Tạp chí điện tử tiếng Anh

Research on the Mechanism of Dollarization and De-dollarization under the Global Financialization System (Part 2)

Cheng Enfu — —
Lu Chunyi — —
Ngày nhận bài: 13/03/2025 Ngày phản biện: 20/03/2025 Ngày xuất bản: 28/10/2025
Tải tệp

Abstract:

Based on Marxist monetary theory, this paper investigates the formation mechanism of dollarization, its real-world impacts, and corresponding countermeasures. From a financialization perspective, the internationally dominated monetary system by the U.S. dollar has undergone three stages: the gold- dollar system, the oil-dollar system, and the institution-dollar system. Among them, the institution- dollar system, also known as the global financialization system, is a fusion of commodity and financial markets, domestic and international markets, achieved through financialization under the neoliberal institutional framework. It has further promoted the expansion of the U.S. dollar’s international monetary power. The expansion of international monetary power is primarily achieved through dollarization, and global dollarization is realized through three financialization mechanisms: commodity financialization, technological financialization, and institutional financialization. Commodity financialization serves as the foundation for global dollarization, technological financialization acts as the catalyst, and institutional financialization provides the fundamental guarantee for global dollarization. Dollarization, centered around U.S. interests, has serious consequences for peripheral countries. The peripheral countries can counter dollarization by promoting international monetary diversification, curbing technological financialization, and fully recognizing the risks associated with neoliberal reforms: liberalization, privatization, and marketization (LPM). China should prioritize the management of its financial strength and adopt high-quality economic development and Renminbi internationalization as core strategies to advance de-dollarization.

Keyword:

Mechanism of Dollarization, De-dollarization, Financialization System

Content:

Reference:

1. Cai, H., Yi, G. (2003) Advantages and Disadvantages of Dollarization and the Attitude of the United States. International Economic Review, (02).

2. Catão, L., Terrones, M. (2016). Financial De-Dollarization: A Global Pers- pective and the Peruvian Experience. IMF Working Papers, 097.

3. CGTN. (2017). Was 2017 the year that Chinese fintech grew up?. Retrieved July 20, 2023 from https://news.cgtn.com/news/ 3341544f79637a6333566d54/index. html, 42 Issue 5 - 2025, Political theory and communication

4. CGTN. (2022). Dollar hegemony: The world’s trouble with the U.S. cur- rency. Retrieved July 20, 2023 from https://news.cgtn.com/news/2022- 06-15/Dollar- hegemony-The-world-s-trouble-with-the-U-S-curren-cy-1aT0olLji48/index.html

5. Cheng, E., Li, J. (2021). An International Political Economy Analysis of Maritime Cooperation in the Belt and Road Initiative. Journal of Ma- nagement, 34(01): 1-12.

6. Cheng, E., Sun, Y. (2015). The “Impossible Trinity” and New Considera- tions for China’s Capital Account Liberalization. Journal of Liaoning University (Philosophy and Social Sciences Edition), 43(05).

7. Cheng E., Xia H. (2007). Dollar Hegemony: An Important Means for the United States to Plunder Other Countries’ Wealth. Studies on Marxism, (12): 28-34.

8. Fratzscher, M., Mehl, A. (2013). China’s Dominance Hypothesis and the Emergence of A TriPolar Global Currency System. The Economic Journal, (12).

9. Geng, N., Scutaru, T., Wiegand, J. (2018). Carry Trade vs. Deposit- Driven Euroization. IMF Working Papers, W.P./18/58, 3.

10. Gong, X., Zhao, M. (2021). Is the Belt and Road Initiative a Debt Trap for Underdeveloped Countries? - An Analysis Based on Political Eco- nomy. Journal of Economics of Shanghai School, 19(03): 87-104.

11. He, C., Lianj, J. (2015). Research on Currency Internationalization Path: A Case Study of Dollarization in ASEAN Countries. Southeast Asia Survey, (02): 31-36.

