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Is There a Beijing Consensus on International Macroeconomic Policy

Author

Listed:
  • Graham Bird

    (University of Surrey and Claremont McKenna College)

  • Alex Mandilaras

    (University of Surrey)

  • Helen Popper

    (Santa Clara University)

Abstract

Some commentators have claimed that there is a growing Beijing Consensus among emerging and developing economies concerning the merits of ChinaÕs economic policies. Within an analytical framework provided by the well known international trilemma, this paper investigates the empirical evidence concerning this claim with specific reference to the adoption of international macroeconomic policies. We document ChinaÕs high degree of exchange rate stability and monetary independence and low degree of financial openness. We then 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 on international macroeconomic pol- icy. The proximity of ChinaÕs policies to those in the rest of the developing world may increase in the future; but this is may reflect changes in China rather than elsewhere.

Suggested Citation

  • Graham Bird & Alex Mandilaras & Helen Popper, 2011. "Is There a Beijing Consensus on International Macroeconomic Policy," School of Economics Discussion Papers 0611, School of Economics, University of Surrey.
    • Handle: RePEc:sur:surrec:0611
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    File URL: https://repec.som.surrey.ac.uk/2011/DP06-11.pdf
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    References listed on IDEAS

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    Cited by:

    1. 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.
    2. 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.
    3. Ferrannini, Andrea & Barbieri, Elisa & Biggeri, Mario & Di Tommaso, Marco R., 2021. "Industrial policy for sustainable human development in the post-Covid19 era," World Development, Elsevier, vol. 137(C).

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    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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