The facelifted 406 sedan was introduced in 1999 and it has changed in many aspects from the other 406 to make it safer, stronger and faster, resulting in a better euro ncap performance. Where the old 406 had one star and a struck off star, the post facelift models gained 3 stars. The changes include the new and improved EW/DW Engine Family hdi which involves more power, torque and fuel efficiency along with increased refinement making the engine very quiet in terms of diesels, however one downside is the increase in the cars insurance bracket from 9 to 12. Other parts have been changed such as transmission (ratio in fifth increased from 25 to 28 mph/1000rpm), wheels, suspension and brakes.

On the exterior, the 406 got a new look with more pronounced ribs, smooth glass headlights and a new honeycomb grill, the rear lights changed colour to all red with a strip of the cars colour in the middle. Motoring journalists praised this change and declared the facelifted 406 to be one of the best looking cars if not the best looking car in its segment, some even said it was actually nicer looking than the coupe which never received the facelift.^{[citation needed]}

The interior had been totally redesigned to create comfort and space as well as a new look. This included a higher level of equipment such as automatic digital climate control/air conditioning on most models but the most basic, a digital display showing what doors were open, and reporting any problems such as handbrake on, trip computer, radio and external temperature. A more extensive use of wooden trim, better quality plastics, including soft touch plastics, in addition to that most models received electrically folding mirrors, with automatic headlights and wipers. On the top of the range "Executive" models equipment was very generous with this model getting a 10 speaker JBL sound system, electrically adjusted and heated leather seats, with a memory position for the seats and mirrors, headlight washer jets, a rear sun blind, thicker carpeting, lights in the sun visors, and ambient lighting. 406 ended production in 2004.

Movie appearances[link]

The 406 featured in the French Taxi movie series.

The 406 sedan was featured in the French Taxi movie series. In Taxi the 406 has a modified 3.0 V6 capable of tremendous speed and a pop-out front and rear spoiler. In Taxi 2 the car was the facelifted 406 which also had pop-out spoilers and wings to aid aerial movement, such as when the car "jumps" over French army tanks trying to block its escape. In the movie it is capable of reaching a top speed of 306 km/h (190 mph). In Taxi 3, the 406 is further upgraded to be able to travel in icy terrain. The fourth movie Taxi 4 features a 407 instead. More gadgets and pop-out spoilers were added.^[3]

A Peugeot 406 also featured heavily in the 1998 action film Ronin, which is noted for its car chase scenes. The car was driven in the final car chase throughout the streets of Paris by the main protagonists, Robert De Niro and Jean Reno.^[4]

The 406 coupe featured in the French movie Le Boulet (2002), in which the coupé is the main vehicle in a police chase through Paris.

An example of the 406 being raced by Tim Harvey in the 1996 British Touring Car Championship season.

References[link]

External links[link]

• Peugeot's official website with pictures of concept cars. (French language)

Dominique Moore is a British actress best known for playing Chanel O'Grady in the ITV2 television drama Footballers' Wives: Extra Time.^[1]

Dominique is a former pupil of Sylvia Young Theatre School.^[2] The BBC fly-on-the-wall documentary series Paddington Green followed her as she tried to win a scholarship^[3] and attended auditions.^[4] Moore was also a professional ice-skater,^[2] and a model in Paris.^[5] When Moore was 18, she joined The Prince's Trust.^[3]

Dominique was diagnosed with cancer, specifically Hodgkin's Lymphoma after discovering a lump on the back of her neck whilst on set of filming Hotel Trubble. She has had treatment for this and is said to be free of cancer and recovering well. A edition of Newsround called Dominique presents Living with Cancer- a Newsround Special on Tuesday 29 March at 4:55pm which described how she coped.

Acting career[link]

Television[link]

Moore has had roles in CBBC shows The Crust, UGetMe, Stupid!, Hotel Trubble^[2] and The Queen's Nose. She has appeared in some of the sketches on Little Miss Jocelyn.^[6] Moore has also appeared the award-winning Horrible Histories from series 2, playing various roles. In May 2008 she appeared in the BBC Three show Barely Legal,^[2] while in 2009 she played Aretha in the CBBC musical comedy My Almost Famous Family.^[3][7]

Theatre[link]

Moore has appeared in Oliver!^[5] and played Young Nala in the West End production The Lion King at the Lyceum Theatre.^[8] She has also appeared in the West End in Annie and Whistle Down the Wind.^[9] ary. Dominique is currently appearing as Princess Karen in the 2011 Lyric Hammersmith Pantomime Aladdin.

Music[link]

In 1999 Moore recorded a version of the Cyndi Lauper hit "True Colours" for a Peugeot 406 commercial.^[6][10] She also sings the theme tunes for Hotel Trubble and The Crust.^[6]

Fashion career[link]

After her experiences as a model,^[5] Moore moved on to fashion design and started her own label Anita Moore Designs.^[5]

Charity interests[link]

Moore is a supporter of Action for Blind People.^[11]

Filmography[link]

References[link]

External links[link]

• Dominique Moore at the Internet Movie Database

The countries most affected by the 1997 Asian financial crisis.

The Asian financial crisis was a period of financial crisis that gripped much of Asia beginning in July 1997, and raised fears of a worldwide economic meltdown due to financial contagion.

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 fixed exchange rate), cutting its peg to the U.S. dollar, after exhaustive efforts to support it in the face of a severe financial overextension that was in part real estate driven. At the time, Thailand had acquired a burden of foreign debt that made the country effectively bankrupt even before the collapse of its currency. As the crisis spread, most of Southeast Asia and Japan saw slumping currencies, devalued stock markets and other asset prices, and a precipitous rise in private debt.^[1]

Though there has been general agreement on the existence of a crisis and its consequences, what is less clear are the causes of the crisis, as well as its scope and resolution. Indonesia, South Korea and Thailand were the countries most affected by the crisis. Hong Kong, Malaysia, Laos and the Philippines were also hurt by the slump. The People's Republic of China, Pakistan, India, Taiwan, Singapore, Brunei and Vietnam were less affected, although all suffered from a loss of demand and confidence throughout the region.

