RDP 2019-12: Confidence in Australian Banknotes Appendix A: Robustness Checks

Kim Nguyen and Anny Francis

December 2019

Table A1: Average Marginal Effects on Perceived Risk of Receiving Counterfeits
  Binary variable Binary variable Categories: 0–4, 5, 6–10 Categories: 0–3, 4–6, 7–10 Binary variable with 5 removed
(OLS) (Logit) (Ordered logit) (Ordered logit) (Probit)
Female 0.0359**
(0.0155)		 0.0356**
(0.0154)		 0.0164
(0.0102)		 0.0179**
(0.0071)		 0.0110
(0.0146)
16–24 years old 0.0060
(0.0265)		 0.0045
(0.0260)		 0.0100
(0.0170)		 0.0133
(0.0119)		 0.0385
(0.0249)
25–44 years old 0.0519***
(0.0190)		 0.0518***
(0.0188)		 0.0419***
(0.0122)		 0.0356***
(0.0088)		 0.0625***
(0.0178)
Low income
(≤ $40k)		 0.0561**
(0.0229)		 0.0552**
(0.0227)		 0.0343**
(0.0150)		 0.0197*
(0.0107)		 0.0276
(0.0217)
Middle income
($40k–$100K)		 0.0183
(0.0181)		 0.0173
(0.0177)		 0.0111
(0.0115)		 0.0037
(0.0082)		 0.0094
(0.0165)
Have received a counterfeit 0.2352***
(0.0292)		 0.2314***
(0.0291)		 0.1735***
(0.0180)		 0.1167***
(0.0128)		 0.2067***
(0.0243)
Had serious problems using banknotes 0.1778***
(0.0239)		 0.1703***
(0.0219)		 0.1312***
(0.0141)		 0.1009***
(0.0106)		 0.1728***
(0.0193)
Use cash daily 0.0854***
(0.0202)		 0.0849***
(0.0202)		 0.0683***
(0.0143)		 0.0486***
(0.0104)		 0.0927***
(0.0199)
Had notes checked 0.0472***
(0.0162)		 0.0477***
(0.0160)		 0.0389***
(0.0108)		 0.0250***
(0.0076)		 0.0485***
(0.0154)
Heard of NGB 0.0197
(0.0191)		 0.0207
(0.0193)		 0.0175
(0.0129)		 0.0129
(0.0092)		 0.0180
(0.0181)
No of features known −0.0332***
(0.0093)		 −0.0330***
(0.0092)		 −0.0159***
(0.0060)		 −0.0116***
(0.0044)		 −0.0046
(0.0088)
No of features known
(squared)		 0.0033**
(0.0013)		 0.0032**
(0.0013)		 0.0015*
(0.0008)		 0.0012*
(0.0006)		 0.0004
(0.0013)
Other controls Y Y Y Y Y
Year dummies Y Y Y Y Y
Observations 4,153 4,153 4,153 4,153 3,413

Notes: ***, ** and * denote statistical significance at the 1, 5 and 10 per cent level, respectively; standard errors are in parentheses

Sources: Authors' calculations; RBA, online banknote surveys
Table A2: Average Marginal Effects on General Counterfeit Belief and Confidence in the System
  Probability
There is a counterfeiting problem   Confident in the system
Binary variable Binary variable Categories: Confident, Neither, Not confident
(Ordered logit)
(OLS) (Logit) (OLS) (Logit)
Female 0.0716***
(0.0143)		 0.0713***
(0.0143)		   −0.0071
(0.0168)		 −0.0078
(0.0166)		 −0.0027
(0.0164)
16–24 years old −0.0609**
(0.0246)		 −0.0610***
(0.0234)		   −0.1662***
(0.0302)		 −0.1653***
(0.0305)		 −0.1685***
(0.0295)
25–44 years old −0.0130
(0.0176)		 −0.0140
(0.0176)		   −0.0890***
(0.0206)		 −0.0873***
(0.0204)		 −0.0912***
(0.0197)
Low income
(≤ $40k)		 0.0465**
(0.0218)		 0.0460**
(0.0215)		   −0.0416
(0.0255)		 −0.0422*
(0.0254)		 −0.0478*
(0.0251)
Middle income
($40k–$100K)		 0.0167
(0.0170)		 0.0162
(0.0168)		   −0.0183
(0.0201)		 −0.0184
(0.0196)		 −0.0210
(0.0194)
Have received a counterfeit 0.2152***
(0.0292)		 0.1832***
(0.0249)		   −0.0442
(0.0325)		 −0.0416
(0.0303)		 −0.0825**
(0.0326)
Had serious problems using banknotes 0.1508***
(0.0236)		 0.1288***
(0.0195)		   −0.1409***
(0.0254)		 −0.1315***
(0.0230)		 −0.1586***
(0.0237)
Use cash daily 0.0721***
(0.0193)		 0.0695***
(0.0192)		   −0.0043
(0.0217)		 −0.0037
(0.0209)		 −0.0158
(0.0208)
Had notes checked 0.1175***
(0.0156)		 0.1163***
(0.0154)		   −0.0075
(0.0171)		 −0.0078
(0.0172)		 −0.0175
(0.0171)
Heard of NGB 0.0409**
(0.0185)		 0.0382**
(0.0177)		   0.0050
(0.0200)		 0.0050
(0.0204)		 −0.0040
(0.0205)
No of features known 0.0076
(0.0087)		 0.0085
(0.0085)		   0.0551***
(0.0097)		 0.0543***
(0.0097)		 0.0516***
(0.0095)
No of features known
(squared)		 0.0003
(0.0013)		 0.0002
(0.0012)		   −0.0046***
(0.0013)		 −0.0045***
(0.0014)		 −0.0042***
(0.0014)
Other controls Y Y   Y Y Y
Year dummies Y Y   Y Y Y
Observations 4,153 4,153   3,458 3,458 3,458

Notes: ***, ** and * denote statistical significance at the 1, 5 and 10 per cent level, respectively; standard errors are in parentheses

Sources: Authors' calculations; RBA, online banknote surveys