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Is there a Beijing Consensus on International Macroeconomic Policy?

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  • Bird, Graham
  • Mandilaras, Alex
  • Popper, Helen

Abstract

Some commentators have claimed that there is a growing Beijing Consensus among emerging and developing economies concerning the merits of China’s economic policies. Within an analytical framework provided by the well known international policy trilemma, this paper investigates the empirical evidence concerning this claim with specific reference to the adoption of international macroeconomic policies. We find that there are substantial differences between what China does and what is done in other emerging and developing economies. While we discover some regional and inter-temporal variations, there seems to be little or no support for the existence of a Beijing Consensus.

Suggested Citation

  • Bird, Graham & Mandilaras, Alex & Popper, Helen, 2012. "Is there a Beijing Consensus on International Macroeconomic Policy?," World Development, Elsevier, vol. 40(10), pages 1933-1943.
  • Handle: RePEc:eee:wdevel:v:40:y:2012:i:10:p:1933-1943
    DOI: 10.1016/j.worlddev.2012.03.013
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    References listed on IDEAS

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    1. Chinn, Menzie D. & Ito, Hiro, 2006. "What matters for financial development? Capital controls, institutions, and interactions," Journal of Development Economics, Elsevier, vol. 81(1), pages 163-192, October.
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    4. Aizenman, Joshua & Chinn, Menzie D. & Ito, Hiro, 2010. "The emerging global financial architecture: Tracing and evaluating new patterns of the trilemma configuration," Journal of International Money and Finance, Elsevier, vol. 29(4), pages 615-641, June.
    5. Helen Popper & Alex Mandilaras & Graham Bird, 2011. "Trilemma Stability and International Macroeconomic Archetypes in Developing Economies," School of Economics Discussion Papers 0311, School of Economics, University of Surrey.
    6. Joshua Aizenman, 2008. "Large Hoarding Of International Reserves And The Emerging Global Economic Architecture," Manchester School, University of Manchester, vol. 76(5), pages 487-503, September.
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    Cited by:

    1. Graham Bird & Alex Mandilaras & Helen Popper, 2012. "Explaining Shifts in Exchange Rate Regimes," School of Economics Discussion Papers 1312, School of Economics, University of Surrey.
    2. Tugendhat, Henry & Alemu, Dawit, 2016. "Chinese Agricultural Training Courses for African Officials: Between Power and Partnerships," World Development, Elsevier, vol. 81(C), pages 71-81.

    More about this item

    Keywords

    trilemma; China;

    JEL classification:

    • F3 - International Economics - - International Finance
    • F4 - International Economics - - Macroeconomic Aspects of International Trade and Finance
    • O1 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development
    • O2 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy

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