Foreign debt-to-GDP ratios rose from 100% to 167% in the four large Association of Southeast Asian Nations (ASEAN) economies in 1993–96, then shot up beyond 180% during the worst of the crisis. In South Korea, the ratios rose from 13 to 21% and then as high as 40%, while the other northern newly industrialized countries fared much better. Only in Thailand and South Korea did debt service-to-exports ratios rise.^[2]

Although most of the governments of Asia had seemingly sound fiscal policies, the International Monetary Fund (IMF) stepped in to initiate a $40 billion program to stabilize the currencies of South Korea, Thailand, and Indonesia, economies particularly hard hit by the crisis. The efforts to stem a global economic crisis did little to stabilize the domestic situation in Indonesia, however. After 30 years in power, President Suharto was forced to step down on 21 May 1998 in the wake of widespread rioting that followed sharp price increases caused by a drastic devaluation of the rupiah. The effects of the crisis lingered through 1998. In 1998 the Philippines growth dropped to virtually zero. Only Singapore and Taiwan proved relatively insulated from the shock, but both suffered serious hits in passing, the former more so due to its size and geographical location between Malaysia and Indonesia. By 1999, however, analysts saw signs that the economies of Asia were beginning to recover.^[3]

Dynamics[link]

Until 1997, Asia attracted almost half of the total capital inflow into developing countries. The economies of Southeast Asia in particular maintained high interest rates attractive to foreign investors looking for a high rate of return. As a result the region's economies received a large inflow of money and experienced a dramatic run-up in asset prices. At the same time, the regional economies of Thailand, Malaysia, Indonesia, Singapore, and South Korea experienced high growth rates, 8–12% GDP, in the late 1980s and early 1990s. This achievement was widely acclaimed by financial institutions including the IMF and World Bank, and was known as part of the "Asian economic miracle".

In 1994, noted economist Paul Krugman published an article attacking the idea of an "Asian economic miracle".^[4] He argued that East Asia's economic growth had historically been the result of increasing the level of investment in capital. However, total factor productivity had increased only marginally or not at all. Krugman argued that only growth in total factor productivity, and not capital investment, could lead to long-term prosperity. Krugman's views would be seen by many as prescient^{[by whom?]} after the financial crisis had become apparent, though he himself stated that he had not predicted the crisis nor foreseen its depth.^[5]

The causes of the debacle are many and disputed. Thailand's economy developed into a bubble fueled by "hot money". More and more was required as the size of the bubble grew. The same type of situation happened in Malaysia, and Indonesia, which had the added complication of what was called "crony capitalism".^[6] The short-term capital flow was expensive and often highly conditioned for quick profit. Development money went in a largely uncontrolled manner to certain people only, not particularly the best suited or most efficient, but those closest to the centers of power.^[7]

Another major factor was that these countries became excessively dependent upon exports for their economy. Indonesia, Philippines and Thailand had seen their exports to GDP ratio grow from average 35% in 1996 to over 55% in 1998. Such huge dependence upon trade made these countries susceptible to currency movements. At the time of the mid-1990s, Thailand, Indonesia and South Korea had large private current account deficits and the maintenance of fixed exchange rates encouraged external borrowing and led to excessive exposure to foreign exchange risk in both the financial and corporate sectors. In the mid-1990s, two factors began to change their economic environment.

As the U.S. economy recovered from a recession in the early 1990s, the U.S. Federal Reserve Bank under Alan Greenspan began to raise U.S. interest rates to head off inflation. This made the U.S. a more attractive investment destination relative to Southeast Asia, which had been attracting hot money flows through high short-term interest rates, and raised the value of the U.S. dollar. For the Southeast Asian nations which had currencies pegged to the U.S. dollar, the higher U.S. dollar caused their own exports to become more expensive and less competitive in the global markets. At the same time, Southeast Asia's export growth slowed dramatically in the spring of 1996, deteriorating their current account position.

Some economists have advanced the growing exports of China as a contributing factor to ASEAN nations' export growth slowdown, though these economists maintain the main cause of the crises was excessive real estate speculation.^[8] China had begun to compete effectively with other Asian exporters particularly in the 1990s after the implementation of a number of export-oriented reforms. Other economists dispute China's impact, noting that both ASEAN and China experienced simultaneous rapid export growth in the early 1990s.^[9]

Many economists believe that the Asian crisis was created not by market psychology or technology, but by policies that distorted incentives within the lender–borrower relationship. The resulting large quantities of credit that became available generated a highly leveraged economic climate, and pushed up asset prices to an unsustainable level.^[10] These asset prices eventually began to collapse, causing individuals and companies to default on debt obligations.

The resulting panic among lenders led to a large withdrawal of credit from the crisis countries, causing a credit crunch and further bankruptcies. In addition, as foreign investors attempted to withdraw their money, the exchange market was flooded with the currencies of the crisis countries, putting depreciative pressure on their exchange rates. To prevent currency values collapsing, these countries' governments raised domestic interest rates to exceedingly high levels (to help diminish flight of capital by making lending more attractive to investors) and to intervene in the exchange market, buying up any excess domestic currency at the fixed exchange rate with foreign reserves. Neither of these policy responses could be sustained for long.

Very high interest rates, which can be extremely damaging to an economy that is healthy, wreaked further havoc on economies in an already fragile state, while the central banks were hemorrhaging foreign reserves, of which they had finite amounts. When it became clear that the tide of capital fleeing these countries was not to be stopped, the authorities ceased defending their fixed exchange rates and allowed their currencies to float. The resulting depreciated value of those currencies meant that foreign currency-denominated liabilities grew substantially in domestic currency terms, causing more bankruptcies and further deepening the crisis.

