| 研究課題/領域番号 |
20K01498
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| 研究機関 | 政策研究大学院大学 |
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研究代表者 |
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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| 研究期間 (年度) |
2020-04-01 – 2023-03-31
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| キーワード | international currency / RMB internationalization / China / renminbi / yuan / internationalization / international money / currency statecraft |
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| 研究実績の概要 |
I coauthored a book chapter with a collaborator, and it is going to be published in an edited volume, entitled “Handbook on Regionalism and Global Governance,” which will be published by Edward Elgar. The tentative title of the chapter is “Finance and Monetary Issues.” This chapter addresses the development of the internationalization of the Chinese renminbi since the global financial crisis of 2008, along with that of regional financial arrangements. The chapter notes that in their responses to the renminbi’s emergence as an international currency, foreign states and private actors have showed distinctive patterns of uses of the currency. Since the mid-2010s the renminbi use by private actors has dropped somewhat and remained largely stagnant. However, the use of the renminbi by foreign states has in contrast continued to expand, albeit gradually. The difference between private actors and states in their responses to the renminbi as an international currency may be explained by their different motivations for it. This chapter shows as well that, while the internationalization of the renminbi has to date centered largely on Asia, even in that region the currency’s use as an international currency (that is, as a regional currency in Asia) is still significantly limited. Also, there are significant variances in the degrees of renminbi use across Asian countries. The variances between the countries in the levels of their renminbi use may be accounted for partially by the weights that China holds in their export markets.
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| 現在までの達成度 (区分) |
現在までの達成度 (区分)
2: おおむね順調に進展している
理由
Because of the COVID-19 pandemic, I have had to adjust my research plan to some extent. I had to cancel all my plans of overseas research trips, while the international conference (the 2020 IPSA World Congress of Political Science) in which I was supposed to deliver a presentation has been postponed to next year. Nonetheless, my research has progressed largely well, relying on the data that I could obtain. I have built the theoretical framework that will be used for the study of how foreign states respond to the emergence of a new international currency issued by a rising power, specifically the Chinese renminbi. It defines the key concept on which the analysis is based, that of "reactive currency statecraft," and clarifies the possible policy options available to states as means of responding to a newly-internationalizing foreign currency. Thereafter it explores the major factors that may determine states’ choices from among these options, by examining the potential chief benefits and costs to them associated with those choices. In addition to the construction of the theoretical framework, I have conducted an overview analysis of the development of the renminbi’s internationalization up until recent days, assessing its current status as an international currency. Also, I have completed empirical research on the case of the United States, while making substantial progress on the analysis of the cases of Japan, the United Kingdom and South Korea as well.
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| 今後の研究の推進方策 |
In this pandemic situation it will be difficult for me to take overseas research trips. Therefore, I plan to continue to work with the data that I can obtain mainly domestically and online. During the second year, I plan to complete empirical analyses of the reactions to the renminbi’s internationalization of Japan, the United Kingdom and South Korea. The main focus of the analysis will be on their governments’ policies in response to the internationalization of the renminbi, but private actors’ responses to it will be analyzed as well to a significant extent. I will aim to complete a manuscript for a book that addresses how foreign states have responded to the internationalization of the renminbi, with a focus on four cases of the United Kingdom, Japan, South Korea and the United States. In addition, given that most academic conferences are now held online due to the pandemic, I will try to present the findings of this study in online major international academic conferences. Meanwhile, for the third year, I am considering to extend the scope of my research into some additional issues that are likely to have significant impacts on the future of the world monetary order. They include the digital renminbi and private cryptocurrencies such as Bitcoin. US financial sanctions also appear to deserve attention, given that they are directly connected to the status of the US dollar as the leading international currency.
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| 次年度使用額が生じた理由 |
Because of the COVID-19 pandemic I have had to alter my research plan. Initially, I planned to take an overseas research trip to the United States for FY2020, and, also, to participate in at least one major international academic conference. However, in this pandemic situation travel restrictions have been imposed all around the world and most academic conferences have been cancelled or postponed. Accordingly, I have been unable to take any overseas travels and, as a result, my Kakenhi budget for them has been unused. Meanwhile, I obtained some additional research funds for FY2020 and could use them for this research project, which reduced my use of my Kakenhi budget for the year. My use of my Kakenhi for next fiscal year will be largely affected by how the pandemic goes. If the pandemic comes to an end and travel restrictions are lifted, I will be able to use my research funds for my overseas research activities, as I initially planned. However, if the pandemic persists and travel restrictions remain, I will use my research funds for the costs that will arise due to changes in my research plan.
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