2002

1. Research on the most suitable foreign exchange regime for East Asian economies

IIMA conducted research on the best foreign exchange regime for East Asian economies. We studied the adoption of currency basket regime and proposed a step-by-step approach towards that goal. As part of the study, IIMA analyzed the current situation and the prospects of the foreign exchange regimes in China, Hong Kong, Malaysia, Singapore, and South Korea.

2. Research on China's entry to the WTO and its effect on the financial markets

One year after China's accession to the WTO, IIMA conducted research on the major aspects of its economy, which continues to maintain high growth despite various problems. We focused on the influence of the accession on the telecommunication, distribution, automobile and agricultural industries as well as on the market opening, improvement of IT facilities and market infrastructures of the banking industry, the capital market and the insurance industry. We also investigated the impact on monetary policy.

3. Research on the new developments in the Central and East European Economies

Ten countries, which are mostly former communist Central and East European economies (CEE), will newly join the EU, at the earliest in 2004. The EU has an increasing possibility to dramatically expand the economic and social diversification along with the geographical expansion. At the same time, the CEE economies will also develop firm frameworks to stabilize their economies and societies as they complete the transition of their economic regimes. IIMA conducted research on the background of the EU enlargement strategies and the EU's support of the CEE economies for the transition and the accession to the EU, and the current macroeconomic situation and the problems facing major CEE economies.

4. Research on the payment and settlement system of East Asian countries

IIMA conducted research on the payment and settlement systems of the East Asian economies at the request of the Ministry of Finance. The current conditions and the future prospects of the systems are important elements for the development of capital markets in East Asia as well as being the underpinnings of every transaction. We also made recommendations on the areas where the regional economies can jointly improve the systems.

5. Research on the internationalization of the yen

  1. IIMA was commissioned to support the secretariat of the research group organized by the Ministry of Finance to study how the internationalization of the yen can be promoted.
  2. IIMA was also commissioned to support the secretariat of the follow-up research group organized by the Ministry of Finance to study the requirements for the internationalization of Japanese financial and capital markets.

6. Research committee on the global capital flows centered on Japan

Commissioned by the Ministry of Finance, IIMA managed a research committee on the global capital flows with Japan at the core and edited its report.

7. Research committee on bond markets in Asia

Commissioned by the Ministry of Finance, IIMA managed a research committee on bond markets in Asia.

8. Research committee on East Asia

Following last year's study on China, IIMA organized and managed a research committee on East Asia, also commissioned by the Ministry of Finance. The purpose of the committee, composed of academics and practitioners, was to study regional cooperation and integration.

9. Ex-post evaluation of the two-step loan to Malaysia by Japan Bank for International Cooperation (JBIC)

In December 2002, IIMA had finished the ex-post evaluation of Japanese ODA and OOF by completing the research "Policy evaluation of Japanese assistance during the Asian financial crisis," which was commissioned by the Ministry of Finance. This year IIMA conducted an ex-post evaluation project commissioned by JBIC on the untied two-step loan extended by the bank through BPIMB (Bank Pembangunan Infrastruktur Malaysia Berhad) for the improvement of infrastructure as part of the New Miyazawa Initiative during the Asian financial crisis.