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

本研究的时间段与亚洲金融危机重合。这使得我们的研究变得如此有趣，同时也使我们的研究变得如此复杂。我们最初的假设是，随着经济关系(主要是通过贸易关系)的加深，我们必须考虑日本与亚洲国家之间的金融关系已经被亚洲金融危机证明。与此同时，我们也意识到，日本等亚洲国家的金融体系与预期标准不同。因此，我们原来的研究建议，我们必须仔细评估每个国家的金融体系，变得更有意义的建议。然而，在亚洲金融危机发生后。日本金融大爆炸已经发生，多个亚洲国家采纳了国际货币基金组织的建议，这使得我们很难对每个国家的金融体系进行评估。此外，亚洲金融危机改变了每个国家的经济结构，从而使进行意向的计量研究变得非常困难。因此，我们的研究被迫进入试探性的阶段，我们不得不继续进行这一研究，并重新评估我们的结果。然后，我们对亚洲尼克斯国家进行了类似的研究。然后，我们利用经济的实体部门和金融部门之间的联系的Mone-Demand函数，主要基于金融危机前的经济数据，对各国的金融状况进行了比较。

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.