G2TT
来源类型Working Paper
规范类型工作论文
Financial openness of China and India: Implications for capital account liberalisation
Guonan Ma; Robert N. McCauley
发表日期2014-05-14
出版年2014
语种英语
概述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.
摘要

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 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.

Our price-based measures suggest strong inward pressure on Chinese money markets, in contrast to the consensus projection that China is likely to experience net private capital outflows when it thoroughly opens up financially. Policymakers need to monitor and to manage the risks along the dynamic path of capital account liberalization.

主题Finance & Financial Regulation ; Global Economics & Governance
关键词Asia China emerging economies India
URLhttps://bruegel.org/2014/05/financial-openness-of-china-and-india-implications-for-capital-account-liberalisation/
来源智库Bruegel (Belgium)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/429455
推荐引用方式
GB/T 7714
Guonan Ma,Robert N. McCauley. Financial openness of China and India: Implications for capital account liberalisation. 2014.
条目包含的文件
文件名称/大小 资源类型 版本类型 开放类型 使用许可
cover_Guonan.jpg(144KB)智库出版物 限制开放CC BY-NC-SA缩略图
浏览
WP_2014_05.pdf(775KB)智库出版物 限制开放CC BY-NC-SA浏览
个性服务
推荐该条目
保存到收藏夹
导出为Endnote文件
谷歌学术
谷歌学术中相似的文章
[Guonan Ma]的文章
[Robert N. McCauley]的文章
百度学术
百度学术中相似的文章
[Guonan Ma]的文章
[Robert N. McCauley]的文章
必应学术
必应学术中相似的文章
[Guonan Ma]的文章
[Robert N. McCauley]的文章
相关权益政策
暂无数据
收藏/分享
文件名: cover_Guonan.jpg
格式: JPEG
文件名: WP_2014_05.pdf
格式: Adobe PDF

除非特别说明,本系统中所有内容都受版权保护,并保留所有权利。