12. Husain, M.A. (2006). To Peg or Not to Peg: A Template for Assessing the Nobler. IMF Working Paper, WP/06/54, (2):13.

13. IMF. (2023). The Dollar Glut. Retrieved July 20, 2023 https://www.imf.org/ external/np/exr/center/mm/eng/mm_sc_03.htm

14. Isakova, A. (2010) Financial Sector Development and Dollarization in the Economies of Central Asia. Final Report, Grant No.RRC IX 69.

15. Izurieta, A. (2003). Dollarization as a Tight Rein on the Fiscal Stance. In Dollarization. Lessons from Europe and the Americas, edited by L. P. Rochon and M. Seccareccia. London: Routledge.

16. Journalist. (2018). Development of the Currency Power System and Con- temporary Historical Processes - An Interview with Senior Professor Lu Pinyue of Shanghai University of Finance and Economics. Studies on Marxism, (12).

17. Kokenyne, A., Ley, J., and Veyrune, R. (2010). Dedollarization. IMF Wor- king Paper, WP/10/188, (8):19.

18. Kubo, K. (2017). Dollarization and De-dollarization in Transitional Eco- nomies of Southeast Asia. Palgrave Macmillan.

19. Li, H., Li, S. (2019). The Cycle of Strong Dollar, the Tide of De-dollariza- tion, and the Adjustment of RMB Internationalization Strategy. Eco- nomist, (05): 68-75, Issue 5 - 2025 43, Political theory and communication

20. Li, X., Sun, L. (2020). “Neoliberalism” in the Mirror of European and Ame- rican Anti-epidemic Practices and Dilemmas. Journal of Economics of Shanghai School, 18(02): 171-185.

21. Li, Y., Huang, J. (1999). Research on Dollarization Issues. Journal of Finan- cial Research, (09): 56-6,81.

22. Linn, J.F., Zucker, L. (2019). An “Insideout” Perspective on the Impact of the Belt and Road Initiative in Central Asia and the South Caucasus: How to Maximize its Benefits and Manage its Risks. 2019 Eurasia Me- eting Emerging Markets Forum Background Paper, 10-14.

23. Liu, W., Cheng, E. (2020). An Analysis of the Strategic Choice for Renmin- bi Internationalization: Based on Marxist Theory of Money. Shanghai Journal of Economics, (07): 5-14.

24. Liu Y., Cheng E. (2022). Opposing American Cyber Hegemony, Defending Our National Cyber Sovereignty and Security. Chinese Journal of Po- litical Economics, (01): 183-184.

25. Lu, C. (2021). The Theoretical Mechanism and Practice of Economic Fi- nancialization - Based on the Perspective of Capital Accumulation Theory. Shandong Social Sciences, (08): 130-136.

26. Lu, C., Ding, X. (2016). Political Economy Analysis of Economic Finan- cialization Behavior - An Evolutionary Game Framework. Journal of Finance and Economics, 42(07): 52-62,74.

27. Luca, A., Petrova, I. (2008).What drives credit dollarization in transition economies?. Journal of Banking & Finance,32(5).

Marx and Engels Collected Works: Volume 8. (2009). Beijing: People’s Publishing House, 51.

28. Mary, Q. (2008).Neoliberal Restructuring, Financialisation and Socio-po- litical Competition in Argentina: the Convertibility System and the Contradictory Outcomes of Dollarisation 1989-2001. Contemporary Politics, 14.

29. Mendoza, E.G., Rojas, E. (2017). Liability Dollarization, Sudden Stops & Optimal Financial Policy . NBER Working Papers, 10: 2-10.

30. Missaglia, M. (2021). Understanding Dollarisation: A Keynesian/Kalecki- an Perspective, Review of Political Economy, 33.

31. Monthly Review. (2018). What Is Monopoly Capital?. Retrieved July 22, 2023 from https://monthlyreview.org/2018/01/01/what-is-monopol- y-capital/#lightbox/0/

Mwase, N., Kumah, F.Y. (2015). Revisiting the Concept of Dollarization: The Global Financial Crisis and Dollarization in Low- Income Count- ries. IMF Working Paper, WP/15/12,1:3, 44 Issue 5 - 2025, Political theory and communication

32. Naceur, S.B., Hosny, A., Hadjian, G. (2015). How to De-Dollarize Finan- cial Systems in the Caucasus and Central Asia?. IMF Working Paper, WP/15/203, 9: 4. Reinhart, C.M., Rogoff, K.S., Savastano, M.A. (2014). Addicted to Dollars.

