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. 2021 Mar 25;23(2):107–119. doi: 10.1057/s41261-021-00152-6

Table 3.

Results of ARIMAX model on the number of card-acquiring merchants in category 1. Source: Authors’ calculations based on MNB data

Variable Coefficients
Ratio of POS-terminals installed within the State’s programme (dl_posrat) 0.251**
(4.763)
Ratio of interchange fees to card payment turnover in category 1 (dl_mifrat) − 0.141**
(− 2.246)
AR(1) 0.372*
(1.928)
AR(2) − 0.446**
(− 2.246)

*and **Indicates significance at 10 and 5 percent level respectively. Mifrat was calculated by merchant categories i.e. interchange fees paid by merchants in the given category, compared to the card payment turnover of retailers in the given category

Numbers in parenthesis are t-statistics.