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...

This paper uses the simple geometry of the classic, open-economy trilemma to introduce a new gauge of the stability of international macroeconomic arrangements. The new stability gauge reflects the simultaneity of a country's choices of exchange rate flexibility, financial openness, and monetary...

The conventional wisdom is that crises are largely due to swings in short-term capital (mainly bank loans in the case of East Asia). Hence economies that finance their current account deficits mainly via foreign direct investment (FDI) are seen as being less susceptible to a crisis. The spate of...

1. Introduction and overview : the purposes and operations of the IMF -- 2. IMF Quotas -- 3. The IMF's lending facilities -- 4. Aggregate IMF lending -- 5. Participation in IMF programmes -- 6. The implementation of IMF programmes -- 7. The effects of IMF programmes on economic growth -- 8. IMF...