Other economists, including Joseph Stiglitz and Jeffrey Sachs, have downplayed the role of the real economy in the crisis compared to the financial markets. The rapidity with which the crisis happened has prompted Sachs and others to compare it to a classic bank run prompted by a sudden risk shock. Sachs pointed to strict monetary and contractory fiscal policies implemented by the governments on the advice of the IMF in the wake of the crisis, while Frederic Mishkin points to the role of asymmetric information in the financial markets that led to a "herd mentality" among investors that magnified a small risk in the real economy. The crisis has thus attracted interest from behavioral economists interested in market psychology. Another possible cause of the sudden risk shock may also be attributable to the handover of Hong Kong sovereignty on 1 July 1997. During the 1990s, hot money flew into the Southeast Asia region but investors were often ignorant of the actual fundamentals or risk profiles of the respective economies. The uncertainty regarding the future of Hong Kong led investors to shrink even further away from Asia, exacerbating economic conditions in the area (subsequently leading to the depreciation of the Thai baht on 2 July 1997).^[11]

The foreign ministers of the 10 ASEAN countries believed that the well co-ordinated manipulation of their currencies was a deliberate attempt to destabilize the ASEAN economies. Former Malaysian Prime Minister Mahathir Mohamad accused George Soros of ruining Malaysia's economy with "massive currency speculation." (Soros claims to have been a buyer of the ringgit during its fall, having sold it short in 1997.)

At the 30th ASEAN Ministerial Meeting held in Subang Jaya, Malaysia, the foreign ministers issued a joint declaration on 25 July 1997 expressing serious concern and called for further intensification of ASEAN's cooperation to safeguard and promote ASEAN's interest in this regard.^[12] Coincidentally, on that same day, the central bankers of most of the affected countries were at the EMEAP (Executive Meeting of East Asia Pacific) meeting in Shanghai, and they failed to make the 'New Arrangement to Borrow' operational. A year earlier, the finance ministers of these same countries had attended the 3rd APEC finance ministers meeting in Kyoto, Japan on 17 March 1996, and according to that joint declaration, they had been unable to double the amounts available under the 'General Agreement to Borrow' and the 'Emergency Finance Mechanism'.

As such, the crisis could be seen as the failure to adequately build capacity in time to prevent Currency Manipulation. This hypothesis enjoyed little support among economists, however, who argue that no single investor could have had enough impact on the market to successfully manipulate the currencies' values. In addition, the level of organization necessary to coordinate a massive exodus of investors from Southeast Asian currencies in order to manipulate their values rendered this possibility remote.^{[citation needed]}

IMF role[link]

Such was the scope and the severity of the collapses involved that outside intervention, considered by many as a new kind of colonialism,^[13] became urgently needed. Since the countries melting down were among not only the richest in their region, but in the world, and since hundreds of billions of dollars were at stake, any response to the crisis was likely to be cooperative and international, in this case through the International Monetary Fund (IMF). The IMF created a series of bailouts ("rescue packages") for the most-affected economies to enable affected nations to avoid default, tying the packages to reforms that were intended to make the restored Asian currency, banking, and financial systems more like those of the United States and Europe. In other words, the IMF's support was conditional on a series of drastic economic reforms influenced by neoliberal economic principles called a "structural adjustment package" (SAP). The SAPs called on crisis-struck nations to reduce government spending and deficits, allow insolvent banks and financial institutions to fail, and aggressively raise interest rates. The reasoning was that these steps would restore confidence in the nations' fiscal solvency, penalize insolvent companies, and protect currency values. Above all, it was stipulated that IMF-funded capital had to be administered rationally in the future, with no favored parties receiving funds by preference. In at least one of the affected countries the restrictions on foreign ownership were greatly reduced.^[14]

There were to be adequate government controls set up to supervise all financial activities, ones that were to be independent, in theory, of private interest. Insolvent institutions had to be closed, and insolvency itself had to be clearly defined. In short, exactly the same kinds of financial institutions found in the United States and Europe had to be created in Asia, as a condition for IMF support. In addition, financial systems were to become "transparent", that is, provide the kind of reliable financial information used in the West to make sound financial decisions.^[15]

However, the greatest criticism of the IMF's role in the crisis was targeted towards its response.^[16] As country after country fell into crisis, many local businesses and governments that had taken out loans in US dollars, which suddenly became much more expensive relative to the local currency which formed their earned income, found themselves unable to pay their creditors. The dynamics of the situation were similar to that of the Latin American debt crisis. The effects of the SAPs were mixed and their impact controversial. Critics, however, noted the contractionary nature of these policies, arguing that in a recession, the traditional Keynesian response was to increase government spending, prop up major companies, and lower interest rates.

The reasoning was that by stimulating the economy and staving off recession, governments could restore confidence while preventing economic loss. They pointed out that the U.S. government had pursued expansionary policies, such as lowering interest rates, increasing government spending, and cutting taxes, when the United States itself entered a recession in 2001, and arguably the same in the fiscal and monetary policies during the 2008–2009 Global Financial Crisis.

The reforms were, in most cases, long needed^{[citation needed]} and the countries most involved almost completely restructured their financial frameworks. They suffered permanent currency devaluations, massive numbers of bankruptcies, collapses of whole sectors of once-booming economies, real estate busts, high unemployment, and social unrest. For most of the countries involved, IMF intervention has been roundly criticized. The role of the International Monetary Fund was so controversial during the crisis that many locals called the financial crisis the "IMF crisis".^[17]

Many commentators in retrospect criticized the IMF for encouraging the developing economies of Asia down the path of "fast track capitalism", meaning liberalization of the financial sector (elimination of restrictions on capital flows), maintenance of high domestic interest rates to attract portfolio investment and bank capital, and pegging of the national currency to the dollar to reassure foreign investors against currency risk.^[16]

IMF and high interest rates[link]

The conventional high-interest-rate economic wisdom is normally employed by monetary authorities to attain the chain objectives of tightened money supply, discouraged currency speculation, stabilized exchange rate, curbed currency depreciation, and ultimately contained inflation.

