Financial Innovation

Table 4 Static volatility 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	67.62	8.34	11.37	10.26	0.61	0.54	0.45	0.82	32.38
XTZ	7.80	68.42	9.08	13.77	0.17	0.14	0.26	0.36	31.58
ENJ	10.13	8.24	65.95	13.17	0.53	0.62	0.78	0.58	34.05
MANA	9.21	13.44	13.92	62.52	0.21	0.14	0.20	0.36	37.48
CNY	0.63	0.38	0.68	0.53	46.51	21.44	18.00	11.83	53.49
JPY	0.57	0.66	0.73	0.69	19.93	42.04	22.80	12.58	57.96
EUR	0.49	0.48	0.76	0.43	17.85	24.42	44.19	11.38	55.81
GBP	1.04	0.92	1.16	0.89	14.88	16.89	14.70	49.52	50.48
TO others	29.86	32.47	37.69	39.73	54.18	64.19	57.19	37.92	353.22
Inc. own	97.48	100.89	103.64	102.25	100.69	106.23	101.38	87.44	TCI
NET	− 2.52	0.89	3.64	2.25	0.69	6.23	1.38	− 12.56	44.15

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

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