China's Dominance Hypothesis and the Emergence of a Tri-polar Global Currency System
Bibliographic Data
| ID | 9706462 |
|---|---|
| Authors | Marcel Fratzscher (0000-0001-6592-6646, DIW Berlin, Humboldt-University and Centre for Economic and Policy Research), Arnaud Mehl (0000-0002-7870-1830, European Central Bank) |
| Year | 2014 |
| Volume | 124 |
| Issue | 581 |
| Pages | 1343-1370 |
| Publication date | 2014-12-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | The Economic Journal (JOURNAL) |
| Journal identifiers | ISSN: 0013-0133 • E-ISSN: 1468-0297 |
| Publisher | Oxford University Press (OUP) (PUBLISHER) |
| DOI | 10.1111/ecoj.12098 |
| OpenAlex | W2169635647 |
| Language | EN |
| Citations received | 3 |
| References cited | 38 |
This study assesses whether the international monetary system is already tri‐polar by testing what we call China's ‘dominance hypothesis’, i.e. whether the renminbi already influences exchange rate and monetary policies strongly in Asia, a direct reference to the old ‘German dominance hypothesis’ which ascribed to the German mark a dominant role in Europe in the 1980s. Using a global factor model of exchange rates and a complementary event study, we find evidence that the renminbi has become a key driver of currency movements in Asia since the mid‐2000s, especially since the global financial crisis, in line with China's dominance hypothesis
Biology · China · Currency · Dominance (genetics · Economics · Exchange rate · Geography · German · International economics · Monetary economics · Renminbi · Economic Theory and Policy · Global Financial Crisis and Policies · Monetary Policy and Economic Impact
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| Unique citing works | 3 |
|---|---|
| Citations per year | 0,5 |
| Citation span | 2020 - 2024 (5) |
| Citation velocity | recent |
| Highly cited | No |
| Citation types | Neutral: 3 |