IDEAS home Printed from https://ideas.repec.org/h/elg/eechap/20550_2.html
   My bibliography  Save this book chapter

Law, development, and finance

In: Alternative Development Finance and Parallel Development Strategies in the Asia-Pacific

Author

Listed:
  • .

Abstract

The US-led Indo-Pacific strategy to promote free, fair, and reciprocal trade and the China-led OBOR to export China’s overcapacity, soft power, and RMB internationalization are competing development visions. The OBOR initiative may substantially challenge the development strategies established by the World Bank Group and other development institutions. Arguments on competing visions of development strategies start from the Washington Consensus, which was proposed in 1989 towards market-based approach and neoliberalism as the "standard" reform package for transition economies, and the Beijing Consensus, which was proposed in 2004 as an alternative development strategy - the “China Model†. The Washington Consensus highlights marketization, privatization, and deregulation of financial sector. In contrast, the Beijing Consensus is characterized by experimentalism, gradualism, and asymmetric development. The Chinese model of development is coined as state-dominated, investment-driven and export-oriented state capitalism. As many Asian countries are export-oriented rather than consumption-driven, China’s development model may not fit for them.

Suggested Citation

  • ., 2021. "Law, development, and finance," Chapters, in: Alternative Development Finance and Parallel Development Strategies in the Asia-Pacific, chapter 2, pages 22-46, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:20550_2
    as

    Download full text from publisher

    File URL: https://www.elgaronline.com/view/9781800882911.00008.xml
    Download Restriction: no
    ---><---

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Shiiba, Nagisa & Maekawa, Miko & Vegh, Tibor & Virdin, John, 2022. "Tracking International Aid Projects for Ocean Conservation and Climate Action," ADBI Working Papers 1308, Asian Development Bank Institute.
    2. Guttman-Kenney, Benedict & Firth, Chris & Gathergood, John, 2023. "Buy now, pay later (BNPL) ...on your credit card," Journal of Behavioral and Experimental Finance, Elsevier, vol. 37(C).
    3. Olatunji A. Shobande & Simplice A. Asongu, 2021. "The rise and fall of the energy-carbon Kuznets curve: Evidence from Africa," Working Papers 21/069, European Xtramile Centre of African Studies (EXCAS).
    4. Brou Emmanuel AKA & Yao Silvère KONAN, 2023. "Frequency domain causality analysis of financial development and economic growth in Côte d’Ivoire," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania - AGER, vol. 0(2(635), S), pages 163-182, Summer.
    5. Shahriyar Mukhtarov & R dvan Karacan & Fuzuli Aliyev & Vuqar Ismayilov, 2022. "The Effect of Financial Development on Energy Consumption: Evidence from Russia," International Journal of Energy Economics and Policy, Econjournals, vol. 12(1), pages 243-249.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:elg:eechap:20550_2. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Darrel McCalla (email available below). General contact details of provider: http://www.e-elgar.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.