The papers in this volume were commissioned with the aim of exploring the significant structural changes in the financial system over the past decade or so and the implications for policy-makers charged with the responsibility of maintaining financial system stability

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...