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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. Maurice Obstfeld & Jay C. Shambaugh & Alan M. Taylor, 2005. "The Trilemma in History: Tradeoffs Among Exchange Rates, Monetary Policies, and Capital Mobility," The Review of Economics and Statistics, MIT Press, vol. 87(3), pages 423-438, August.
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    4. 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.
    5. Maurice Obstfeld & Alan M. Taylor, 1998. "The Great Depression as a Watershed: International Capital Mobility over the Long Run," NBER Chapters, in: The Defining Moment: The Great Depression and the American Economy in the Twentieth Century, pages 353-402, National Bureau of Economic Research, Inc.
    6. Abdul Abiad & Enrica Detragiache & Thierry Tressel, 2010. "A New Database of Financial Reforms," IMF Staff Papers, Palgrave Macmillan, vol. 57(2), pages 281-302, June.
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    8. Glick, Reuven & Hutchison, Michael, 2009. "Navigating the trilemma: Capital flows and monetary policy in China," Journal of Asian Economics, Elsevier, vol. 20(3), pages 205-224, May.
    9. 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.
    10. Jay C. Shambaugh, 2004. "The Effect of Fixed Exchange Rates on Monetary Policy," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 119(1), pages 301-352.
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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.
    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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