Analyzing the research trends of COVID-19 using topic modeling approach

PurposeThe COVID-19 pandemic has impacted 222 countries across the globe, with millions of people losing their lives. The threat from the virus may be assessed from the fact that most countries across the world have been forced to order partial or complete shutdown of their economies for a period of time to contain the spread of the virus. The fallout of this action manifested in loss of livelihood, migration of the labor force and severe impact on mental health due to the long duration of confinement to homes or residences.Design/methodology/approachThe current study identifies the focus areas of the research conducted on the COVID-19 pandemic. s of papers on the subject were collated from the SCOPUS database for the period December 2019 to June 2020. The collected sample data (after preprocessing) was analyzed using Topic Modeling with Latent Dirichlet Allocation.FindingsBased on the research papers published within the mentioned timeframe, the study identifies the 10 most prominent topics that formed the area of interest for the COVID-19 pandemic research.Originality/valueWhile similar studies exist, no other work has used topic modeling to comprehensively analyze the COVID-19 literature by considering diverse fields and domains.

Two Major Economic Crises in the Early Twenty-First Century and their Impact on Central Bank Independence

Two major economic crises in the early twenty-first century have had a serious impact on monetary policy and CB independence. Disruption in financial intermediation and associated deflationary pressures caused by the global financial crisis of 2007–2009 and European financial crisis of 2010–2015 pushed central banks (CBs) in major currency areas towards adoption of unconventional monetary policy measures, including large-scale purchase of government bonds (quantitative easing). The same approach has been taken by CBs in response to the COVID-19 crisis in 2020 even if the characteristics of this crisis differ from the previous one. As a result of both crises, CBs have become major holders of government bonds and de facto – main creditors of governments. Against rapidly deteriorating fiscal balances, CBs have become hostages of fiscal policies, which compromises their independence. Risks to the CB independence also come from their additional mandates (beyond price stability) and populist political pressures.

Cooperative behavior in blockchain-based complementary currency networks through time: The Sarafu case study

The effort to reach the 17 Sustainable Development Goals by the United Nations has incentivized the adoption of IT solutions in many fields. Many systems for sustainable economic development are now relying on a digital form making them more accessible and provides the access to new functionalities. A very interesting example of such systems are complementary currencies i.e. cooperative currency systems that support national economies to provide humanitarian aid and promote sustainable development. While there are many studies on the principles and case studies of successful complementary currencies, many aspects are still unexplored, especially regarding cooperative behavior. Cooperative behavior in these systems is a key aspect, as complementary currencies are often born out of cooperation among members that face a period of crisis or they usually have the objective of creating bonds of reciprocity and integrating social networks between people, which should lead to increased cooperation. However, there is a lack of studies on many aspects of cooperative behavior in complementary currencies, such as how such behavior changes over time, especially in times of a crisis like the COVID-19 pandemic. Moreover how cooperation behavior is affected by time and different geographical locations is still unclear. In this work, we analyze Sarafu, a complementary currency that went digital and now relies on blockchain technology. Sarafu is a successful case of a complementary currency that was used for humanitarian aid during the COVID-19 pandemic. Moreover, Sarafu is a perfect case study for the study of cooperative behavior, as it implements a special type of account, the group account, to support cooperation groups. This feature supports the study of group dynamics and behavior. What we find is that Sarafu users exhibit strong reliance on cooperation groups;we also observe that the interaction of users and cooperation groups is influenced by both time and geographical location. The study of group accounts and in general mechanisms that promote cooperation can be useful for other humanitarian or community development projects. Moreover, similar cooperation enhancers could have an important role in other social development projects, and in general, in any setting where there is a strong need to foster cooperation for reaching social good.

The COVID-19 pandemic, economic policy uncertainty and the hedging role of cryptocurrencies: a global perspective

