Baseline result – determinants of global interest in central bank digital currency (two-stage least square regression estimation)
| (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | |
|---|---|---|---|---|---|---|---|---|
| Dependent variable Interest in CBDC1 | Dependent variable Interest in CBDC1 | Dependent variable Interest in CBDC1 | Dependent variable Interest in CBDC1 | Dependent variable Interest in CBDC2 | Dependent variable Interest in CBDC2 | Dependent variable Interest in CBDC2 | Dependent variable Interest in CBDC2 | |
| Coefficient (t-statistic) | Coefficient (t-statistic) | Coefficient (t-statistic) | Coefficient (t-statistic) | Coefficient (t-statistic) | Coefficient (t-statistic) | Coefficient (t-statistic) | Coefficient (t-statistic) | |
| C | 7.536 (0.99) | 8.043 (1.06) | 8.056 (1.19) | 8.795 (1.30) | 7.290 (1.09) | 8.446 (1.23) | 15.342** (2.50) | 16.989*** (2.69) |
| Interest in SD | 0.233*** (3.14) | 0.245*** (3.29) | 0.440*** (6.71) | 0.462*** (6.84) | ||||
| Interest in SDG | 0.231*** (3.88) | 0.240*** (4.02) | 0.338*** (6.24) | 0.354*** (6.33) | ||||
| Interest in e-CNY | 0.052 (0.95) | 0.049 (0.92) | 0.154*** (3.19) | 0.159*** (3.26) | ||||
| Interest in eCNY | −0.017 (−0.38) | −0.021 (−0.45) | 0.018 (0.44) | 0.021 (0.49) | ||||
| Interest in eNaira | −0.074 (−0.80) | −0.017 (−0.37) | −0.077 (−0.85) | −0.089 (−0.97) | −0.182** (−2.22) | −0.198 (−2.33) | −0.184** (−2.21) | −0.199** (−2.32) |
| Interest in DCash | −0.026 (−0.41) | −0.024 (−0.37) | −0.021 (−0.34) | −0.019 (−0.29) | −0.006 (−0.10) | 0.0003 (0.004) | −0.003 (−0.05) | 0.003 (0.06) |
| Interest in sand dollar | 0.003 (0.03) | 0.0001 (0.001) | 0.022 (0.23) | 0.019 (0.20) | −0.074 (−0.85) | −0.079 (−0.89) | −0.057 (−0.65) | −0.063 (−0.69) |
| Interest in cryptocurrency | −0.130 (−1.18) | −0.131 (−1.19) | −0.117 (−1.07) | −0.117 (−1.07) | 0.169* (1.74) | 0.158 (1.58) | 0.185* (1.87) | 0.174* (0.09) |
| R2 (%) | 8.67 | 8.28 | 11.12 | 10.79 | 27.83 | 23.79 | 25.79 | 21.47 |
| Adjusted R2 (%) | 5.59 | 5.19 | 8.12 | 7.78 | 25.39 | 21.22 | 23.29 | 18.82 |
| F-Statistic | 2.81 | 2.679 | 3.71 | 3.59 | 11.44 | 9.25 | 10.31 | 8.109 |
| P(F-Statistic) | 0.012 | 0.016 | 0.002 | 0.002 | 0.000 | 0.000 | 0.000 | 0.000 |
| (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | |
|---|---|---|---|---|---|---|---|---|
| Dependent variable | Dependent variable | Dependent variable | Dependent variable | Dependent variable | Dependent variable | Dependent variable | Dependent variable | |
| Coefficient ( | Coefficient ( | Coefficient ( | Coefficient ( | Coefficient ( | Coefficient ( | Coefficient ( | Coefficient ( | |
| C | 7.536 (0.99) | 8.043 (1.06) | 8.056 (1.19) | 8.795 (1.30) | 7.290 (1.09) | 8.446 (1.23) | 15.342** (2.50) | 16.989*** (2.69) |
| Interest in SD | 0.233*** (3.14) | 0.245*** (3.29) | 0.440*** (6.71) | 0.462*** (6.84) | ||||
| Interest in SDG | 0.231*** (3.88) | 0.240*** (4.02) | 0.338*** (6.24) | 0.354*** (6.33) | ||||
| Interest in e-CNY | 0.052 (0.95) | 0.049 (0.92) | 0.154*** (3.19) | 0.159*** (3.26) | ||||
| Interest in eCNY | −0.017 (−0.38) | −0.021 (−0.45) | 0.018 (0.44) | 0.021 (0.49) | ||||
| Interest in eNaira | −0.074 (−0.80) | −0.017 (−0.37) | −0.077 (−0.85) | −0.089 (−0.97) | −0.182** (−2.22) | −0.198 (−2.33) | −0.184** (−2.21) | −0.199** (−2.32) |
| Interest in DCash | −0.026 (−0.41) | −0.024 (−0.37) | −0.021 (−0.34) | −0.019 (−0.29) | −0.006 (−0.10) | 0.0003 (0.004) | −0.003 (−0.05) | 0.003 (0.06) |
| Interest in sand dollar | 0.003 (0.03) | 0.0001 (0.001) | 0.022 (0.23) | 0.019 (0.20) | −0.074 (−0.85) | −0.079 (−0.89) | −0.057 (−0.65) | −0.063 (−0.69) |
| Interest in cryptocurrency | −0.130 (−1.18) | −0.131 (−1.19) | −0.117 (−1.07) | −0.117 (−1.07) | 0.169* (1.74) | 0.158 (1.58) | 0.185* (1.87) | 0.174* (0.09) |
| 8.67 | 8.28 | 11.12 | 10.79 | 27.83 | 23.79 | 25.79 | 21.47 | |
| Adjusted | 5.59 | 5.19 | 8.12 | 7.78 | 25.39 | 21.22 | 23.29 | 18.82 |
| 2.81 | 2.679 | 3.71 | 3.59 | 11.44 | 9.25 | 10.31 | 8.109 | |
| P( | 0.012 | 0.016 | 0.002 | 0.002 | 0.000 | 0.000 | 0.000 | 0.000 |
Note(s): The instruments used in the 2SLS estimation are the lagged explanatory variables. T-statistic is reported in parenthesis. ***, ** and * represent statistical significance at the 1%, 5% and 10% levels
Source(s): Author’s computation