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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," Bruegel Working Papers 827, Bruegel.
    • Handle: RePEc:bre:wpaper:827
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    References listed on IDEAS

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    Cited by:

    1. Radhika Pandey & Gurnain K. Pasricha & Ila Patnaik & Ajay Shah, 2021. "Motivations for capital controls and their effectiveness," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(1), pages 391-415, January.
    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. Mr. Eugenio M Cerutti & Mr. Maurice Obstfeld, 2018. "China's Bond Market and Global Financial Markets," IMF Working Papers 2018/253, International Monetary Fund.
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    5. Guonan Ma & Wang Yao, "undated". "Can The Chinese Bond Market Facilitate A Globalizing Renminbi?," GRU Working Paper Series GRU_2016_011, City University of Hong Kong, Department of Economics and Finance, Global Research Unit.
    6. 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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