PurposeThe COVID-19 pandemic has led to global economic policy uncertainty, which has increased the need to investigate ways to mitigate the uncertainty. This study aims to examine the potential of cryptocurrencies as a hedge and safe haven avenue against economic policy uncertainty.Design/methodology/approachThis study investigates the behavior of the five leading cryptocurrencies in relation to country-level and group-level economic policy uncertainty indices, as measured by the text-based method developed by Baker et al. (The Quarterly Journal of Economics, 2016, 131, 1593-1636). The research covers a broad range of emerging and developed economies from July 2013 to September 2020. The study employs the approach of Narayan et al. (Economic Modelling, 2016, 53, 388-397) to examine the hedging and safe-haven properties of cryptocurrencies.FindingsThis study finds that the top cryptocurrencies play a hedging role against economic policy uncertainty, with some exceptions. Additionally, there is evidence to support the idea that cryptocurrencies can serve as a safe haven during the COVID-19 pandemic. As a result, investors may benefit from using cryptocurrencies as a risk-management avenue during times of uncertainty.Originality/valueThis research contributes to the existing literature by testing the cryptocurrencies' hedging and safe haven properties in a new way, by analyzing their lead and lag behaviors using a recent and innovative approach. Additionally, it examines a wide range of emerging and advanced markets, providing insight into the potential of using cryptocurrencies as a risk mitigation avenue.

Decoding the rise of Central Bank Digital Currency in China: designs, problems, and prospects

During the Covid-19 pandemic, there has been a rapid shift in global transaction patterns from offline to online digital payment models, along with a growing interest in the development of Central Bank Digital Currencies (CBDCs) in various countries. This article spotlights the unexamined issue of digital currency regulation by examining the practice and related regulatory rules of the pilot CBDC in China. Beginning with the global design choices of digital currencies, the article comparatively examines the technical design of China's CBDC, known as e-CNY. It further triggers a rethinking of conventional regulations for the protection of digital currency information by investigating the gap between the actual operation and design of e-CNY, as well as the gap between pilot policies and legal provisions such as the Cybersecurity Law, the Data Security Law, and the Personal Information Protection Law. This article argues that, on the one hand, the legislative balance between the protection of personal information and the regulation of illicit financial activities involved in the "loosely coupled account link” system of e-CNY should be reconsidered. On the other hand, the delineation of rights and responsibilities between dissemination institutions, payment service providers, and end-users needs to be further redefined and clarified.

Pandemic-driven consumer behaviour: A foraging exploration

COVID-19 has had a profound effect on consumer behaviour. This conceptual piece uses foraging theory, extending and developing the foraging ecology of consumption model, to examine consumer behaviour in a pandemic. It is argued that a foraging interpretation of consumer behaviour is more relevant in situations where supply is uncertain, risks are enhanced and resourcefulness is important. The paper assesses the underlying mechanisms of behaviour change-objectives, currency and constraints – from a foraging perspective and examines their role in changing both patch (retail) choices and which items are consumed (prey choices). Additionally, the paper examines temporal and social challenges within the pandemic. The paper considers whether pandemic consumption behaviours will remain as threat levels subside and concludes with suggestions for future research. © The Author(s) 2023.

Uncertain hypothesis test for uncertain differential equations

Uncertain hypothesis test is a statistical tool that uses uncertainty theory to determine whether some hypotheses are correct or not based on observed data. As an application of uncertain hypothesis test, this paper proposes a method to test whether an uncertain differential equation fits the observed data or not. In order to demonstrate the test method, some numerical examples are provided. Finally, both uncertain currency model and stochastic currency model are used to model US Dollar to Chinese Yuan (USD–CNY) exchange rates. As a result, it is shown that the uncertain currency model fits the exchange rates well, but the stochastic currency model does not.

Economists and COVID-19: Ideas, theories and policies during the pandemic

This book examines and classifies different reactions to the COVID-19 pandemic from economists across the world. With the impacts of the pandemic experienced differently in each country, specific case studies are provided to highlight how the economics profession has responded to the challenges that have emerged from COVID-19. Key debates, such as the trade-off between health protective measures and the economic impacts of closing important sectors, are discussed, with a focus on the responses in China, the USA, Italy, France, Russia, Argentina, Brazil, India, and Palestine. This book explores the ability of economists to respond to economic and social crises, and provides insight into the ties between economic theory and economic policy in the modern world. It will be relevant to students and researchers interested in how economists have responded to the COVID-19 and what changes it might trigger. © The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Switzerland AG 2022.

