Endnotes
1The euro is a flexible exchange rate with respect to other currencies. Eurozone countries have an open capital account and follow a Eurozone autonomous monetary policy.
2For instance, France, which was one of the last industrial countries to open up, went from a value of -1.27 in 1970 to a value of 2.53 in 1995. In another example, Israel shifted from a value of -1.13 in 1997 to 2.53 in 2004.
3The average openness for Asia-11 was higher in 1970 than that of the PRC and India in 2007.
4In a recent paper, Aizenman, Chinn, and Ito (2008) find empirical support for the impossible trinity.
5For a detailed analysis of the procyclicality of monetary policy in India, see Patnaik and Shah (2009); Bhattacharya, Patnaik, and Shah (2008); Patnaik (2007).
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