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Financial openness of China and India: Implications for capital account liberalisation. Bruegel Working Paper 2014/05, May 15 2014

Ma, Guonan and McCauley, Robert N. (2014) Financial openness of China and India: Implications for capital account liberalisation. Bruegel Working Paper 2014/05, May 15 2014. [Working Paper]

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    Abstract

    We gauge the de-facto capital account openness of the Chinese and Indian economies by testing the law of one price on the basis of onshore and offshore price gaps for three key financial instruments. Generally, the three measures show both economies becoming more financially open over time. Over the past decade, the Indian economy on average appears to be more open financially than the Chinese economy, but China seems to be catching up with India in the wake of the global financial crisis. Both have more work to do to open their capital accounts.

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    Item Type: Working Paper
    Subjects for non-EU documents: Countries > India
    Countries > China
    Subjects for EU documents: UNSPECIFIED
    EU Series and Periodicals: UNSPECIFIED
    EU Annual Reports: UNSPECIFIED
    Series: Series > Bruegel (Brussels) > Working Papers
    Depositing User: Phil Wilkin
    Official EU Document: No
    Language: English
    Date Deposited: 15 May 2014 16:57
    Number of Pages: 15
    Last Modified: 15 May 2014 16:57
    URI: http://aei.pitt.edu/id/eprint/50843

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