Vol. 14 No. 3 (2026): Business & Management Studies: An International Journal
Articles

Discursive hegemony in the digital currency race: A comparative FinBERT and HAC regression analysis of Fed, ECB, and PBoC’s CBDC strategies

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  • Sebahattin Koç
Sebahattin Koç
Assist. Prof. Dr., Bitlis Eren University, Bitlis, Türkiye

Published 2026-09-25

Keywords

  • CBDC, Söylemsel Hegemonya, Finbert, Pboc, HAC Regresyonu
  • CBDC, Discursive Hegemony, Finbert, Pboc, HAC Regression

How to Cite

Discursive hegemony in the digital currency race: A comparative FinBERT and HAC regression analysis of Fed, ECB, and PBoC’s CBDC strategies. (2026). Business & Management Studies: An International Journal, 14(3), 1831-1850. https://doi.org/10.15295/bmij.v14i3.2790

Copyright (c) 2026 Sebahattin Koç

Creative Commons License

This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.

How to Cite

Discursive hegemony in the digital currency race: A comparative FinBERT and HAC regression analysis of Fed, ECB, and PBoC’s CBDC strategies. (2026). Business & Management Studies: An International Journal, 14(3), 1831-1850. https://doi.org/10.15295/bmij.v14i3.2790

Abstract

This study compares CBDC-related sentences published by the ECB, Fed and PBoC using FinBERT. It separately examines the relationship between the institutions’ overall communication tone in a broader text corpus and selected market indicators. Of the 1,947 CBDC-related sentences identified for June 2020–December 2025, 1,345 belong to the ECB, 557 to the Fed and 45 to the PBoC. The share of positive-labelled sentences is 21.04% for the ECB, 17.78% for the PBoC and 15.44% for the Fed. Under the study’s main weights, the Hegemonic Stability Score is 0.8287 for the PBoC, 0.7768 for the ECB and 0.5425 for the Fed. The ECB ranks first when greater weight is assigned to communication volume. Newey–West HAC analysis of 66 monthly observations derived from the broader institutional corpus finds a positive association with Nasdaq and a negative association with Bitcoin in the PBoC level model. Neither association remains statistically significant in the first-difference model. No significant association is detected in the Fed model. In the ECB model, the Bitcoin coefficient is individually significant, while the joint test does not reach the 5% significance level. These findings show differences in the institutions’ CBDC-related language and indicate that the regression results for overall communication tone are sensitive to model specification.

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