Financial Innovation

Table 3 Static return spillovers

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

	Non-fungible tokens				Conventional currencies				FROM others
	THETA	XTZ	ENJ	MANA	CNY	JPY	EUR	GBP	FROM others
THETA	57.82	11.45	15.01	13.86	0.27	0.39	0.56	0.64	42.18
XTZ	11.55	61.77	12.08	13.63	0.24	0.31	0.16	0.26	38.23
ENJ	14.30	11.33	55.32	18.13	0.32	0.23	0.12	0.25	44.68
MANA	13.14	12.59	18.11	54.97	0.32	0.34	0.22	0.30	45.03
CNY	0.63	0.68	0.70	0.74	60.62	19.58	9.60	7.45	39.38
JPY	0.77	0.93	0.90	1.13	15.27	57.76	20.59	2.65	42.24
EUR	0.80	0.57	0.47	0.72	7.75	23.34	57.74	8.61	42.26
GBP	1.41	1.39	1.38	1.21	10.99	6.27	11.52	65.83	34.17
TO others	42.60	38.95	48.65	49.44	35.16	50.45	42.76	20.17	328.18
Inc. own	100.42	100.71	103.97	104.41	95.78	108.21	100.50	86.00	TCI
NET	0.42	0.71	3.97	4.41	-4.22	8.21	0.50	-14.00	41.02

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

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