Financial Innovation

Table 2 Unconditional correlations

From: Return and volatility spillovers between non-fungible tokens and conventional currencies: evidence from the TVP-VAR model

	Non-fungible tokens				Conventional currencies
	THETA	XTZ	ENJ	MANA	CNY	JPY	EUR	GBP
THETA	1.00
XTZ	0.47	1.00
ENJ	0.53	0.47	1.00
MANA	0.51	0.50	0.61	1.00
CNY	0.07	0.03	0.06	0.07	1.00
JPY	0.00	− 0.05	− 0.07	− 0.05	0.08	1.00
EUR	0.06	0.04	0.03	0.06	0.30	0.44	1.00
GBP	0.11	0.07	0.04	0.08	0.29	0.31	0.60	1.00

CNY—Chinese Yuan, JPY—Japanese Yen, EUR—Euro, GBP—Pound Sterling

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