Effect of trade barriers on export performance during COVID-19 pandemic: a comparative study among South Asian textile industries

Studiul s-a concentrat pe determinarea politicilor guvernamentale esenţiale si a barierelor comerciale care afectează performanţa exporturilor industriei textile în timpul pandemiei de COVID-19. Acest studiu a analizat influenţa politicilor guvernamentale de export asupra performanţei la export a industriei textile. Acest studiu a comparat, de asemenea, factori din trei industrii textile din Asia de Sud, respectiv Pakistan, India si Bangladesh. Studiul a identificat nouă politici guvernamentale de export esenţiale si bariere comerciale bazate pe vizualizarea organizaţiei industriale (Vizualizarea I/O). A fost utilizat un model de regresie de tip panel pentru a analiza semnificaţia fiecărei politici guvernamentale si barierele comerciale care afectează performanţa exporturilor de produse textile. Rezultatele studiului au arătat că ratele de schimb valutar, costul de export, timpul de export, stabilitatea politică a ţării, calitatea infrastructurii din ţară, libertatea din corupţie, costul de afaceri al terorismului si stabilitatea economică în ţară au un efect semnificativ asupra performanţei la export a industriei. În schimb, taxele pentru desfăşurarea afacerilor au un efect nesemnificativ asupra performanţei la export. Testul de Estimare aparent fără legătură (SUEST) a comparat diferenţele de performanţă la export ale industriilor textile din Pakistan, India si Bangladesh datorate politicilor guvernamentale. Rezultatele au arătat că un nivel mai ridicat de timp pentru export, costul de export si costul pentru desfăsurarea afacerilor terorismului duc la performanţa scăzută la export a industriei textile. În acelasi timp, un nivel mai ridicat al cursurilor de schimb valutar, stabilitatea politică a ţării, calitatea infrastructurii, libertatea din corupţie si stabilitatea economică în ţară duc la performanţe ridicate la export ale industriei textile. Mai mult, taxele pentru desfăsurarea afacerilor au un efect nesemnificativ asupra performanţei la export. Acest studiu este printre puţinele care abordează industria textilă în timpul pandemiei de COVID-19. Din cauza circumstanţelor incerte, va fi greu pentru guvern să identifice factori importanţi care ar putea ajuta exportatorii de textile să supravieţuiască si să se dezvolte în timpul pandemiei de COVID-19. Studiul a identificat politici guvernamentale importante si bariere comerciale care afectează exporturile de textile pe baza unui sprijin teoretic solid si a comparat si a elaborat, de asemenea, importanţa fiecărui factor în trei ţări din Asia de Sud. Acest studiu va ajuta factorii de decizie să-si reconsidere factorii legaţi de export pentru a-si spori exporturile de textile si pentru a-si relansa economia după pandemia de COVID-19.Alternate :The study focused on determining essential government policies and trade barriers affecting the textile industry's export performance during the COVID-19 pandemic. This study has analysed the effect of government export policies on the export performance of the textile industry. This study has also compared factors among three South Asian textile industries, including Pakistan, India, and Bangladesh. The study identified nine essential government export policies and trade barriers based on Industrial Organization View (I/O View). A panel regression model was used to analyse the significance of each government policy and trade barrier affecting textile export performance. Results of the study showed that currency exchange rates, the cost to export, time to export, political stability of the country, quality of infrastructure in the country, freedom from corruption, business cost of terrorism and economic stability in the country have a significant effect on export performance of the industry. In contrast, taxes on doing business have an insignificant effect on export performance. The Seemingly Unrelated Estimation (SUEST) test compared the differences in export performance of Pakistani, Indian and Bangladeshi textile industries due to governmen policies. The results showed that a higher level of time to export, cost to export and business cost of terrorism lead to the low export performance of the textile industry. At the same time, a higher level of currency exchange rates, political stability of the country, quality of infrastructure, freedom from corruption and economic stability in-country lead to the high export performance of the textile industry. Further, taxes on doing business have an insignificant effect on export performance. This study is among the few contributing to the textile industry during the COVID-19 pandemic. Due to uncertain circumstances, it becomes hard for the government to identify important factors which could help textile exporters to survive and grow during the COVID-19 pandemic. The study has identified important government policies and trade barriers affecting textile exports based on strong theoretical support and has also compared and elaborated on the importance of each factor across three South Asian countries. This study will help policymakers reconsider exportrelated factors to enhance their textile exports and revive their economy after the COVID-19 pandemic.

Sovereign default network and currency risk premia.

