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Demirguc-Kunt, A., Klapper, L., Singer, D., Ansar, S., & Hess, J. R. (2018). The Global Findex Database 2017: Measuring Financial Inclusion and the Fintech Revolution.
https://documents1.worldbank.org/curated/en/332881525873182837/pdf/126033-PUB-PUBLIC-pubdate-4-19-2018.pdf

has been cited by the following article:

• TITLE: Synthetic Control Analysis of Mobile Money Adoption following CBDC Implementation in The Bahamas

  AUTHORS: Chongrong Wang, Hasan Ghazi

  KEYWORDS: Central Banking, Monetary Policy, Supply of Money and Credit, Financial Inclusion

  JOURNAL NAME: Theoretical Economics Letters, Vol.15 No.4, August 28, 2025

  ABSTRACT: This study evaluates the impact of The Bahamas’ Central Bank Digital Currency (CBDC), the Sand Dollar, on mobile money usage by using the Synthetic Control Method (SCM). By choosing a selection of Small Island Developing States (SIDSs) that did not adopt CBDCs, we construct a synthetic counterfactual scenario to estimate what mobile money adoption would have looked like in the absence of the Sand Dollar. Our results showed that mobile money usage in The Bahamas significantly diverged from its counterpart, suggesting that the Sand Dollar played a critical role in accelerating financial participation.