Footnote:
In: World Development, Vol. 40, No. 10, 2012
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments March 12, 11 erstellt
Description:
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 trilemma, this paper investigates the empirical evidence concerning this claim with specific reference to the adoption of international macroeconomic policies. We document China's 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 policy. The proximity of China's 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