21 Countries

Argentina; Australia; Brazil; Canada; China; France; Germany; India; Indonesia; Italy; Japan; Korea; Mexico; Russia; Saudi Arabia; South Africa; Turkey; United Kingdom; United States; European Union; Vietnam

Variables

Descriptions

Unit of measurement

Source

Dependent variable

GDP

GDP Real GDP growth rate

Annual %

WDI

Independent variable-Cashless payment indicators

DEBIT

Debit card transaction value

Logarithm of total value

BIS

CREDIT

Credit card transaction value

Logarithm of total value

BIS

EMONEY

E-money transaction value

Logarithm of total value

BIS

CHECK

Check transaction value

Logarithm of total value

BIS

Control variables

INF

Inflation rate

Annual %

WDI

POP

Population growth rate

Annual %

WDI

SECON

Secondary school enrollment

%

WDI

TRADE

Trade openness

GDP

WDI

Additional variables for durability test

FDI

FDI net inflow

% GDP

WDI

FD

FD Domestic credit to private sector

% GDP

WDI

GCF

GCF Gross capital formation

% GDP

WDI

ICT

ICT Broadband subscriptions

Per 100 inhabitants

WDI

INS

INS Institutional quality

Scaled from 0 to 100

WGI