From Petrodollar to Energy-Yuan: Currency Internationalization in the Light of Original Institutional Economics

Natália Bracarense and Irène Berthonnet ()
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Natália Bracarense: LEREPS - Laboratoire d'Etude et de Recherche sur l'Economie, les Politiques et les Systèmes Sociaux - UT Capitole - Université Toulouse Capitole - UT - Université de Toulouse - UT2J - Université Toulouse - Jean Jaurès - UT - Université de Toulouse - Institut d'Études Politiques [IEP] - Toulouse - ENSFEA - École Nationale Supérieure de Formation de l'Enseignement Agricole de Toulouse-Auzeville
Irène Berthonnet: LADYSS - Laboratoire Dynamiques Sociales et Recomposition des Espaces - UP1 - Université Paris 1 Panthéon-Sorbonne - UP8 - Université Paris 8 Vincennes-Saint-Denis - UPN - Université Paris Nanterre - CNRS - Centre National de la Recherche Scientifique - UPCité - Université Paris Cité, LIRIS - Laboratoire interdisciplinaire de recherche en innovations sociétales - UR2 - Université de Rennes 2

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Abstract: The present article relies on an original institutional economics perspective of the international monetary system to argue that contrary to what is generally maintained in international relations literature, China's effort to internationalize the renminbi has not stalled after its inclusion in the International Monetary Fund's (IMF) Special Drawing Rights in 2015. This argument rests upon on the evaluation of the global petroleum market as a possible reinforcement of China's establishment of the renminbi as an international unit of account and means of payment through its participation in both fossil and renewable energy markets. To that end, we analyze China's energy-yuan strategy aimed at both fostering renminbi internationalization and securing energy provision.

Keywords: energy market; currency internationalization; China; petrodollar; path dependence and institutional change (search for similar items in EconPapers)
Date: 2024-02-28
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Published in Journal of Economic Issues, 2024, 58 (1), pp.112-135. ⟨10.1080/00213624.2024.2307796⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-04486260

DOI: 10.1080/00213624.2024.2307796

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