Is There a Beijing Consensus on International Macroeconomic Policy

Graham Bird, Alex (Alexandros) Mandilaras and Helen Popper

No 611, School of Economics Discussion Papers from School of Economics, University of Surrey

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.

Keywords: Trilemma; China (search for similar items in EconPapers)
JEL-codes: F3 F4 O1 O2 (search for similar items in EconPapers)
Pages: 25 pages
Date: 2011-06
New Economics Papers: this item is included in nep-cba, nep-ifn and nep-tra
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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Journal Article: Is there a Beijing Consensus on International Macroeconomic Policy? (2012)
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Persistent link: https://EconPapers.repec.org/RePEc:sur:surrec:0611

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