The Committee will consider the issue as the Scottish Government are proposing a referendum on Scottish independence and both the UK and Scottish Governments have published consultation papers on the possibility of an independent Scotland.
Commenting Lord MacGregor of Pulham Market, chairman of the Lords Economic Affairs Committee, said:
"The issue of possible Scottish independence is going to be one of major importance in the months ahead. Yet the debate is characterised more by feelings and sentiment than by a serious analysis of the many crucial issues involved.
Our Committee is well placed to help with such an analysis. First we will be concentrating on the economic issues alone, where our expertise lies. Second, we will be looking at the implications for the whole of the United Kingdom not just some parts of it.
Before any votes are taken, in a referendum or otherwise, it is vital that the facts, the implications and the potential consequences are fully understood. I believe our inquiry will contribute to that."
Detailed terms of reference of the new inquiry and a call for evidence will be announced as the Committee completes its report on its current inquiry into the Economic Impact and Effectiveness of Development Aid, expected to be published in March.