A Study on Asian NIES's Financial System, Financial Market and Monetary Policy-A

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The time period for this research has been taken place overlapped the Asian financial crisis. This made our research so interesting at the same time it made so complicated.Our original hypothesis that with economic relation, mainly through trade relations deepned, we have to consider financial relations between Japan and Asian Nies countries have been proved by the Asian financial crisis. At the same time, we realized that their financial system in Japan and other Asia countries are different from the intentional standard. Hence, our original research proposal, which we have to evaluate each country's financial system carefully have become more meaningful proposal. However, after the Asian financial crisis happened. Japanese financial big bang has taken place and several Asian countries adopt the IMF proposals, so it made us very difficult to evaluate each country's financial system at which time period.In addition to above problems, Asian financial crisis changed each country's economic structure, thus carry on intended econometric studies made very difficults.Thus, our study was forced to a tentative one, we have to continue this research and reevaluate our results.In this research, first we studies current Japanese financial system and financial problems. Then we did the similar research for Asian Nies countries. Then we utilized mone-demand functions, which make link between real sector and financial sector of the economy, compared each country's financial conditions, which we mainly based on pre-financial crisis economic data.