In the Asian meltdown, highest IMF officials rationalized their prescribed high interest rates as follows:

From then IMF First Deputy Managing Director, Stanley Fischer (Stanley Fischer, "The IMF and the Asian Crisis," Forum Funds Lecture at UCLA, Los Angeles on March 20, 1998):

”When their governments "approached the IMF, the reserves of Thailand and South Korea were perilously low, and the Indonesian Rupiah was excessively depreciated. Thus, the first order of business was... to restore confidence in the currency. To achieve this, countries have to make it more attractive to hold domestic currency, which in turn, requires increasing interest rates temporarily, even if higher interest costs complicate the situation of weak banks and corporations...

"Why not operate with lower interest rates and a greater devaluation? This is a relevant tradeoff, but there can be no question that the degree of devaluation in the Asian countries is excessive, both from the viewpoint of the individual countries, and from the viewpoint of the international system. Looking first to the individual country, companies with substantial foreign currency debts, as so many companies in these countries have, stood to suffer far more from… currency (depreciation) than from a temporary rise in domestic interest rates…. Thus, on macroeconomics… monetary policy has to be kept tight to restore confidence in the currency...."

From the then IMF Managing Director Michel Camdessus ("Doctor Knows Best?" Asiaweek, 17 July 1998, p. 46):

"To reverse (currency depreciation), countries have to make it more attractive to hold domestic currency, and that means temporarily raising interest rates, even if this (hurts) weak banks and corporations."

Thailand[link]

From 1985 to 1996, Thailand's economy grew at an average of over 9% per year, the highest economic growth rate of any country at the time. Inflation was kept reasonably low within a range of 3.4–5.7%.^[18] The baht was pegged at 25 to the US dollar.

On 14 May and 15 May 1997, the Thai baht was hit by massive speculative attacks. On 30 June 1997, Prime Minister Chavalit Yongchaiyudh said that he would not devalue the baht. This was the spark that ignited the Asian financial crisis as the Thai government failed to defend the baht, which was pegged to the basket of currencies in which the U.S. dollar was the main component,^[19] against international speculators.

Thailand's booming economy came to a halt amid massive layoffs in finance, real estate, and construction that resulted in huge numbers of workers returning to their villages in the countryside and 600,000 foreign workers being sent back to their home countries.^[20] The baht devalued swiftly and lost more than half of its value. The baht reached its lowest point of 56 units to the US dollar in January 1998. The Thai stock market dropped 75%. Finance One, the largest Thai finance company until then, collapsed.^[21]

The Thai government was eventually forced to float the Baht, on 2 July 1997. On 11 August 1997, the IMF unveiled a rescue package for Thailand with more than $17 billion, subject to conditions such as passing laws relating to bankruptcy (reorganizing and restructuring) procedures and establishing strong regulation frameworks for banks and other financial institutions. The IMF approved on 20 August 1997, another bailout package of $3.9 billion.

By 2001, Thailand's economy had recovered. The increasing tax revenues allowed the country to balance its budget and repay its debts to the IMF in 2003, four years ahead of schedule. The Thai baht continued to appreciate to 29 Baht to the Dollar in October 2010.

Indonesia[link]

In June 1997, Indonesia seemed far from crisis. Unlike Thailand, Indonesia had low inflation, a trade surplus of more than $900 million, huge foreign exchange reserves of more than $20 billion, and a good banking sector. But a large number of Indonesian corporations had been borrowing in U.S. dollars. During the preceding years, as the rupiah had strengthened respective to the dollar, this practice had worked well for these corporations; their effective levels of debt and financing costs had decreased as the local currency's value rose.

In July 1997, when Thailand floated the baht, Indonesia's monetary authorities widened the rupiah trading band from 8% to 12%. The rupiah suddenly came under severe attack in August. On 14 August 1997, the managed floating exchange regime was replaced by a free-floating exchange rate arrangement. The rupiah dropped further. The IMF came forward with a rescue package of $23 billion, but the rupiah was sinking further amid fears over corporate debts, massive selling of rupiah, and strong demand for dollars. The rupiah and the Jakarta Stock Exchange touched a historic low in September. Moody's eventually downgraded Indonesia's long-term debt to 'junk bond'.^[22]

Although the rupiah crisis began in July and August 1997, it intensified in November when the effects of that summer devaluation showed up on corporate balance sheets. Companies that had borrowed in dollars had to face the higher costs imposed upon them by the rupiah's decline, and many reacted by buying dollars through selling rupiah, undermining the value of the latter further. In February 1998, President Suharto sacked Bank Indonesia Governor J. Soedradjad Djiwandono, but this proved insufficient. Suharto resigned under public pressure in May 1998 and Vice President B. J. Habibie was elevated in his place. Before the crisis, the exchange rate between the rupiah and the dollar was roughly 2,600 rupiah to 1 USD.^[23]

The rate plunged to over 11,000 rupiah to 1 USD on 9 January 1998, with spot rates over 14,000 during January 23–26 and trading again over 14,000 for about six weeks during June–July 1998. On 31 December 1998, the rate was almost exactly 8,000 to 1 USD.^[24] Indonesia lost 13.5% of its GDP that year.

South Korea[link]

The banking sector was burdened with non-performing loans as its large corporations were funding aggressive expansions. During that time, there was a haste to build great conglomerates to compete on the world stage. Many businesses ultimately failed to ensure returns and profitability. The South Korean conglomerates, more or less completely controlled by the government, simply absorbed more and more capital investment. Eventually, excess debt led to major failures and takeovers.

For example, in July 1997, South Korea's third-largest car maker, Kia Motors, asked for emergency loans. In the wake of the Asian market downturn, Moody's lowered the credit rating of South Korea from A1 to A3, on 28 November 1997, and downgraded again to B2 on 11 December. That contributed to a further decline in South Korean shares since stock markets were already bearish in November. The Seoul stock exchange fell by 4% on 7 November 1997. On 8 November, it plunged by 7%, its biggest one-day drop to that date. And on 24 November, stocks fell a further 7.2% on fears that the IMF would demand tough reforms. In 1998, Hyundai Motors took over Kia Motors. Samsung Motors' $5 billion venture was dissolved due to the crisis, and eventually Daewoo Motors was sold to the American company General Motors (GM).