Annals of Economics and Finance, Society for AEF, 15(1):1-50.
33. Ren, C., Cheng, E. (2021). A Political Economy Analysis of Fiscal Deficit Monetization and the U.S. Financial Crisis. Shanghai Journal of Eco- nomics, (03):. Song, W. (2006). Research on Dollarization Issues. Research on Finance and Economics, (08):.
34. Tao, S., Xu, L. (2020). Institutional Differences in Different Forms of Cur- rency

Regionalization: A Comparative Study of Dollarization and the Eurozone. Reform and Strategy, 36(07): 18-26.

35. UNCTAD. (2023). A World of Debt. Retrieved November 1, 2023 from https:// unctad.org/publication/world-of-debt

36. Wang, S., Fang, L., Li, J. (2018). Analysis of the Macroeconomic Effects of Dollarization Based on the DSGE Model: The Case of Cambodia, Laos, and Vietnam. Journal of Finance and Economics Theory, (03): 86-98.

37. Wang, S., Xiao, Z., Liu, W., Wu, Y. (2022). Dollarization and Monetary Po- licy Spillover Effects. World Economy Studies, (06):.

38. Wang, W., Qin F., Liu Q. (2018). Research on the “De-dollarization” of Central Asian Countries and the “Going Out” Strategy of the RMB. Shanghai Journal of Economics, (02): 74-83.

39. Wang, W., Qin, F., Liu Q. (2019). Research on the “De-dollarization” of Central Asian Countries under the Diversification of the International Monetary System. Financial Theory and Practice, (06): 109-118.

40. Wei, W., Fang, W. (2003). Definition, Formation Mechanism, Costs, and Benefits of Dollarization: A Literature Review. World Economic Pa- pers, (01).

41. Xie, F., Xiaolu, K., Zhi, L. (2022). Financialisation of developing and emerging economies and China’s experience: how China resists fi- nancialisation. Cambridge Journal of Economics, beac037, https://doi. org/10.1093/cje/beac037.

42. Yang, Z., Xiao L. (2022). Background and Impacts of the Federal Reserve’s Interest Rate Hikes. China Finance, (11): 68-69.

43. Yuan, H. (2021) Marxist Critique and Transcendence of Modern Monetary Theory Chinese Journal of Political Economics, (04).

44. Zhang, Y. (1999). Dollarization: Reality, Theory, and Policy Implications. World Economy, (09).

45. Zheng, Z. (2020). World Multi-Level Differentiation of Wealth and Capital International Erosion. Chinese Journal of Political Economics, (02): 110-123.

Based on Marxist monetary theory, this paper investigates the formation mechanism of dollarization, its real-world impacts, and corresponding countermeasures. From a financialization perspective, the internationally dominated monetary system by the U.S. dollar has undergone three stages: the gold- dollar system, the oil-dollar system, and the institution-dollar system. Among them, the institution- dollar system, also known as the global financialization system, is a fusion of commodity and financial markets, domestic and international markets, achieved through financialization under the neoliberal institutional framework. It has further promoted the expansion of the U.S. dollar’s international monetary power. The expansion of international monetary power is primarily achieved through dollarization, and global dollarization is realized through three financialization mechanisms: commodity financialization, technological financialization, and institutional financialization. Commodity financialization serves as the foundation for global dollarization, technological financialization acts as the catalyst, and institutional financialization provides the fundamental guarantee for global dollarization. Dollarization, centered around U.S. interests, has serious consequences for peripheral countries. The peripheral countries can counter dollarization by promoting international monetary diversification, curbing technological financialization, and fully recognizing the risks associated with neoliberal reforms: liberalization, privatization, and marketization (LPM). China should prioritize the management of its financial strength and adopt high-quality economic development and Renminbi internationalization as core strategies to advance de-dollarization.

Mechanism of Dollarization, De-dollarization, Financialization System

1. Cai, H., Yi, G. (2003) Advantages and Disadvantages of Dollarization and the Attitude of the United States. International Economic Review, (02).

