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Conference Paper
The international financial integration of China and India
Three main features characterize the international financial integration of China and India. First, these countries are large holders of official reserves, while only having a small global share of privately-held external assets and liabilities (with the exception of China?s FDI liabilities). 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, based on their level of economic development, neoclassical models would predict them to be net borrowers. ...