The South Korean won, meanwhile, weakened to more than 1,700 per U.S. dollar from around 800. Despite an initial sharp economic slowdown and numerous corporate bankruptcies, South Korea has managed to triple its per capita GDP in dollar terms since 1997. Indeed, it resumed its role as the world's fastest-growing economy—since 1960, per capita GDP has grown from $80 in nominal terms to more than $21,000 as of 2007. However, like the chaebol, South Korea's government did not escape unscathed. Its national debt-to-GDP ratio more than doubled (approximately 13% to 30%) as a result of the crisis.

In South Korea, the crisis is also commonly referred to as the IMF crisis.

Philippines[link]

The Philippine central bank raised interest rates by 1.75 percentage points in May 1997 and again by 2 points on 19 June. Thailand triggered the crisis on 2 July and on 3 July, the Philippine Central Bank intervened to defend the peso, raising the overnight rate from 15% to 32% at the onset of the Asian crisis in mid-July 1997. The peso dropped from 26 pesos per dollar at the start of the crisis to 38 pesos in mid-1999 to 54 pesos as in early August, 2001.

The Philippine GDP contracted by 0.6% during the worst part of the crisis, but grew by 3% by 2001, despite scandals of the administration of Joseph Estrada in 2001, most notably the "jueteng" scandal, causing the PSE Composite Index, the main index of the Philippine Stock Exchange, to fall to 1000 points from a high of 3000 points in 1997. The peso's value declined to about 55 pesos to the US dollar. Later that year, Estrada was on the verge of impeachment but his allies in the senate voted against continuing the proceedings.

This led to popular protests culminating in the "EDSA II Revolution", which effected his resignation and elevated Gloria Macapagal-Arroyo to the presidency. Arroyo lessened the crisis in the country. The Philippine peso rose to about 50 pesos by the year's end and traded at around 41 pesos to a dollar in late 2007. The stock market also reached an all time high in 2007 and the economy was growing by more than 7 percent, its highest in nearly two decades.

Malaysia[link]

Before the crisis, Malaysia had a large current account deficit of 5% of its GDP. At the time, Malaysia was a popular investment destination, and this was reflected in KLSE activity which was regularly the most active stock exchange in the world (with turnover exceeding even markets with far higher capitalization like the New York Stock Exchange). Expectations at the time were that the growth rate would continue, propelling Malaysia to developed status by 2020, a government policy articulated in Wawasan 2020. At the start of 1997, the KLSE Composite index was above 1,200, the ringgit was trading above 2.50 to the dollar, and the overnight rate was below 7%.

In July 1997, within days of the Thai baht devaluation, the Malaysian ringgit was "attacked" by speculators. The overnight rate jumped from under 8% to over 40%. This led to rating downgrades and a general sell off on the stock and currency markets. By end of 1997, ratings had fallen many notches from investment grade to junk, the KLSE had lost more than 50% from above 1,200 to under 600, and the ringgit had lost 50% of its value, falling from above 2.50 to under 4.57 on (Jan 23, 1998) to the dollar. The then premier, Mahathir Mohammad imposed strict capital controls and introduced a 3.80 peg against the US dollar.

Malaysian moves involved fixing the local currency to the US dollar, stopping the overseas trade in ringgit currency and other ringgit assets therefore making offshore use of the ringgit invalid, restricting the amount of currency and investments that residents can take abroad, and imposed for foreign portfolio funds, a minimum one-year "stay period" which since has been converted to an exit tax. The decision to make ringgit held abroad invalid has also dried up sources of ringgit held abroad that speculators borrow from to manipulate the ringgit, for example by "selling short." Those who do, have to purchase back the limited ringgit at higher prices, making it unattractive to them.^[25]

In 1998, the output of the real economy declined plunging the country into its first recession for many years. The construction sector contracted 23.5%, manufacturing shrunk 9% and the agriculture sector 5.9%. Overall, the country's gross domestic product plunged 6.2% in 1998. During that year, the ringgit plunged below 4.7 and the KLSE fell below 270 points. In September that year, various defensive measures were announced to overcome the crisis.

The principal measure taken were to move the ringgit from a free float to a fixed exchange rate regime. Bank Negara fixed the ringgit at 3.8 to the dollar. Capital controls were imposed while aid offered from the IMF was refused. Various task force agencies were formed. The Corporate Debt Restructuring Committee dealt with corporate loans. Danaharta discounted and bought bad loans from banks to facilitate orderly asset realization. Danamodal recapitalized banks.

Growth then settled at a slower but more sustainable pace. The massive current account deficit became a fairly substantial surplus. Banks were better capitalized and NPLs were realised in an orderly way. Small banks were bought out by strong ones. A large number of PLCs were unable to regulate their financial affairs and were delisted. Compared to the 1997 current account, by 2005, Malaysia was estimated to have a US$14.06 billion surplus.^[26] Asset values however, have not returned to their pre-crisis highs. In 2005 the last of the crisis measures were removed as the ringgit was taken off the fixed exchange system. But unlike the pre-crisis days, it did not appear to be a free float, but a managed float, like the Singapore dollar.

Singapore[link]

As the financial crisis spread the economy of Singapore dipped into a short recession. The short duration and milder effect on its economy was credited to the active management by the government. For example, the Monetary Authority of Singapore allowed for a gradual 20% depreciation of the Singapore dollar to cushion and guide the economy to a soft landing. The timing of government programs such as the Interim Upgrading Program and other construction related projects were brought forward. Instead of allowing the labor markets to work, the National Wage Council pre-emptively agreed to Central Provident Fund cuts to lower labor costs, with limited impact on disposable income and local demand. Unlike in Hong Kong, no attempt was made to directly intervene in the capital markets and the Straits Times Index was allowed to drop 60%. In less than a year, the Singaporean economy fully recovered and continued on its growth trajectory.^[27]

China[link]

The Chinese currency, the renminbi (RMB), had been pegged to the US dollar at a ratio of 8.3 RMB to the dollar, in 1994. Having largely kept itself above the fray throughout 1997–1998 there was heavy speculation in the Western press that China would soon be forced to devalue its currency to protect the competitiveness of its exports vis-a-vis those of the ASEAN nations, whose exports became cheaper relative to China's. However, the RMB's non-convertibility protected its value from currency speculators, and the decision was made to maintain the peg of the currency, thereby improving the country's standing within Asia. The currency peg was partly scrapped in July 2005 rising 2.3% against the dollar, reflecting pressure from the United States.

