1. Development of the Asian Foreign Exchange and Capital Markets.

The Asian financial crisis of 1997 led to changes in foreign exchange rate system and other major structural changes in foreign exchange and capital markets in many Asian countries. There is an urgent need to develop a well-established, highly efficient markets in order, among other things, to provide the backbone for future economic development in Asia. The Institute will carry out the studies to accurately grasp just what happened in various markets in Asia, taking into account the practical views of the market participants, to understand the problems facing these markets and then sketch out their future prospects. (April 1998)

2. Will the Euro Succeed?

It is now certain that the euro will be launched in January 1999, and interest has shifted to the various questions that arise with the introduction of the euro. Will this new major currency with a huge market succeed? What are the conditions for its success? The Institute will examine the issues related to the introduction of the euro with these fundamental questions in mind. (April 1998)

3. The Ideal Monetary and Foreign Exchange Policies for Developing Countries.

There is a strong tendency to point to mistakes in foreign exchange and monetary policies as one of the causes of the economic crisis which began in Asia in 1997 and was experienced by the emerging countries with developing economies. How strategically were the development policies carried out in these emerging countries? What were the foreign exchange and monetary policies that were adopted? What policy choices will there be in the future? The Institute will apply these questions to Asian, Latin American and East European countries. (July 1998)

4. "Study Group on International Economic and Financial System"
-A Study Group commissioned by the Ministry of Foreign Affairs.

The economic and financial crisis that erupted in Asia in 1997 soon spread to other emerging countries such as Russia and Brazil. Doesn't this chain of crises pose the question that the international financial and economic arrangements created around the Bretton Woods System is facing a new challenge due to the spread of globalization? With this question in mind, the Institute will study various aspects such as the financial, investment, development and foreign exchange systems to search for the international financial and economic framework, as well as to consider possible measures to be taken in the Asia-Pacific region and the scope for Japanese contribution to the cause. (January 1999)