We construct a sovereign default network by employing high-dimensional vector autoregressions obtained by analyzing connectedness in sovereign credit default swap markets. We develop four measures of centrality, namely, degree, betweenness, closeness, and eigenvector centralities, to detect whether network properties drive the currency risk premia. We observe that closeness and betweenness centralities can negatively drive currency excess returns but do not exhibit a relationship with forward spread. Thus, our developed network centralities are independent of an unconditional carry trade risk factor. Based on our findings, we develop a trading strategy by taking a long position on peripheral countries' currencies and a short position on core countries' currencies. The aforementioned strategy generates a higher Sharpe ratio than the currency momentum strategy. Our proposed strategy is robust to foreign exchange regimes and the coronavirus disease 2019 pandemic.

The impact of central bank digital currency news on the stock and cryptocurrency markets: Evidence from the TVP-VAR model

This study employs a non-linear framework to investigate the impacts of central bank digital currency (CBDC) news on the financial and cryptocurrency markets. The time-varying vector autoregressive (TVP-VAR) model developed by Primiceri (2005) is estimated based on weekly data from the first week of January 2015 to the last week of December 2021. The vector of endogenous variables in the VAR estimation contains the Central Bank Digital Currency uncertainty index (CBDCU), cryptocurrency policy uncertainty index, S&P 500 index, VIX, and Bitcoin price. The TVP-VAR model's time-varying responses demonstrated that the reactions of the cryptocurrency market to central bank digital currency announcements vary remarkably over time. The impacts of the CBDC shocks on the financial market have been increasingly visible during the COVID-19 pandemic. According to the time-varying forecast error decompositions, CBDCU and VIX shocks have accounted for most of the variance in cryptocurrency uncertainty and Bitcoin return shocks, notably during the COVID-19 period.

The return volatility of cryptocurrencies during the COVID-19 pandemic: Assessing the news effect

In this paper, we test the role of news in the predictability of return volatility of digital currency market during the COVID-19 pandemic. We use hourly data for cryptocurrencies and daily data for the news indicator, thus, the GARCH MIDAS framework which allows for mixed data frequencies is adopted. We validate the presupposition that fear-induced news triggered by the COVID-19 pandemic increases the return volatilities of the cryptocurrencies compared with the period before the pandemic. We also establish that the predictive model that incorporates the news effects forecasts the return volatility better than the benchmark (historical average)model.

Reaction of the USD/PLN currency pair exchange rate to the published macroeconomic data

The results of the research presented in the article regard the importance of publication of macroeconomic data from the United States for the short-term USD/PLN currency pair exchange rate volatility. The main purpose of the research was to indicate what macroeconomic data is important for the short-term USD/PLN exchange rate volatility. The following research questions have been posed does the USD/PLN exchange rate react to the published macroeconomic data from the American economy and second could greater USD/PLN exchange rate volatility be observed during the COVID pandemic and has the war in Ukraine impacted the USD/PLN exchange rate volatility. International Foreign Exchange Market is the largest and most dynamically developing financial market in the world. In the globalized world the exchange rates are mainly influenced by economic factors. The most significant economic factors that impact short-term exchange rate volatility are primarily macroeconomic data from the American economy. Therefore in this article the author attempts to analyze macroeconomic data and their impact on short-term USD/PLN exchange rate volatility. Data based on which the research was made is as follows: Consumer Price Index, Non-Farm Payrolls (NFP), Services PMI, Manufacturing PMI, Empire State Manufacturing Index or Retail Sales. The analysis of connections between the publication of macroeconomic data and the reaction of exchange rates was carried out using the linear regression model with GARCH process for the random parameter. Conclusions of this research is exchange rate volatility USD/PLN was higher after publications of the macroeconomic data from Americans economy. The strongest exchange rate reaction was after publication of data regarding inflation, Manufacturing PMI and Retail Sales. In the COVID (1.03.20-14.02.22) period we observed increased USD/PLN exchange rate volatility. Exchange rate volatility was expressly larger in the period of war in Ukraine (15.02.22 - end of experiment).

Sukuk and bond dynamics in relation to exchange rate

PurposeThis study aims to contribute by expanding the existing literature on Sukuk return and volatility and exploring the implications of the Sukuk-exchange rate interactions.Design/methodology/approachThis study examines the dynamic interactions of Sukuk with exchange rate in 15 countries, employing the Wavelet approach that considers both time and investment horizons.FindingsThe results reveal significant evolving coherence of Sukuk return and volatility with the underlying exchange rate. The relationship is more potent than what this study witnesses in their counterpart bond market. For Sukuk returns, the coherence is negative, whereas it is positive for volatility. Notably, the coherence is strong in the medium to long term and intensifies during extreme economic episodes, especially during the COVID-19 pandemic. These findings are further validated by comparing firm-level matched data for Sukuk and conventional bond.Originality/valueTo the best of the authors' knowledge, this is the first study that reports the dynamic relationship of Sukuk return and volatility with the underlying exchange rate in 15 countries. Collectively, this study unites valuable insights for faith-based active Islamic investors and cross-border portfolio managers.