Unlike investments of many of the Southeast Asian nations, almost all of China's foreign investment took the form of factories on the ground rather than securities, which insulated the country from rapid capital flight. While China was unaffected by the crisis compared to Southeast Asia and South Korea, GDP growth slowed sharply in 1998 and 1999, calling attention to structural problems within its economy. In particular, the Asian financial crisis convinced the Chinese government of the need to resolve the issues of its enormous financial weaknesses, such as having too many non-performing loans within its banking system, and relying heavily on trade with the United States.

United States and Japan[link]

The "Asian flu" had also put pressure on the United States and Japan. Their markets did not collapse, but they were severely hit. On 27 October 1997, the Dow Jones industrial plunged 554 points or 7.2%, amid ongoing worries about the Asian economies. The New York Stock Exchange briefly suspended trading. The crisis led to a drop in consumer and spending confidence (see 27 October 1997 mini-crash). Indirect effects included the dot-com bubble, and years later the housing bubble and the Subprime mortgage crisis.^[28]

Japan was affected because its economy is prominent in the region. Asian countries usually run a trade deficit with Japan because the latter's economy was more than twice the size of the rest of Asia together; about 40% of Japan's exports go to Asia. The Japanese yen fell to 147 as mass selling began, but Japan was the world's largest holder of currency reserves at the time, so it was easily defended, and quickly bounced back. GDP real growth rate slowed dramatically in 1997, from 5% to 1.6% and even sank into recession in 1998, due to intense competition from cheapened rivals. The Asian financial crisis also led to more bankruptcies in Japan. In addition, with South Korea's devalued currency, and China's steady gains, many companies complained outright that they could not compete.^[29]

Another longer-term result was the changing relationship between the U.S. and Japan, with the U.S. no longer openly supporting the highly artificial trade environment and exchange rates that governed economic relations between the two countries for almost five decades after World War II.^[30]

Consequences[link]

Asia[link]

The crisis had significant macroeconomic-level effects, including sharp reductions in values of currencies, stock markets, and other asset prices of several Asian countries.^[31] The nominal U.S. dollar GDP of ASEAN fell by US$9.2 billion in 1997 and $218.2 billion (31.7%) in 1998. In South Korea, the $170.9 billion fall in 1998 was equal to 33.1% of the 1997 GDP.^[32] Many businesses collapsed, and as a consequence, millions of people fell below the poverty line in 1997–1998. Indonesia, South Korea and Thailand were the countries most affected by the crisis.

Currency Exchange rate (per US$1)[33] Change June 1997 July 1998 Thai baht 24.5 41 40.2% Indonesian rupiah 2,380 14,150 83.2% Philippine peso 26.3 42 37.4% Malaysian ringgit 2.5 4.1 39.0% South Korean won 850 1,290 34.1%

Country GNP (US$1 billion)[33] Change June 1997 July 1998  Thailand 170 102 40.0%  Indonesia 205 34 83.4%  Philippines 75 47 37.3%  Malaysia 90 55 38.9%  South Korea 430 283 34.2%

The above tabulation shows that despite the prompt raising of interest rates to 32% in the Philippines upon the onset of crisis in mid-July 1997, and to 65% in Indonesia upon the intensification of crisis in 1998, their local currencies depreciated just the same and did not perform better than those of South Korea, Thailand, and Malaysia, which countries had their high interest rates set at generally lower than 20% during the Asian crisis. This created grave doubts on the credibility of IMF and the validity of its high-interest-rate prescription to economic crisis.

The economic crisis also led to a political upheaval, most notably culminating in the resignations of President Suharto in Indonesia and Prime Minister General Chavalit Yongchaiyudh in Thailand. There was a general rise in anti-Western sentiment, with George Soros and the IMF in particular singled out as targets of criticisms. Heavy U.S. investment in Thailand ended, replaced by mostly European investment, though Japanese investment was sustained.^{[citation needed]} Islamic and other separatist movements intensified in Southeast Asia as central authorities weakened.^[34]

More long-term consequences included reversal of the relative gains made in the boom years just preceding the crisis. Nominal US dollar GDP per capital fell 42.3% in Indonesia in 1997, 21.2% in Thailand, 19% in Malaysia, 18.5% in South Korea and 12.5% in the Philippines.^[32] The CIA World Factbook reported that the per capita income (measured by purchasing power parity) in Thailand declined from $8,800 to $8,300 between 1997 and 2005; in Indonesia it declined from $4,600 to $3,700; in Malaysia it declined from $11,100 to $10,400. Over the same period, world per capita income rose from $6,500 to $9,300.^[35] Indeed, the Central Intelligence Agency's analysis asserted that the economy of Indonesia was still smaller in 2005 than it had been in 1997, suggesting an impact on that country similar to that of the Great Depression. Within East Asia, the bulk of investment and a significant amount of economic weight shifted from Japan and ASEAN to China and India.^[36]

The crisis has been intensively analyzed by economists for its breadth, speed, and dynamism; it affected dozens of countries, had a direct impact on the livelihood of millions, happened within the course of a mere few months, and at each stage of the crisis leading economists, in particular the international institutions, seemed a step behind. Perhaps more interesting to economists was the speed with which it ended, leaving most of the developed economies unharmed. These curiosities have prompted an explosion of literature about financial economics and a litany of explanations why the crisis occurred. A number of critiques have been leveled against the conduct of the IMF in the crisis, including one by former World Bank economist Joseph Stiglitz. Politically there were some benefits. In several countries, particularly South Korea and Indonesia, there was renewed push for improved corporate governance. Rampaging inflation weakened the authority of the Suharto regime and led to its toppling in 1998, as well as accelerating East Timor's independence.^[37]

