The article discusses the internationalization of the Chinese renminbi (RMB) in light of a redefined network effects framework to incorporate an original institutionalist perspective. Contradicting common wisdom, this approach shows that rather than slowing down in 2015, the strategy to internationalize the RMB has been redirected towards the creation of network effects, thereby directly challenging the institutions—such as the petrodollar system, creditworthiness, among others—that support the United States dollar’s hegemony.
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Berthonnet et al. (2022) studied this question.