The internationalisation of the Chinese renminbi has taken a path distinct from most cases involving previous international currencies, in that policy measures adopted by governments have played crucial roles in it. This paper conducts a cross‐country analysis of the factors that have led...

This paper investigates how patterns of vertical specialization in trade among the three major East Asian economies ― China, Japan and Korea ― are shaped, and what the effects of the real exchange rate fluctuations on trade volumes are. We develop a simple two-country model that focuses on...

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...