2017 Fiscal Year Research-status Report
Internationalization of the Chinese Renminbi: A Political Study of Currency Internationalization
| Project/Area Number |
26380206
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| Research Institution | National Graduate Institute for Policy Studies |
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Principal Investigator |
CHEY Hyoung・kyu 政策研究大学院大学, 政策研究科, 准教授 (20626999)
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| Project Period (FY) |
2014-04-01 – 2019-03-31
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| Keywords | international currency / internationalization / renminbi / currency statecraft / Japan / the United States / the United Kingdom / South Korea |
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| Outline of Annual Research Achievements |
I have finished my research on Japan’s reaction to the international rise of the Chinese renminbi. Its results were first presented at the International Studies Association International Conference 2017, Hong Kong, and the paper has been accepted for publication by New Political Economy, a top journal in international political economy, being published online first in April 2018. My study of the US response to the internationalization of the renminbi has been completed as well. I presented its outcomes in the conference on Political Economy of Asia’s Monetary and Financial Landscape, held at the University of Southern California, and the paper will be submitted shortly to a major journal in international political economy/international relations. Moreover, I have written a paper that compares the United States and Japan in their reactions to renminbi internationalization, and this paper has been invited to the workshop on Monetary Conflict and Disorder in the New Age of Uncertainty, which will be held at Cornell University in May 2018. Also, I have produced a paper that addresses the impact of policy infrastructures on the international use of the renminbi by conducting a cross-country analysis. This paper is currently under review by China & World Economy, a major journal in international economics. In addition, I have almost finalized my research on how the United Kingdom has dealt with the international rise of the renminbi.
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| Current Status of Research Progress |
Current Status of Research Progress
3: Progress in research has been slightly delayed.
Reason
There has been a slight delay in my research progress largely because of the substantial and desirable expansion of the scope of my research. In greater detail, in studying the use of the renminbi in foreign countries, the case of the United States has been newly added. As a result, my research activities during FY 2017 focused mainly on the analysis of the US case, and I have produced a paper on this subject, presenting it in an international conference. The paper will be submitted shortly to a major journal in international relations/international political economy. I have also written an additional paper that compares the cases of the United States and Japan, which has been invited to a workshop that will be held at Cornell University in May 2018. Moreover, in analyzing foreign reactions to renminbi internationalization, my research has developed to investigate the policies of foreign states in depth, addressing their broad foreign policies toward China. In addition, while I initially planned to use qualitative analysis as my principal research method, my study has evolved to adopt quantitative analysis as well. I have produced two papers using quantitative methods, and they are currently under review by The World Economy and China & World Economy, which are major journals in international economics.
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| Strategy for Future Research Activity |
The research period of this research project has been extended one year to FY 2018, and I aim to complete it during the extended time. In detail, I will produce at least one more paper, in particular one that compares the case of the United Kingdom and South Korea, which I plan to submit to a journal for a special issue. Also, I will finalize all the papers I have been working on, including one analyzing China’s domestic politics surrounding renminbi internationalization, one conducting a cross-country analysis of the policy infrastructures favoring the use of the renminbi, one adopting a quantitative study of the impact of policy infrastructures on renminbi use, one addressing the US reaction to the internationalization of the renminbi, and one comparing the cases of the US and Japan. In addition, I plan to produce a book manuscript that will incorporate all major findings of this research project and to submit it to a prominent university press, such as Cornell University Press.
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| Causes of Carryover |
There are some unused research grants in FY 2017 mainly because I obtained a Fund for the Promotion of Joint International Research (Fostering Joint International Research), as well as financial support from my own university, for the year and used them to finance the majority of my research activities during the year. As I discussed above, I plan to write a number of book and journal manuscripts during FY 2018, and all of them will be written in English. Therefore, the unused research grants will be used largely for the English editing of those manuscripts. Also, the unused research grants will be used to finance my overseas travels to international conferences to present my research outcomes, as well as an additional research trip(s) to the countries of my study case, if it is necessary.
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