Outside Asia[link]

After the Asian crisis, international investors were reluctant to lend to developing countries, leading to economic slowdowns in developing countries in many parts of the world. The powerful negative shock also sharply reduced the price of oil, which reached a low of about $11 per barrel towards the end of 1998, causing a financial pinch in OPEC nations and other oil exporters. This reduction in oil revenue contributed to the 1998 Russian financial crisis, which in turn caused Long-Term Capital Management in the United States to collapse after losing $4.6 billion in 4 months. A wider collapse in the financial markets was avoided when Alan Greenspan and the Federal Reserve Bank of New York organized a $3.625 billion bail-out. Major emerging economies Brazil and Argentina also fell into crisis in the late 1990s (see Argentine debt crisis).^[38]

The crisis in general was part of a global backlash against the Washington Consensus and institutions such as the IMF and World Bank, which simultaneously became unpopular in developed countries following the rise of the anti-globalization movement in 1999. Four major rounds of world trade talks since the crisis, in Seattle, Doha, Cancún, and Hong Kong, have failed to produce a significant agreement as developing countries have become more assertive, and nations are increasingly turning toward regional or bilateral free trade agreements (FTAs) as an alternative to global institutions.

Many nations learned from this, and quickly built up foreign exchange reserves as a hedge against attacks, including Japan, China, South Korea. Pan Asian currency swaps were introduced in the event of another crisis. However, interestingly enough, such nations as Brazil, Russia, and India as well as most of East Asia began copying the Japanese model of weakening their currencies, restructuring their economies so as to create a current account surplus to build large foreign currency reserves. This has led to an ever increasing funding for US treasury bonds, allowing or aiding housing (in 2001–2005) and stock asset bubbles (in 1996–2000) to develop in the United States.

See also[link]

• Liquidity crisis
• Financial contagion
• List of finance topics
• Stock disasters in Hong Kong

References[link]

Books

• Kaufman, GG., Krueger, TH., Hunter, WC. (1999) The Asian Financial Crisis: Origins, Implications and Solutions. Springer. ISBN 0-7923-8472-5
• Pettis, Michael (2001). The Volatility Machine: Emerging Economies and the Threat of Financial Collapse. Oxford University Press. ISBN 0-19-514330-2. 
• Blustein, Paul (2001). The Chastening: Inside the Crisis that Rocked the Global Financial System and Humbled the IMF. PublicAffairs. ISBN 1-891620-81-9. 
• Fengbo Zhang: Opinion on Financial Crisis, 6. Defeating the World Financial Storm China Youth Publishing House (2000)
• Noland, Markus, Li-gang Liu, Sherman Robinson, and Zhi Wang. (1998) Global Economic Effects of the Asian Currency Devaluations. Policy Analyses in International Economics, no. 56. Washington, DC: Institute for International Economics.
• Pempel, T. J. (1999) The Politics of the Asian Economic Crisis. Ithaca, NY: Cornell University Press.
• Ries, Philippe. (2000) The Asian Storm: Asia's Economic Crisis Examined.
• Tecson, Marcelo L. (2005) Puzzlers: Economic Sting (The Case Against IMF, Central Banks, and IMF-Prescribed High Interest Rates) Makati City, Philippines: Raiders of the Lost Gold Publication
• Muchhala, Bhumika, ed. (2007) Ten Years After: Revisiting the Asian Financial Crisis. Washington, DC: Woodrow Wilson International Center for Scholars Asia Program.
• Ito, Takatoshi and Andrew K. Rose (2006). financial sector development in the Pacific Rim. University of Chicago Press. ISBN 978-0-226-38684-3. 

Papers

• Ngian Kee Jin (March 2000). Coping with the Asian Financial Crisis: The Singapore Experience. Institute of Southeast Asian Studies. ISSN 0219-3582
• Tiwari, Rajnish (2003). Post-crisis Exchange Rate Regimes in Southeast Asia, Seminar Paper, University of Hamburg.
• Kilgour, Andrea (1999). The changing economic situation in Vietnam: A product of the Asian crisis?
• S. Radelet, J.D. Sachs, R.N. Cooper, B.P. Bosworth (1998). The East Asian Financial Crisis: Diagnosis, Remedies, Prospects. Brookings Papers on Economic Activity.
• Stiglitz, Joseph (1996). Some Lessons From The East Asian Miracle. The World Bank Research Observer.
• Weisbrot, Mark (August 2007). Ten Years After: The Lasting Impact of the Asian Financial Crisis. Center for Economic and Policy Research.
• Tecson, Marcelo L. (2009), "IMF Must Renounce Its Weapon of Mass Destruction: High Interest Rates" (4-part paper on high-interest-rate fallacies and alternatives, emailed to IMF and others on 27 January 2009)

Other

• Is Thailand on the road to recovery, article by Australian photo-journalist John Le Fevre that looks at the effects of the Asian Economic Crisis on Thailand's construction industry
• Women bear brunt of crisis, article by Australian photo-journalist John Le Fevre examining the effects of the Asian Economic Crisis on Asia's female workforce
• The Crash (transcript only), from the PBS series Frontline

Specific

External links[link]

