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The Evolving Role of China and India in the Global Financial System

Philip Lane and Sergio Schmukler ()

Open Economies Review, 2007, vol. 18, issue 4, 499-520

Abstract: Three main features characterize the international financial integration of China and India. First, while only having a small global share of privately-held external assets and liabilities, these countries are large holders of official reserves. Second, their international balance sheets are highly asymmetric: both are “short equity, long debt.” Third, China and India have improved their net external positions over the last decade although neoclassical models would predict them to be net borrowers. We argue that domestic financial policies are key to understanding these patterns and the future role of China in the international financial system. Copyright Springer Science+Business Media, LLC 2007

Keywords: Financial integration; Capital flows; China; India; World economy; F02; F30; F31; F32; F33; F36 (search for similar items in EconPapers)
Date: 2007
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