NDLI: Who are the First Users of a Newly-Emerging International Currency? A Demand-Side Study of Chinese Renminbi Internationalization

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Who are the First Users of a Newly-Emerging International Currency? A Demand-Side Study of Chinese Renminbi Internationalization

Content Provider	Scilit
Author	Chey, Hyoung-Kyu Kim, Geun Young Lee, Dong Hyun
Copyright Year	2016
Description	Journal: SSRN Electronic Journal Who are the first users of a newly-internationalizing currency? This issue, crucial to understanding the dynamics of the emergence of a new international monetary order, remains long underexplored in the existing literature, which tends to adopt a supply-side approach analyzing mainly the international currency issuers. Our study addresses this important question, with a focus on the case of the Chinese renminbi, by employing a demand-side approach examining the international currency users through generalized ordered logistic regression analysis. Our primary argument is that a state hosting a major global financial center — a condition largely independent of influence from countries issuing international currencies — is likely to be more interested in enhancing its use of the renminbi, implying thereby that global financial institutions and the related inter-state rivalries among international currency users may play crucial roles in the shaping of a new international monetary order. We in addition find significant impacts on a state’s interest in renminbi use resulting from its institutional economic cooperation with China through a preferential trade agreement or a bilateral investment treaty, but that a country’s mere trade and investment integration with China does not meaningfully affect its government’s support for renminbi use.
Related Links	http://papers.bok.or.kr/RePEc_attach/wpaper/english/wp-2016-19.pdf https://papers.ssrn.com/sol3/Delivery.cfm?abstractid=2890352
ISSN	10914358
e-ISSN	15565068
DOI	10.2139/ssrn.2890352
Journal	SSRN Electronic Journal
Language	English
Publisher	Elsevier BV
Publisher Date	2016-12-23
Access Restriction	Open
Subject Keyword	Journal: SSRN Electronic Journal Information and Library Science Currency Internationalization International Currency Renminbi Internationalization Yuan Internationalization
Content Type	Text
Resource Type	Article
Subject	Public Health, Environmental and Occupational Health Psychiatry and Mental Health

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