Table 1 Long-run relations based on cointegrating regression (DOLS) for groups of banknote denominations
Variable | Large | Medium | Small | ||
|---|---|---|---|---|---|
Real GDP | \(\underset {\left [0.06\right ]}{\!\:1.29^{***}}\) | \(\underset {\left [0.11\right ]}{0.33^{***}}\) | \(\underset {\left [0.06\right ]}{0.27^{***}}\) | ||
Gov. bond yield | \(\underset {\left [0.02\right ]}{-\thinspace 0.05^{**}}\) | \(\underset {\left [0.04\right ]}{0.02}\) | \(\underset {\left [0.02\right ]}{-\thinspace 0.03^{*}}\) | ||
Exchange rate | \(\underset {\left [0.18\right ]}{-\thinspace 0.65^{***}}\) | \(\underset {\left [0.34\right ]}{-\thinspace 0.15}\) | \(\underset {\left [0.18\right ]}{0.20}\) | ||
Real debit card paym. | \(\underset {\left [0.01\right ]}{-\thinspace 0.04^{***}}\) | \(\underset {\left [0.01\right ]}{-\thinspace 0.03^{***}}\) | \(\underset {\left [0.01\right ]}{-\thinspace 0.02^{***}}\) | ||
No. of checks | \(\underset {\left [0.00\right ]}{-\thinspace 0.01^{**}}\) | \(\underset {\left [0.01\right ]}{-\thinspace 0.03^{***}}\) | \(\underset {\left [0.00\right ]}{-\thinspace 0.02^{***}}\) | ||
Adj. R2 | 0.99 | 0.82 | 0.87 | ||
Phillips-Ouliaris τ-test | − 4.86∗ | − 2.40 | − 3.21 | ||
Hansen test | 0.03 | 0.02 | 0.02 |