Currency internationalisation, often defined by the use of a local currency beyond the national frontier, has been a topic widely discussed in the literature. The recent rise of currencies from emerging market economies in the international market has suggested that some peripheral currencies have become more internationalised. However, their position in the currency hierarchy, which is formed by the US dollar at the top and other central currencies in an intermediate position, has remained the same.
Orsi, B., Kaltenbrunner, A., & DYMSKI, G. (2020). Currency Hierarchy and the Nature of the Internationalisation of Peripheral Currencies. Mimeo.