2. Catão, L., Terrones, M. (2016). Financial De-Dollarization: A Global Pers- pective and the Peruvian Experience. IMF Working Papers, 097.

3. CGTN. (2017). Was 2017 the year that Chinese fintech grew up?. Retrieved July 20, 2023 from https://news.cgtn.com/news/ 3341544f79637a6333566d54/index. html, 42 Issue 5 - 2025, Political theory and communication

4. CGTN. (2022). Dollar hegemony: The world’s trouble with the U.S. cur- rency. Retrieved July 20, 2023 from https://news.cgtn.com/news/2022- 06-15/Dollar- hegemony-The-world-s-trouble-with-the-U-S-curren-cy-1aT0olLji48/index.html

5. Cheng, E., Li, J. (2021). An International Political Economy Analysis of Maritime Cooperation in the Belt and Road Initiative. Journal of Ma- nagement, 34(01): 1-12.

6. Cheng, E., Sun, Y. (2015). The “Impossible Trinity” and New Considera- tions for China’s Capital Account Liberalization. Journal of Liaoning University (Philosophy and Social Sciences Edition), 43(05).

7. Cheng E., Xia H. (2007). Dollar Hegemony: An Important Means for the United States to Plunder Other Countries’ Wealth. Studies on Marxism, (12): 28-34.

8. Fratzscher, M., Mehl, A. (2013). China’s Dominance Hypothesis and the Emergence of A TriPolar Global Currency System. The Economic Journal, (12).

9. Geng, N., Scutaru, T., Wiegand, J. (2018). Carry Trade vs. Deposit- Driven Euroization. IMF Working Papers, W.P./18/58, 3.

10. Gong, X., Zhao, M. (2021). Is the Belt and Road Initiative a Debt Trap for Underdeveloped Countries? - An Analysis Based on Political Eco- nomy. Journal of Economics of Shanghai School, 19(03): 87-104.

11. He, C., Lianj, J. (2015). Research on Currency Internationalization Path: A Case Study of Dollarization in ASEAN Countries. Southeast Asia Survey, (02): 31-36.

12. Husain, M.A. (2006). To Peg or Not to Peg: A Template for Assessing the Nobler. IMF Working Paper, WP/06/54, (2):13.

13. IMF. (2023). The Dollar Glut. Retrieved July 20, 2023 https://www.imf.org/ external/np/exr/center/mm/eng/mm_sc_03.htm

14. Isakova, A. (2010) Financial Sector Development and Dollarization in the Economies of Central Asia. Final Report, Grant No.RRC IX 69.

15. Izurieta, A. (2003). Dollarization as a Tight Rein on the Fiscal Stance. In Dollarization. Lessons from Europe and the Americas, edited by L. P. Rochon and M. Seccareccia. London: Routledge.

16. Journalist. (2018). Development of the Currency Power System and Con- temporary Historical Processes - An Interview with Senior Professor Lu Pinyue of Shanghai University of Finance and Economics. Studies on Marxism, (12).

17. Kokenyne, A., Ley, J., and Veyrune, R. (2010). Dedollarization. IMF Wor- king Paper, WP/10/188, (8):19.

18. Kubo, K. (2017). Dollarization and De-dollarization in Transitional Eco- nomies of Southeast Asia. Palgrave Macmillan.

19. Li, H., Li, S. (2019). The Cycle of Strong Dollar, the Tide of De-dollariza- tion, and the Adjustment of RMB Internationalization Strategy. Eco- nomist, (05): 68-75, Issue 5 - 2025 43, Political theory and communication

20. Li, X., Sun, L. (2020). “Neoliberalism” in the Mirror of European and Ame- rican Anti-epidemic Practices and Dilemmas. Journal of Economics of Shanghai School, 18(02): 171-185.

21. Li, Y., Huang, J. (1999). Research on Dollarization Issues. Journal of Finan- cial Research, (09): 56-6,81.

22. Linn, J.F., Zucker, L. (2019). An “Insideout” Perspective on the Impact of the Belt and Road Initiative in Central Asia and the South Caucasus: How to Maximize its Benefits and Manage its Risks. 2019 Eurasia Me- eting Emerging Markets Forum Background Paper, 10-14.

