CHEY, Hyoung-kyu

Position Professor
Degree Ph.D. (International Relations), London School of Economics and Political Science
Specialty International political economy, especially the fields of money and finance, with a regional specialization in East Asia
Current Research Interests ・The internationalization of the Chinese renminbi
・Central bank digital currencies
・The international relations of Asia
  • Biographical note


CHEY Hyoung-kyu is Professor of International Political Economy at GRIPS. He received his B.A. in Political Science (minor in Economics) from Sogang University, Seoul, South Korea, and his M.Sc. in Politics of the World Economy and his Ph.D. in International Relations from the London School of Economics and Political Science. He worked as an Economist in the Economic Research Institute at the Bank of Korea (South Korea’s central bank) prior to joining GRIPS in 2011. He was a Japan Foundation Fellow, and has held visiting positions at various institutes including the University of Southern California, the University of Tokyo, National Chengchi University (Taiwan) and the Institute for Far Eastern Studies (South Korea). His main research area is the international political economy of money and finance, with a regional specialty in East Asia.


  • Selected publications



•『숫자로 보는 한국과 일본: 변화와 현재 바로 알기』 [South Korea and Japan in Numbers] (Seoul: 제이앤씨, 2023), in Korean.

The International Political Economy of the Renminbi: Currency Internationalization and Reactive Currency Statecraft (Oxon and New York: Routledge, 2022)

International Harmonization of Financial Regulation? The Politics of Global Diffusion of the Basel Capital Accord (Oxon and New York: Routledge, 2014)


Peer-reviewed journal articles

Cryptocurrencies and the IPE of Money: An Agenda for Research, Review of International Political Economy 30(4):1605-1620, July 2023.

The Impacts of Policy Infrastructures on the International Use of the Chinese Renminbi: A Cross-Country Analysis, Asian Survey 60(2): 221-244, March/April 2020. (With Minchung Hsu)

Chinese Domestic Politics and the Internationalization of the Renminbi, Political Science Quarterly 135(1): 37-65, Spring 2020. (With Yu Wai Vic Li)

The Monetary and Financial Powers of States: Theory, Dataset, and Observations on the Trajectory of American Dominance, New Political Economy 25(2): 174-194, February 2020. (With Leslie Elliott Armijo and Daniel C. Tirone)

Which Foreign States Support the Global Use of the Chinese Renminbi? The International Political Economy of Currency Internationalization, The World Economy 42(8): 2403-2426, August 2019. (With Geun-Young Kim and Dong Hyun Lee)

The International Politics of Reactive Currency Statecraft: Japan’s Reaction to the Rise of the Chinese Renminbi, New Political Economy 24(4): 510-529, May 2019.

International Political Economy Thought in Pre-modern and Colonial Korea, International Trade, Politics and Development 3(1): 11-29, February 2019.

Civilisational Values and Political Economy Beyond the West: The Significance of Korean Debates at the Time of Its Economic Opening, Contemporary Politics 24(2): 191-209, March 2018. (With Eric Helleiner)

Renminbi in Ordinary Economies: A Demand-Side Study of Currency Globalization, China & World Economy 23(3): 1-21, May/June 2015.

Can the Renminbi Rise as a Global Currency? The Political Economy of Currency Internationalization, Asian Survey 53(2): 348-368, March/April 2013.

Theories of International Currencies and the Future of the World Monetary Order, International Studies Review 14(1): 51-77, March 2012.
The Impact of Affinity on World Economic Integration: The Case of Japanese Foreign Direct Investment, Japan and the World Economy 24(1): 57-63, January 2012.
Can the European Monetary System Be a Model for East Asian Monetary Cooperation?, Journal of the Asia Pacific Economy 15(2): 89-105, May 2010.
Some Salient Issues Raised by the Global Financial Crisis, Pacific Economic Review 15(1): 1-10, February 2010. (With Kyung Soo Kim)
A Political Economic Critique on the Theory of Optimum Currency Areas, and the Implications for East Asia, The World Economy 32(12): 1685-1705, December 2009.
The Changing Political Dynamics of East Asian Financial Cooperation: The Chiang Mai Initiative, Asian Survey 49(3): 450-467, May/June 2009.
Explaining the Failure of Prudential Regulations in South Korea before the 1997 Financial Crisis, Korean Political Science Review 42(1): 227-245, March 2008. (In Korean)
Do Markets Enhance Convergence on International Standards? The Case of Financial Regulation, Regulation & Governance 1(4): 295-311, December 2007.
Explaining Cosmetic Compliance with International Regulatory Regimes: The Implementation of the Basle Accord in Japan, 1998-2003, New Political Economy 11(2): 271-289, June 2006.


Book chapters

• Exit for Voice: Redrawing the Global Financial Map, in Jürgen Rüland and Astrid Carrapatoso, eds., Handbook on Global Governance and Regionalism (Edward Elgar Publishing, 2022), pp. 350-364. (with Saori N. Katada)

International Financial Standards and Emerging Economies since the Global Financial Crisis, in C. Randall Henning and Andrew Walter, eds., Global Financial Governance Confronts the Rising Powers (Waterloo: Center for International Governance Innovation, 2016), pp. 61-85.

The Political Economy of Currency Internationalization, in Thomas Oatley and William K. Winecoff, eds., Handbook of the International Political Economy of Monetary Relations (London: Edward Elgar Publishing, 2014), pp. 39-53.


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  • Curriculum Vitae

Curriculum Vitae (PDF)



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