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Financial openness of China and India- Implications for capital account liberalisation

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  • Guonan Ma
  • Robert N. McCauley

Abstract

See comment by Guonan Ma China's financial liberalisation- interest rate deregulation or currency flexibility first?In this working paper 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...

Suggested Citation

  • Guonan Ma & Robert N. McCauley, 2014. "Financial openness of China and India- Implications for capital account liberalisation," Working Papers 827, Bruegel.
    • Handle: RePEc:bre:wpaper:827
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    Cited by:

    1. Ma, Guonan & Yao, Wang, 2016. "Can the Chinese bond market facilitate a globalizing renminbi?," BOFIT Discussion Papers 1/2016, Bank of Finland, Institute for Economies in Transition.
    2. Rod Tyers & Yixiao Zhou, 2019. "Financial Integration and the Global Effects of China's Growth Surge," Economics Discussion / Working Papers 19-01, The University of Western Australia, Department of Economics.
    3. Eugenio M Cerutti & Maurice Obstfeld, 2018. "China's Bond Market and Global Financial Markets," IMF Working Papers 2018/253, International Monetary Fund.
    4. Eric Girardin & Sandrine Lunven & Guonan Ma, 2017. "China's evolving monetary policy rule: from inflation-accommodating to anti-inflation policy," BIS Working Papers 641, Bank for International Settlements.

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