23. Liu, W., Cheng, E. (2020). An Analysis of the Strategic Choice for Renmin- bi Internationalization: Based on Marxist Theory of Money. Shanghai Journal of Economics, (07): 5-14.

24. Liu Y., Cheng E. (2022). Opposing American Cyber Hegemony, Defending Our National Cyber Sovereignty and Security. Chinese Journal of Po- litical Economics, (01): 183-184.

25. Lu, C. (2021). The Theoretical Mechanism and Practice of Economic Fi- nancialization - Based on the Perspective of Capital Accumulation Theory. Shandong Social Sciences, (08): 130-136.

26. Lu, C., Ding, X. (2016). Political Economy Analysis of Economic Finan- cialization Behavior - An Evolutionary Game Framework. Journal of Finance and Economics, 42(07): 52-62,74.

27. Luca, A., Petrova, I. (2008).What drives credit dollarization in transition economies?. Journal of Banking & Finance,32(5).

Marx and Engels Collected Works: Volume 8. (2009). Beijing: People’s Publishing House, 51.

28. Mary, Q. (2008).Neoliberal Restructuring, Financialisation and Socio-po- litical Competition in Argentina: the Convertibility System and the Contradictory Outcomes of Dollarisation 1989-2001. Contemporary Politics, 14.

29. Mendoza, E.G., Rojas, E. (2017). Liability Dollarization, Sudden Stops & Optimal Financial Policy . NBER Working Papers, 10: 2-10.

30. Missaglia, M. (2021). Understanding Dollarisation: A Keynesian/Kalecki- an Perspective, Review of Political Economy, 33.

31. Monthly Review. (2018). What Is Monopoly Capital?. Retrieved July 22, 2023 from https://monthlyreview.org/2018/01/01/what-is-monopol- y-capital/#lightbox/0/

Mwase, N., Kumah, F.Y. (2015). Revisiting the Concept of Dollarization: The Global Financial Crisis and Dollarization in Low- Income Count- ries. IMF Working Paper, WP/15/12,1:3, 44 Issue 5 - 2025, Political theory and communication

32. Naceur, S.B., Hosny, A., Hadjian, G. (2015). How to De-Dollarize Finan- cial Systems in the Caucasus and Central Asia?. IMF Working Paper, WP/15/203, 9: 4. Reinhart, C.M., Rogoff, K.S., Savastano, M.A. (2014). Addicted to Dollars.

Annals of Economics and Finance, Society for AEF, 15(1):1-50.
33. Ren, C., Cheng, E. (2021). A Political Economy Analysis of Fiscal Deficit Monetization and the U.S. Financial Crisis. Shanghai Journal of Eco- nomics, (03):. Song, W. (2006). Research on Dollarization Issues. Research on Finance and Economics, (08):.
34. Tao, S., Xu, L. (2020). Institutional Differences in Different Forms of Cur- rency

Regionalization: A Comparative Study of Dollarization and the Eurozone. Reform and Strategy, 36(07): 18-26.

35. UNCTAD. (2023). A World of Debt. Retrieved November 1, 2023 from https:// unctad.org/publication/world-of-debt

36. Wang, S., Fang, L., Li, J. (2018). Analysis of the Macroeconomic Effects of Dollarization Based on the DSGE Model: The Case of Cambodia, Laos, and Vietnam. Journal of Finance and Economics Theory, (03): 86-98.

37. Wang, S., Xiao, Z., Liu, W., Wu, Y. (2022). Dollarization and Monetary Po- licy Spillover Effects. World Economy Studies, (06):.

38. Wang, W., Qin F., Liu Q. (2018). Research on the “De-dollarization” of Central Asian Countries and the “Going Out” Strategy of the RMB. Shanghai Journal of Economics, (02): 74-83.

39. Wang, W., Qin, F., Liu Q. (2019). Research on the “De-dollarization” of Central Asian Countries under the Diversification of the International Monetary System. Financial Theory and Practice, (06): 109-118.

