What question did this study set out to answer?

The central aim is to evaluate how CBDC news affects bank stability in ASEAN-5 countries.

February 14, 2026SHILAP Revista de lepidopterología0 citationsOpen Access

The Impact of Central Bank Digital Currencies News on Bank Stability: Evidence from ASEAN-5 Countries

FHFirman HidayatBank Indonesia RSRaditya SukmanaAirlangga University MMMasrizal MasrizalUniversitas Islam Negeri Sultan Syarif Kasim Riau

Key Points

The central aim is to evaluate how CBDC news affects bank stability in ASEAN-5 countries.
Created a CBDC Attention Index using news articles from 2019 to 2023.
Collected data from 92 banks in the ASEAN-5 region.
Applied System Generalized Method of Moments (GMM) for analysis.
Conducted quantile regression for robustness checks.
Identified a significant link between CBDCAI and bank stability.
Noted the influence of bank size and capitalization on stability.
Suggests that central banks should consider CBDC news in their policy formulations.

Abstract

This study constructs an index reflecting Central Bank Digital Currency (CBDC) news coverage and evaluates its impact on bank stability. The CBDC Attention Index (CBDCAI) is formulated based on more than 533 Reuters Digital News Report articles from 2019 to 2023. Employing the System Generalized Method of Moments (GMM) approach with data from 92 banks across ASEAN-5 nations, and implementing quantile regression for robustness checks, the findings demonstrate a significant relationship between the CBDCAI and bank stability, alongside variables such as bank size and capitalization. These results offer valuable guidance for central banks, especially within the ASEAN-5 region, as they advance CBDC initiatives.

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