• Impact on Indonesia from the Dean Peter Krogh Foreign Affairs Digital Archives
• Congressional Research Service report for US Congress

v t e Economy of Hong Kong History Seamen's strike of 1922 • Black Saturday (1983) • Four Asian Tigers  • Ting Hai effect  • 1997 Asian financial crisis • Stock disasters in Hong Kong • Brand Hong Kong • Positive non-interventionism • Tai-pan • Poverty Campaign: Speak Up • Pearl River Delta Currency Hong Kong dollar • Hong Kong Mint • Hong Kong Note Printing • Banknotes of the Hong Kong dollar • Coins of the Hong Kong dollar Industry and Business List of companies of Hong Kong • Agriculture and aquaculture in Hong Kong • CSI Cross-Straits 500 Index • Hong Kong Export Credit Insurance Corporation Government agencies Hong Kong Trade Development Council • Hong Kong Monetary Authority • Inland Revenue Department • Agriculture, Fisheries and Conservation Department Employment and Tax Employment in Hong Kong • Estate Duty Ordinance • Goepfert case • Inland Revenue Ordinance • Partnership taxation • Profit tax • Rates (tax)  • SDO s45 Transfer between associated bodies corporate • Salaries tax • Minimum wage • Stamp Duty Ordinance • Stamp duty • Goods and Service Tax Infrastructure and Transport Port of Hong Kong • Hong Kong-Zhuhai-Macau Bridge Rankings International rankings of Hong Kong Finance and Banking Hong Kong Futures Exchange • Hong Kong Exchanges and Clearing • Securities and Futures Commission • Hong Kong Stock Exchange • Hong Kong Securities Institute • Linked exchange rate • P Chips Frauds • Red chips • Electronic Payment Services • Growth Enterprise Market • Hong Kong Mercantile Exchange • Hang Seng Index Agreements CEPA • Ship Registration in Hong Kong  • Outward Processing Arrangement Energy List of power stations in Hong Kong • Other Water supply in Hong Kong • Individual Visit Scheme • Economic freedom See also: Economy of Macau • Economy of the People's Republic of China

v t e Economy of the People's Republic of China Companies of China History History Reform Five-year plans Industrial Revolution Iron rice bowl Three-anti and Five-anti Campaigns Great Leap Forward Four Modernizations Socialist market economy Scientific Development Concept Go Out policy Historical GDP Industry and business Industry (history) Beer Biotechnology Advanced materials Automotive Aviation Aircraft Aerospace Mobile phone industry Cement Container transpo Cotton Electric motor Electric power Electronics Film industry Fishing Internet Online gaming Video gaming Made in China Media Mining (Gold mining) Pharmaceuticals & Pharmacy Publishing & Academic publishing Sex toys Silk Software Telecommunications Television (Digital) & Radio Railway (Equipment) Real estate Wine Companies (Largest The Hongs National Innovative Enterprises) Youth Business China Development Zones Suzhou Industrial Park Dalian Software Park Zhangjiang Hi-Tech Park Metropolitan regions of China Energy Energy policy Coal Oil Oil shale Oil refineries Nuclear Renewable Wind Solar Geothermal Trade and infrastructure Trade history World Trade Center Transport Communications Postal history Tourism Shipping Illegal drug trade Hong Kong Trade Development Council Ports Water supply and sanitation Trading partners Taxation and labor Tax system State Administration of Taxation Labor contract law Labor relations Finance and banking Financial system Financial services Chinese currency Chinese yuan Renminbi China Banknote Printing and Minting Corporation Banking History Central bank Other banks Foreign exchange reserve Beijing Financial Street Stock Exchange Executive Council Shanghai Stock Exchange (SSE Composite) Shenzhen Stock Exchange Dalian Commodity Exchange Shanghai Metal Exchange Zhengzhou Commodity Exchange Hedge fund industry Accounting in China Institutions National Development and Reform Commission Ministry of Finance Ministry of Commerce Ministry of Industry and Information Technology SASAC State Administration for Industry and Commerce All-China Federation of Trade Unions China Council for the Promotion of International Trade General Administration of Customs China Banking Regulatory Commission China Securities Regulatory Commission China Insurance Regulatory Commission State Administration of Foreign Exchange All-China Federation of Industry and Commerce CITIC Group China Investment Corporation National Energy Commission China-Africa Development Fund Development International rankings Special Economic Zones Social welfare Poverty Corruption Standard of living Foreign aid Urbanization Internal migration Emigration Science and technology Food safety Intellectual property Rural credit cooperative Regional economic strategies Pearl River Delta Economic Zone Bohai Economic Rim China Western Development Rise of Central China Plan Northeast China Revitalization Western Taiwan Straits Economic Zone Yangtze River Delta Economic Zone Beibu Gulf Economic Rim Central Plains Economic Zone Events 2007 Correction 2007 export / pet food recalls Protein export contamination 2007 Slave scandal 2008–2009 economic stimulus plan Expo 2010 Chinese property bubble Related topics Agriculture Demographics Globalization Globalization and women in China Statistics National Standards China Compulsory Certificate Closer Economic Partnership Arrangements (Hong Kong Macau) Chinese people by net worth Chinese economists See also: Category Outline of China Economy of East Asia

v t e Economy of South Korea History Chaebol 1997 Asian financial crisis Four Asian Tigers Five-year plans of South Korea Heavy-Chemical Industry Drive Miracle on the Han River Currency Won (1945–1953) Hwan (1953–1962) Won (1962–) Korea Minting and Security Printing Corporation Bank of Korea Industry and business Automotive industry Companies Energy Financial services Fishing industry Real estate Rice production Trade unions Korea National Oil Corporation Government agencies Fair Trade Commission Korea Forest Service Financial Services Commission Financial Supervisory Service Korea Deposit Insurance Corporation National Information & Credit Evaluation Korea Investment Corporation Korea Transportation Safety Authority Employment and tax Companies Infrastructure and transport Trans Korea Pipeline South–North Pipeline Korea Driving license Rankings International rankings Regions by GDP Finance and banking Korea Stock Exchange Banks KOSDAQ Korea Exchange KOSPI Agreements India Peru European Union United States Energy National RD&D Organisation for Hydrogen and Fuel Cell Programme Nuclear power Nuclear research programs Other European Union Chamber of Commerce in Korea Korea Financial Investment Association Kimchi bond Korea Non-Life Insurance Association Korea Oil & Petroleum Association See also: Economy of North Korea