Financial openness of China and India: Implications for capital account liberalisation. Bruegel Working Paper 2014/05, May 15 2014

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.

Concording EU trade and production data over time. National Bank of Belgium Working Paper No. 239, December 2012

This paper provides concordance procedures for product-level trade and production data in the EU and examines the implications of changing product classifications on measured product adding and dropping at Belgian firms. Using the algorithms developed by Pierce and Schott (2012a, 2012b), the paper develops concordance procedures that allow researchers to trace changes in coding systems over time and to translate product-level production and trade data into a common classification that is consistent both within a single year and over time. Separate procedures are created for the eightdigit Combined Nomenclature system used to classify international trade activities at the product level within the European Union as well as for the eight-digit Prodcom categories used to classify products in European domestic production data. The paper further highlights important differences in coverage between the Prodcom and Combined Nomenclature classifications which need to be taken into account when generating combined domestic production and international trade data at the product level. The use of consistent product codes over time results in less product adding and dropping at continuing firms in the Belgian export and production data.

The Gulf Cooperation Council as a New Regional Power: Time for the EU to Propose a Strategic Partnership. Bruges Regional Integration & Global Governance Papers 3/2012, November 2012

The Gulf Cooperation Council (GCC) is a de facto regional power in the Arab world. Its role has been crucial in some of the outcomes of the Arab Spring. The GCC countries have been very pragmatic in dealing with the uprisings, avoiding any revolutionary spill-over throughout the Gulf region. This paper examines to what extent the policies of the European Union (EU) in the Gulf have changed since the beginning of the Arab Spring. It argues that despite the calls by the European Parliament and by the High Representative Baroness Ashton to improve the relationship, the EU’s support for a new policy in the Gulf after the Arab Spring is stalling, and little new or concrete has been achieved. The paper concludes that the Union needs a reinforced partnership that merges the various EU policies in the region into a single strategic partnership with the Arab countries.