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


The main aim of this study is to verify whether the current international
monetary system shows a transposition into a multipolar monetary
arrangement. The study is aimed at analysing the prospects of three key
currencies (the American dollar, the Euro, the Chinese renminbi) in the
context of their transposition to a multipolar monetary system. For these
currencies, the values of monetary concentration and those of the potential
of monetary internationalization were analysed. We used a new approach
for assessing the measurement potential of currency internationalization:
the fuzzy-logic model. This approach includes economic and political
factors. The prospects of the selected currencies are examined in this study
in the context of the great economic lockdown. The conclusions confirm the
existence of a trend of transposition into a multipolar monetary


International Monetary System, Multipolarity, COVID-19, Fuzzy-logic model, Internationalization, Currency Concentration, Reserve Currencies

PDF Research Article (Czech)

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Author Biography

Vojtěch Sadil

Vojtěch Sadil (correspondent author) is a PhD candidate in Finance at the
Faculty of Management and Economics, Tomas Bata University in Zlín. He
specialises in international monetary system affairs, international finance
and capital markets. He earned his master’s degree in Finance. In his PhD
thesis he deals with the changing architecture of the current international
monetary system, especially focusing on the changing role of reserve
currencies. He works as assistant lecturer at Tomas Bata University.
Furthermore, he works as an external Fintech analyst.

Juraj Sipko

Juraj Sipko is Director of the Institute of Economic Research of the Slovak
Academy of Sciences (SAS). He has worked as an advisor to the governors of
the National Bank of Slovakia. For six years, he advised the executive
directors of both the International Monetary Fund and the World Bank. He
earned his professor degree at Tomas Bata University in Zlín. He is a
member of the European Economic and Social Committee. In his research
he specialises in business, finance, entrepreneurship, regional development
and exchange rate affairs.