40. Wei, W., Fang, W. (2003). Definition, Formation Mechanism, Costs, and Benefits of Dollarization: A Literature Review. World Economic Pa- pers, (01).

41. Xie, F., Xiaolu, K., Zhi, L. (2022). Financialisation of developing and emerging economies and China’s experience: how China resists fi- nancialisation. Cambridge Journal of Economics, beac037, https://doi. org/10.1093/cje/beac037.

42. Yang, Z., Xiao L. (2022). Background and Impacts of the Federal Reserve’s Interest Rate Hikes. China Finance, (11): 68-69.

43. Yuan, H. (2021) Marxist Critique and Transcendence of Modern Monetary Theory Chinese Journal of Political Economics, (04).

44. Zhang, Y. (1999). Dollarization: Reality, Theory, and Policy Implications. World Economy, (09).

45. Zheng, Z. (2020). World Multi-Level Differentiation of Wealth and Capital International Erosion. Chinese Journal of Political Economics, (02): 110-123.

Trích dẫn bài báo

Cheng Enfu & Lu Chunyi. . Tạp chí Lý luận Chính trị và Truyền thông 2025, 31(1):—. DOI:https://lyluanchinhtrivatruyenthong.vn/research-on-the-mechanism-of-dollarization-and-de-dollarization-under-the-global-financialization-system-part-2-31228-p31228.html
Cheng Enfu & Lu Chunyi. . Tạp chí Lý luận Chính trị và Truyền thông, 2025, 31, —, https://lyluanchinhtrivatruyenthong.vn/research-on-the-mechanism-of-dollarization-and-de-dollarization-under-the-global-financialization-system-part-2-31228-p31228.html.
Cheng Enfu & Lu Chunyi (2025). . Tập 31, Số 1 (2025), 31(1), —. https://lyluanchinhtrivatruyenthong.vn/research-on-the-mechanism-of-dollarization-and-de-dollarization-under-the-global-financialization-system-part-2-31228-p31228.html
Cheng Enfu & Lu Chunyi. . Tạp chí Lý luận Chính trị và Truyền thông, 2025, v. 31, n. 1, p. —. Disponível em: https://lyluanchinhtrivatruyenthong.vn/research-on-the-mechanism-of-dollarization-and-de-dollarization-under-the-global-financialization-system-part-2-31228-p31228.html.
Cheng Enfu & Lu Chunyi. "." Tạp chí Lý luận Chính trị và Truyền thông 31, no. 1 (2025): —. https://lyluanchinhtrivatruyenthong.vn/research-on-the-mechanism-of-dollarization-and-de-dollarization-under-the-global-financialization-system-part-2-31228-p31228.html.
Cheng Enfu & Lu Chunyi (2025) ''. Tập 31, Số 1 (2025), 31(1), —. Available at: https://lyluanchinhtrivatruyenthong.vn/research-on-the-mechanism-of-dollarization-and-de-dollarization-under-the-global-financialization-system-part-2-31228-p31228.html.
Cheng Enfu & Lu Chunyi, "," Tạp chí Lý luận Chính trị và Truyền thông, vol. 31, no. 1, pp. —, 2025. [Online]. Available: https://lyluanchinhtrivatruyenthong.vn/research-on-the-mechanism-of-dollarization-and-de-dollarization-under-the-global-financialization-system-part-2-31228-p31228.html
Cheng Enfu & Lu Chunyi. "." Tạp chí Lý luận Chính trị và Truyền thông, vol. 31, no. 1, 2025, pp. —.
Cheng Enfu & Lu Chunyi. "." Tạp chí Lý luận Chính trị và Truyền thông 31, no. 1 (2025): —. https://lyluanchinhtrivatruyenthong.vn/research-on-the-mechanism-of-dollarization-and-de-dollarization-under-the-global-financialization-system-part-2-31228-p31228.html.
Cheng Enfu & Lu Chunyi. . Tạp chí Lý luận Chính trị và Truyền thông. 2025;31(1):—. Available from: https://lyluanchinhtrivatruyenthong.vn/research-on-the-mechanism-of-dollarization-and-de-dollarization-under-the-global-financialization-system-part-2-31228-p31228.html

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