A Transition to a Multipolar Monetary Order? Trends in Currency Concentration and Internationalization of the US Dollar, the Euro, and the Renminbi

Abstract

The main aim of this study is to verify whether the current internationalmonetary system shows a transposition into a multipolar monetaryarrangement. The study is aimed at analysing the prospects of three keycurrencies (the American dollar, the Euro, the Chinese renminbi) in thecontext of their transposition to a multipolar monetary system. For thesecurrencies, the values of monetary concentration and those of the potentialof monetary internationalization were analysed. We used a new approachfor assessing the measurement potential of currency internationalization:the fuzzy-logic model. This approach includes economic and politicalfactors. The prospects of the selected currencies are examined in this studyin the context of the great economic lockdown. The conclusions confirm theexistence of a trend of transposition into a multipolar monetaryarrangement.