The interconnectedness across risk appetite of distinct investor types in Borsa Istanbul

PurposeThis study aims to investigate the interconnectedness across the risk appetite of distinct investor types in Borsa Istanbul. This study also examines the causal impact of global implied volatility indices on the risk appetite of these investor groups.Design/methodology/approachThe authors use a novel time-varying frequency connectedness framework of Chatziantoniou et al. and a new time-varying Granger causality test with a recursive evolving procedure by Shi et al. over June 2008 and July 2022.FindingsThe results show a high level of interconnectedness across the risk appetite of different investor types. The sizable spillovers to domestic types of investors either occur from professional or foreign investors, indicating the long-term dominant effect of foreign and more qualified investors on the domestic investors in Borsa Istanbul. The authors provide significant evidence of causality from the global implied volatility to the Borsa Istanbul risk appetite indices, which are getting stronger after the COVID-19 outbreak.Originality/valueUnlike the previous studies, the authors analyze the risk appetite sub-indices of various types of investors to reveal behavioral distinctions and interconnectedness across them. The authors use a novel econometric framework to assess investors' risk appetite in different investment horizons in a time-varying system. Together with volatility index (VIX), the authors also use volatilities of oil (OVX), gold (GVZ) and currency (EVZ), considering the information transmission not only from stock markets but also energy, metals and currency markets. The present data set covers significant financial crises, socioeconomic events and the COVID-19 outbreak.

Long memory in Bitcoin and ether returns and volatility and Covid-19 pandemic

PurposeThe purpose of this research is to analyze the Bitcoin (BTC) and Ether (ETH) long memory and conditional volatility.Design/methodology/approachThe empirical approach includes ARFIMA-HYGARCH and ARFIMA-FIGARCH, both models under Student‘s t-distribution, during the period (ETH: November 9, 2017 to November 25, 2021 and BTC: September 17, 2014 to November 25, 2021).FindingsFindings suggest that ARFIMA-HYGARCH is the best model to analyze BTC volatility, and ARFIMA-FIGARCH is the best approach to model ETH volatility. Empirical evidence also confirms the existence of long memory on returns and on BTC volatility parameters. Results evidence that the models proposed are not as suitable for modeling ETH volatility as they are for the BTC.Originality/valueFindings allow to confirm the fractal market hypothesis in BTC market. The data confirm that, despite the impact of the Covid-19 crisis, the dynamics of BTC returns, and volatility maintained their patterns, i.e. the way in which they evolve, in relation to the prepandemic era, did not change, but it is rather reaffirmed. Yet, ETH conditional volatility was more affected, as it is apparently higher during Covid-19. The originality of the research lies in the focus of the analysis, the proposed methodology and the variables and periods of study.

Are Exchange Rate Contagions Asymmetric? Evidence from Emerging Market Economies

In view of increasing importance of emerging market currencies in the global foreign exchange markets and the growing concerns regarding the vulnerability of these currencies to global crises, we assess the connectedness of 16 emerging currencies by employing asymmetric domains of time and frequency spanning March 2011 to January 2022. We first notice bidirectional interconnectedness (both positive and negative) among three clusters of sampled exchange rates. The currency contagions follow divergent directions during crisis periods. During US debt selling crisis, there is a short-run negative contagion pointing to the appreciation of currencies. Following the Chinese financial market crisis, emerging market currencies demonstrated devaluation. There is long-run positive contagion (devaluation) in response to European Debt Crisis, Russian Ruble Crisis, Brazilian economic crisis, and Argentinian monetary crisis. The sampled exchange rates demonstrate negative long-run connectedness (appreciation) after COVID-19. The major transmitters to total connectedness are South Africa, Poland, and Mexico and major receivers include Thailand, the Philippines, Malaysia, India, Indonesia, and Egypt. In the long run, China is emerging as a significant transmitter. Our study draws significant policy and practical implications for regulators, investors, and financial market participants. © 2023 Taylor & Francis Group, LLC.

BUILDING A SUSTAINABLE SHARING ECONOMY MODEL BASED ON A VIRTUAL COMMUNITY CURRENCY.

