1. Regional Financial Architecture in East Asia

IIMA reviewed the present state of regional financial cooperation in East Asia and completed a research report on the ideal future development of financial architecture of the region based on the proposals from think tanks in Thailand, Indonesia, Korea and China. This research was sponsored by the ASEAN Secretariat.

2. How to Nurture the Asian Bond Markets

IIMA was commissioned for the research regarding the themes listed below.

  1. Technical Cooperation on Development of Vietnamese Government Bond Market
    Learning from the lessons of the Asian Financial Crisis in 1997, IIMA team reviewed the securities market (mainly government bonds) of Vietnam to examine existing problems and present future solutions for the improvement of bond clearing and settlement systems in the country. We also held seminars and offered technical advices regarding practical financial and securities transactions.
  2. Technical Cooperation for the Improvement of Bond Market Infrastructure in Thailand.
    IIMA set up a joint project team with Policy Research Institute and the Fiscal Policy Office, Ministry of Finance, Thailand, and worked on the project for the improvement of bond market infrastructure in Thailand. We completed a report based on the proposals from experts in private sector, which mainly covered the issue of improved securitization infrastructure.
  3. Research on Settlement Systems in East Asian Bond Markets
    IIMA made available an English version of our report issued in the previous year in Japanese, with more updated information.
  4. Research Committee on Bond Markets in Asia
    IIMA continued to serve as a secretariat to the above committee as it did in the previous year. This year, we developed a final report which put more focus on the practical techniques including securitization to facilitate the actual bond issuance.

3. Promotion of the Internationalization of the Yen

IIMA was commissioned for the following research areas related to the main theme.

  1. Research on Trade Finance Scheme in Japanese Yen for Exporting Companies in Thailand
    IIMA analyzed the reasons and grounds for the slow progress in the yen-denominated trade transaction in Thailand by examining actual conditions of trade finance and current practices in currency choice in international trade. Based on the findings of this analysis, we had discussion with local authorities and relevant institutions to draw a blueprint for the improved scheme of trade finance in yen.
  2. Research on Trade Finance Scheme in Japanese Yen for Exporting Companies in Vietnam
    By examining the actual trade finance system in Vietnam, IIMA analyzed the reasons and problems that were preventing the export companies in Vietnam from engaging in the yen-denominated trade transactions. Based on the findings, IIMA submitted proposals for the practical measures to stimulate yen-denominated trade finance.

4. Asian Secretariat of ASEM Task Force

IIMA served as the Asian secretariat of the ASEM Task Force where Mr. Toyoo Gyohten, president of IIMA, was a member. Taking into account the conclusions from the five preparatory meetings which were held in Asia and Europe since May 2003, we finalized the policy proposals in the area of trading, investment and finance to be submitted to the ASEM summit, scheduled in Hanoi in October 2004.

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5. Impacts of FTA on Financial Liberalization and Capital Control

By focusing on the aspect of liberalization of financial sector and investment which FTAs bring about, IIMA examined the cases in Singapore, Thailand and Malaysia and studied how financial institutions, local companies and their business and financial strategies would be affected by the different terms of the FTAs . Based on this research, we explored the possibilities for future business expansion in these countries.