The global shift in monetary sovereignty : a systematic literature review of the de-dollarization using the TCCM framework

This study aims to systematically review the literature on de-dollarization in light of its increasing significance. The review has been carried out using the Theory, Context, Characteristics, Methodology (TCCM) framework on 52 studies retrieved from the Scopus and Web of Science database. The findings suggest the prevalence of two theories and three models applied in literature. Multi-country studies dominate the literature, with the USA taking the lead in terms of country-specific research. Further, research on de-dollarization can be categorised into five themes. Methodologically, quantitative studies, focusing on the usage of secondary data are mostly used, with lesser focus on theoretical, case and review studies. By synthesizing the existing literature, this paper undertakes a comprehensive exploration of de-dollarization, scrutinizing its various facets and implications on the international economic forum. It advances the discourse on de-dollarization by presenting novel insights and emphasizing the need for further scholarly investigation into achieving equitable and stable global financial systems beyond dollar dominance.