After the economic crisis of 2008, the need for solutions that introduce alternative forms of cooperation between economic actors increased greatly. At the same time, concerns for the environment have intensified, and the integration of environmental considerations in economic activities has become increasingly important. As a response, peer-to-peer economy and peer-to-peer payment systems, among other things, have emerged. Compared with previous economic crises, the COVID-19 pandemic has posed new challenges for everyone, which could lead to the intensification of alternative path-finding processes. The ecological problems the we face mean that the aim should be to go beyond the restoration of previous economic mechanisms prioritising ecological sustainability. In this study, the authors' aim was to present the elements of a novel solution concept that is based on the hypothesis that a digital community currency created through smart contracts can promote genuine practices of sharing as opposed to the currently operating platforms' profit-oriented approach. (English) [ FROM AUTHOR] A 2008-as gazdasági válságot követően megnőtt az érdeklődés az olyan üzleti modellek iránt, amelyek a szereplők közötti együttműködés alternatív formáit biztosítják. Ezzel egyidejűleg a környezetszennyezéssel kapcsolatos aggodalmak is felerősödtek és a környezeti szempontok gazdasági tevékenységekbe történő integrálása egyre fontosabbá vált. Erre válaszul jelentek meg többek között a közösségi gazdasági és a peer-to-peer fizetési rendszerek. A COVID-19 világjárvány hatásai a korábbi gazdasági válságokhoz képest is új kihívások elé állítják a gazdasági szereplőket, ami az alternatív útkeresési folyamatok ismételt előtérbe kerüléséhez vezethet. Az előttünk álló ökológiai problémák miatt azonban a járványt követően a korábbi gazdasági mechanizmusok helyreállításán túl a célnak egy az ökológiai lábnyom csökkentését elősegítő gazdasági modell kiépítésének kell lennie. Ebben a tanulmányban a szerzők célja egy újszerű megoldási koncepció elemeinek bemutatása, amely azon a hipotézisen alapul, hogy az intelligens szerződések révén létrehozott digitális közösségi valuta elősegítheti a megosztás valódi gyakorlatát, szemben a jelenleg működő sharing economy platformok profitorientált megközelítésével. (Hungarian) [ FROM AUTHOR] Copyright of Vezetéstudomány / Budapest Management Review is the property of Corvinus University of Budapest and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full . (Copyright applies to all s.)

The Link between Bitcoin Price Changes and the Exchange Rates in European Countries with Non-Euro Currencies

This paper contributes to the literature dedicated to the interlinkages between cryptocurrencies and currencies by investigating whether Bitcoin price movements affect the exchange rates of a sample of nine European countries with non-euro currencies. By resorting to the novel unconditional quantile regression, we show that there is a statistically significant link between Bitcoin price movements and changes in nominal exchange rates. In normal market conditions, an increase in the price of Bitcoin can be associated with an appreciation of the currencies from our sample, while during the COVID-19 pandemic, the relationship inversed. In addition, we find heterogeneities in this relationship, depending on the level of change in the nominal exchange rate. The results emphasize the relevance of Bitcoin price movements to the conduct of monetary policy through the exchange rate channel and that investors in cryptocurrencies and various financial assets denominated in the currencies from our sample can benefit from diversification by including both types of assets in their portfolios.

Renminbi Internationalization Process: A Quantitative Literature Review

As China's position in the global economy has gradually improved, the importance of debates on the role of the renminbi in the international monetary system has significantly increased. This paper uses bibliometric methods—Bibliometrix R-package and its web-based graphical interface Biblioshiny—applied to data imported from Web of Science and Scopus to investigate and synthesize the renminbi literature published in English between 1995 and 2021. Science mapping offers a visual representation of different networks and clusters of authors' keywords. The performance analysis, a quantitative evaluation of the most published sources, authors and papers on renminbi internationalization in the last 25 years, shows that the interest on the topic has grown, particularly after 2009 and 2016, respectively. There is also a high degree of concentration in the field, considering that out of the 802 analyzed papers, published in 393 sources, five authors and four journals had the highest impact. The content analysis identifies the main directions in the renminbi internationalization literature and future research questions to further explore this subject. The COVID-19 pandemic and post-Ukraine war era could generate a deeper reform of the international monetary system, in which the Chinese currency will strengthen its global position alongside the US dollar and the euro. © 2023 by the authors.