%0 Journal Article
%T Internationalisation of Emerging Market Currencies as a new phenomenon in international finance
%A Bogołębska, Joanna
%J International Business and Global Economy
%V 2014
%R 10.4467/23539496IB.13.023.2408
%N Volume 33
%P 323-339
%K international currency, emerging market economies
%@ 2300-6102
%D 2015
%U https://ejournals.eu/en/journal/ibage/article/internacjonalizacja-walut-krajow-emerging-markets-jako-nowe-zjawisko-w-finansach-miedzynarodowych
%X 
	So far, the process of internationalisation of the currency has been perceived as a phenomenon concerning advanced economies. This conclusion has been drawn on the basis of the experiences of the international monetary system, which in its evolution has been based on advanced economies’ currencies (USD, EUR, GDP, or highly internationalised DEM and JPY) fulfilling the functions of international currency. However, over the last decade emerging market economics have gained importance in the global economy due to their strong economic development, which has resulted in the new phenomenon, namely the internationalization of emerging market currencies. Undoubtedly, among factors giving dynamics to this process was the global financial crisis revealing the necessity of multi currency monetary system as a condition of enhancing its stability. In effect, many authors started to analyze in their studies the risks, merits, and demerits of the internationalization of emerging market currencies. Among these currencies are: Chinese renminbi (RMB), Indian rupee (INR), Brasilian real (BRL), Russian ruble (RUB), and sometimes the currencies of South Africa, Korea, and Turkey. The article aims at presenting – on the grounds of the traditional, theoretical view as well as empirical studies – prerequisites, scope, and prospects of potential evolution of emerging markets currencies’ internationalization. The main conclusion is that although Chinese RMB is the most advanced in the process of internationalization currency, other currencies (RUB, BRL) may also be of significance. However, the process described above is supposed to be of long-time horizon and of strong regional impact.