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Table 6: Empirical Results across Different Interest Margins 1/ 2/
| Variable Name |
Lags 3/ |
(1) |
(2) |
(3) |
(4) |
(5) |
(6) |
(7) |
| UninsDep |
L1D |
0.382***
(0.064) |
0.394***
(0.064) |
0.368***
(0.067) |
0.374***
(0.065) |
0.348***
(0.067) |
0.352***
(0.066) |
0.353***
(0.066) |
| L2D |
0.025
(0.036) |
0.024
(0.037) |
0.021
(0.036) |
0.029
(0.036) |
0.024
(0.036) |
0.026
(0.036) |
0.027
(0.036) |
| L3D |
-0.002
(0.030) |
-0.005
(0.030) |
0.004
(0.031) |
0.008
(0.030) |
0.005
(0.030) |
0.006
(0.030) |
0.006
(0.030) |
| UninsIntMarg |
D |
0.880*
(0.497) |
... |
... |
2.200**
(0.904) |
0.197
(0.233) |
... |
-0.496
(0.558) |
| JumboIntMarg |
|
... |
0.061
(0.312) |
... |
-1.953**
(0.942) |
... |
0.285
(0.268) |
0.818
(0.709) |
| DepIntMarg |
|
... |
... |
-2.298**
(1.056) |
... |
-2.315**
(0.989) |
-2.505***
(0.975) |
-3.073**
(1.355) |
| Size |
D |
9.721***
(2.340) |
9.914***
(2.321) |
9.574***
(2.126) |
9.697***
(2.245) |
9.829***
(2.211) |
9.871***
(2.223) |
9.881***
(2.226) |
| Equity |
L1D |
0.445***
(0.133) |
0.460***
(0.128) |
0.373***
(0.129) |
0.394***
(0.127) |
0.379***
(0.127) |
0.384***
(0.127) |
0.387***
(0.129) |
| NonCLoans |
L1D |
-0.046
(0.040) |
-0.012
(0.041) |
-0.070*
(0.042) |
-0.073*
(0.040) |
-0.086**
(0.041) |
-0.085**
(0.041) |
-0.087**
(0.043) |
| ResidLoans |
L1D |
0.061**
(0.031) |
0.056*
(0.031) |
0.061**
(0.031) |
0.067**
(0.031) |
0.061**
(0.031) |
0.059*
(0.031) |
0.059*
(0.031) |
| LoansLeases |
L1D |
0.038*
(0.021) |
0.033*
(0.018) |
0.040**
(0.018) |
0.034**
(0.018) |
0.036**
(0.018) |
0.039**
(0.018) |
0.040**
(0.018) |
| GDP |
D |
0.245***
(0.047) |
0.212***
(0.043) |
0.196***
(0.042) |
0.279***
(0.052) |
0.226***
(0.042) |
0.210***
(0.042) |
0.185***
(0.043) |
| L1D |
0.090*
(0.049) |
0.062
(0.050) |
0.086*
(0.050) |
0.135***
(0.052) |
0.114**
(0.050) |
0.106**
(0.050) |
0.095**
(0.046) |
| Infl |
D |
0.599***
(0.187) |
0.563***
(0.170) |
0.456***
(0.171) |
0.461**
(0.189) |
0.520***
(0.175) |
0.489***
(0.167) |
0.438**
(0.173) |
| Treas_1 |
D |
-0.474***
(0.146) |
-0.277***
(0.094) |
-0.294***
(0.090) |
-0.725***
(0.215) |
-0.391***
(0.098) |
-0.336***
(0.090) |
-0.214**
(0.100) |
| Cons |
-0.048
(0.124) |
-0.021
(0.124) |
0.005
(0.123) |
-0.111
(0.124) |
-0.019
(0.125) |
-0.008
(0.123) |
0.018
(0.125) |
| Obs. |
12,826 |
12,826 |
12,826 |
12,826 |
12,826 |
12,826 |
12,826 |
| Banks |
1,863 |
1,863 |
1,863 |
1,863 |
1,863 |
1,863 |
1,863 |
AB test of no AR(1)
Pr > z = |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
AB test of no AR(2)
Pr > z = |
0.597 |
0.730 |
0.941 |
0.742 |
0.782 |
0.758 |
0.755 |
Sargan test of over-identification 4/
Pr > chi2 = |
0.1463 |
0.0397 |
0.0006 |
0.0001 |
0.0002 |
0.0000 |
0.0000 |
1/ Model with endogenous price mechanism.
2/ Coefficients from first-step robust estimations, unless specified otherwise.
3/ LiD = in first difference with i lag(s); and D = in first difference.
4/ Sargan test is based on two-step regression results.
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