--------------------------------------------------------------------------------------------------------------------- log: M:\Share\Intl Banking project\Liquidity data\STATA\TransChannelCrisis.log log type: text opened on: 2 Mar 2012, 17:38:53 . . do clean . /* Transmission channels project data cleaning file */ . . clear . set mem 100m (102400k) . set matsize 800 . set more off . . /* Obtain and clean raw data for dependent variable */ . . *** 1. BIS foreign Claims (A+L): Downloading table 9A: http://www.bis.org/statistics/consstats.htm *** . *** In excel: format time: Mar2002 fc01mar2002 *** . . insheet using "./BIS_fc(A+L)2011q1.csv", comma clear (69 vars, 196 obs) . reshape long fc, i(cncode) j(time, string) (note: j = 01dec1995 01dec1996 01dec1997 01dec1998 01dec1999 01dec2000 01dec2001 01dec2002 01dec2003 01dec2004 01dec2 > 005 01dec2006 01dec2007 01dec2008 01dec2009 01dec2010 01jun1995 01jun1996 01jun1997 01jun1998 01jun1999 01jun2000 0 > 1jun2001 01jun2002 01jun2003 01jun2004 01jun2005 01jun2006 01jun2007 01jun2008 01jun2009 01jun2010 01mar1995 01mar1 > 996 01mar1997 01mar1998 01mar1999 01mar2000 01mar2001 01mar2002 01mar2003 01mar2004 01mar2005 01mar2006 01mar2007 0 > 1mar2008 01mar2009 01mar2010 01mar2011 01sep1995 01sep1996 01sep1997 01sep1998 01sep1999 01sep2000 01sep2001 01sep2 > 002 01sep2003 01sep2004 01sep2005 01sep2006 01sep2007 01sep2008 01sep2009 01sep2010) Data wide -> long ----------------------------------------------------------------------------- Number of obs. 196 -> 12740 Number of variables 69 -> 6 j variable (65 values) -> time xij variables: fc01dec1995 fc01dec1996 ... fc01sep2010 -> fc ----------------------------------------------------------------------------- . generate date=date(time,"DMY", 2020) /* Change to generate date=date(time,"mdy", 2011) if running STATA 9 */ . format date %td . gen month=month(date) . gen year=year(date) . drop date . generate ymonth=ym(year,month) . format ymonth %tm . gen quarter=1 if month<=3 (9408 missing values generated) . replace quarter=2 if month>3 & month<=6 (3136 real changes made) . replace quarter=3 if month>6 & month<=9 (3136 real changes made) . replace quarter=4 if month>9 (3136 real changes made) . gen yquarter=yq(year, quarter) . format yquarter %tq . sort cncode yquarter . label var fc "Foreign claims of all BIS reporting banks" . keep cncode region income yquarter fc . sort cncode yquarter . save "./forclaims.dta",replace file ./forclaims.dta saved . . insheet using "./BIS_USbankfc(A+L)2011q1.csv", comma clear (69 vars, 195 obs) . reshape long ufc, i(cncode) j(time, string) (note: j = 01dec1995 01dec1996 01dec1997 01dec1998 01dec1999 01dec2000 01dec2001 01dec2002 01dec2003 01dec2004 01dec2 > 005 01dec2006 01dec2007 01dec2008 01dec2009 01dec2010 01jun1995 01jun1996 01jun1997 01jun1998 01jun1999 01jun2000 0 > 1jun2001 01jun2002 01jun2003 01jun2004 01jun2005 01jun2006 01jun2007 01jun2008 01jun2009 01jun2010 01mar1995 01mar1 > 996 01mar1997 01mar1998 01mar1999 01mar2000 01mar2001 01mar2002 01mar2003 01mar2004 01mar2005 01mar2006 01mar2007 0 > 1mar2008 01mar2009 01mar2010 01mar2011 01sep1995 01sep1996 01sep1997 01sep1998 01sep1999 01sep2000 01sep2001 01sep2 > 002 01sep2003 01sep2004 01sep2005 01sep2006 01sep2007 01sep2008 01sep2009 01sep2010) Data wide -> long ----------------------------------------------------------------------------- Number of obs. 195 -> 12675 Number of variables 69 -> 6 j variable (65 values) -> time xij variables: ufc01dec1995 ufc01dec1996 ... ufc01sep2010-> ufc ----------------------------------------------------------------------------- . generate date=date(time,"DMY", 2020) . format date %td . gen month=month(date) . gen year=year(date) . drop date . generate ymonth=ym(year,month) . format ymonth %tm . gen quarter=1 if month<=3 (9360 missing values generated) . replace quarter=2 if month>3 & month<=6 (3120 real changes made) . replace quarter=3 if month>6 & month<=9 (3120 real changes made) . replace quarter=4 if month>9 (3120 real changes made) . gen yquarter=yq(year, quarter) . format yquarter %tq . rename ufc fc_US . label var fc_US "Foreign claims of all U.S. BIS reporting banks" . keep cncode region income yquarter fc_US . sort cncode yquarter . save "./forclaimsUSbanks.dta",replace file ./forclaimsUSbanks.dta saved . . insheet using "./BIS_EUbankfc(A+L)2011q2.csv", comma clear (70 vars, 193 obs) . reshape long pfc, i(cncode) j(time, string) (note: j = 01dec1995 01dec1996 01dec1997 01dec1998 01dec1999 01dec2000 01dec2001 01dec2002 01dec2003 01dec2004 01dec2 > 005 01dec2006 01dec2007 01dec2008 01dec2009 01dec2010 01jun1995 01jun1996 01jun1997 01jun1998 01jun1999 01jun2000 0 > 1jun2001 01jun2002 01jun2003 01jun2004 01jun2005 01jun2006 01jun2007 01jun2008 01jun2009 01jun2010 01jun2012 01mar1 > 995 01mar1996 01mar1997 01mar1998 01mar1999 01mar2000 01mar2001 01mar2002 01mar2003 01mar2004 01mar2005 01mar2006 0 > 1mar2007 01mar2008 01mar2009 01mar2010 01mar2011 01sep1995 01sep1996 01sep1997 01sep1998 01sep1999 01sep2000 01sep2 > 001 01sep2002 01sep2003 01sep2004 01sep2005 01sep2006 01sep2007 01sep2008 01sep2009 01sep2010) Data wide -> long ----------------------------------------------------------------------------- Number of obs. 193 -> 12738 Number of variables 70 -> 6 j variable (66 values) -> time xij variables: pfc01dec1995 pfc01dec1996 ... pfc01sep2010-> pfc ----------------------------------------------------------------------------- . generate date=date(time,"DMY", 2020) . format date %td . gen month=month(date) . gen year=year(date) . drop date . generate ymonth=ym(year,month) . format ymonth %tm . gen quarter=1 if month<=3 (9457 missing values generated) . replace quarter=2 if month>3 & month<=6 (3281 real changes made) . replace quarter=3 if month>6 & month<=9 (3088 real changes made) . replace quarter=4 if month>9 (3088 real changes made) . gen yquarter=yq(year, quarter) . format yquarter %tq . rename pfc fc_EU . label var fc_EU "Foreign claims of all E.U. BIS reporting banks" . keep cncode region income yquarter fc_EU . sort cncode yquarter . save "./forclaimsEUbanks.dta",replace file ./forclaimsEUbanks.dta saved . . /* Obtain and clean main independent variables */ . . *** Asset volatility measure *** . insheet using "./BLMBG_garch.csv",comma clear (10 vars, 5686 obs) . generate date=date(time,"MDY", 2020) . format date %td . gen month=month(date) . gen year=year(date) . drop date . generate ymonth=ym(year,month) . format ymonth %tm . gen quarter=1 if month<=3 (4269 missing values generated) . replace quarter=2 if month>3 & month<=6 (1430 real changes made) . replace quarter=3 if month>6 & month<=9 (1446 real changes made) . replace quarter=4 if month>9 (1393 real changes made) . gen yquarter=yq(year, quarter) . format yquarter %tq . keep garch* yquarter . collapse g*, by(yquarter) . label var garch11 "Conditional volatility of the VIX implied volatility index" . label var garch22 "Conditional volatility of the TED spread" . label var garch33 "Conditional volatility of the EUR/USD rate" . label var garch44 "Conditional volatility of the JPY/USD rate" . label var garch55 "Conditional volatility of the GBP/USD rate" . label var garch66 "Conditional volatility of the agricultural price index" . label var garch77 "Conditional volatility of the energy price index" . label var garch88 "Conditional volatility of the industrial metals index" . rename garch99 asset_vol5 . label var asset_vol5 "Conditional volatility of the LIBOR-OIS spread" . sort yquarter . save "./BLMBG_garch.dta",replace file ./BLMBG_garch.dta saved . . *** Alternative asset volatility measure: unconditional volatility PCA (calculating standard deviation over each qu > arter)*** . insheet using "./BLMBG_volatility_vars_raw.csv", clear (9 vars, 5685 obs) . rename date time . generate date=date(time,"MDY", 2020) . format date %td . gen week=week(date) . gen month=month(date) . gen year=year(date) . drop date . generate yweek=yw(year,week) . generate ymonth=ym(year,month) . format yweek %tw . format ymonth %tm . gen quarter=1 if month<=3 (4268 missing values generated) . replace quarter=2 if month>3 & month<=6 (1430 real changes made) . replace quarter=3 if month>6 & month<=9 (1446 real changes made) . replace quarter=4 if month>9 (1392 real changes made) . gen yquarter=yq(year, quarter) . format yquarter %tq . sort yquarter . preserve . keep yquarter vixindex . collapse (mean) vixindex, by(yquarter) . sort yquarter . save "./temp/volatility1_vix_quarterly.dta", replace file ./temp/volatility1_vix_quarterly.dta saved . restore . preserve . keep time yweek yquarter . sort yweek . save "./temp/volatility1_day_week_quarter.dta", replace file ./temp/volatility1_day_week_quarter.dta saved . restore . preserve . keep yweek vixindex . collapse (mean) vixindex, by(yweek) . sort yweek . save "./temp/volatility1_vix_weekly.dta", replace file ./temp/volatility1_vix_weekly.dta saved . restore . preserve . collapse (semean) tedgindex eurcmptcurncy jpycmptcurncy gbpcmptcurncy spgcagtrindex spgcentrindex spgcintrindex, by > (yquarter) . local vollist "tedgindex eurcmptcurncy jpycmptcurncy gbpcmptcurncy spgcagtrindex spgcentrindex spgcintrindex" . foreach volvar of local vollist { 2. rename `volvar' `volvar'_stddev 3. label var `volvar'_stddev "standard deviation of `volvar' measured over quarter" 4. } . sort yquarter . merge yquarter using "./temp/volatility1_vix_quarterly.dta" . drop _merge . sort yquarter . save "./volatility1.dta", replace file ./volatility1.dta saved . restore . sort yweek . collapse (semean) tedgindex eurcmptcurncy jpycmptcurncy gbpcmptcurncy spgcagtrindex spgcentrindex spgcintrindex, by > (yweek) . local vollist "tedgindex eurcmptcurncy jpycmptcurncy gbpcmptcurncy spgcagtrindex spgcentrindex spgcintrindex" . foreach volvar of local vollist { 2. rename `volvar' `volvar'_sdwkly 3. } . sort yweek . merge yweek using "./temp/volatility1_vix_weekly.dta" . drop _merge . sort yweek . merge yweek using "./temp/volatility1_day_week_quarter.dta" variable yweek does not uniquely identify observations in ./temp/volatility1_day_week_quarter.dta . drop _merge . sort yquarter . collapse (mean) vixindex tedgindex_sdwkly eurcmptcurncy_sdwkly jpycmptcurncy_sdwkly gbpcmptcurncy_sdwkly spgcagtrin > dex_sdwkly spgcentrindex_sdwkly spgcintrindex_sdwkly, by(yquarter) . local vollist "tedgindex eurcmptcurncy jpycmptcurncy gbpcmptcurncy spgcagtrindex spgcentrindex spgcintrindex" . foreach volvar of local vollist { 2. label var `volvar'_sdwkly "standard deviation of `volvar' measured over week, averaged over quarter" 3. } . rename vixindex vix_wkly . sort yquarter . save "./volatility_sd_wkly.dta", replace file ./volatility_sd_wkly.dta saved . . *** Alternative asset volatility measure: unconditional volatility PCA (calculating standard deviation over each mo > nth)*** . insheet using "./BLMBG_volatility.csv", comma clear (6 vars, 5685 obs) . gen yquarter=yq(year, quarter) . format yquarter %tq . collapse (mean) marketvolatilityandanxietycommon, by(yquarter) . ren marketvolatilityandanxietycommon asset_vol4 . label var asset_vol4 "First factor index of volatility of asset markets" . sort yquarter . save "./volatility2.dta", replace file ./volatility2.dta saved . . *** Alternative asset volatility measure: CBOE VIX *** . insheet using "./DS_vix.csv", comma clear (2 vars, 4405 obs) . drop in 1/3 (3 observations deleted) . ren v1 time . ren v2 vix . destring vix, replace vix has all characters numeric; replaced as double . generate date=date(time,"MDY", 2020) . format date %td . gen month=month(date) . gen year=year(date) . drop date . generate ymonth=ym(year,month) . format ymonth %tm . *generate quarter . gen quarter=1 if month<=3 (3306 missing values generated) . replace quarter=2 if month>3 & month<=6 (1105 real changes made) . replace quarter=3 if month>6 & month<=9 (1117 real changes made) . replace quarter=4 if month>9 (1084 real changes made) . gen yquarter=yq(year, quarter) . format yquarter %tq . sort yquarter . drop time . collapse (mean) vix, by (yquarter) . label var vix "CBOE VIX S&P 500 excess volatility index" . sort yquarter . save "./volatility3.dta", replace file ./volatility3.dta saved . . *** Liquidity and solvency spreads: TED and U.S. Bank CDS *** . insheet using "./DS_spreads.csv", comma names clear (8 vars, 4420 obs) . ren code time . ren usbancd usbankcds . label var usbankcds "US BANKS SECTOR CDS INDEX 5Y - CDS PREM. MID (USBANCD)" . label var frtbs3m "US T-BILL SEC MARKET 3 MONTH (D) - MIDDLE RATE (FRTBS3M)" . label var bbusd3m "US INTERBANK 3 MTH (LDN:BBA) - OFFERED RATE (BBUSD3M)" . label var oiusd3m "US DOLLAR 3 MONTH OIS - MIDDLE RATE (OIUS3M)" . ren bbusdon libor_on . label var libor_on "US INTERBANK O/N (LDN:BBA) - OFFERED RATE (BBUSDON)" . label var frcds3m "US CD SECOND MARKET 3 MONTH (D) - MIDDLE RATE (FRCDS3M)" . label var fredd3m "US EURO$ DEP 3 MONTH (BID,LDN) (D) - MIDDLE RATE" . gen ted = (bbusd3m - frtbs3m)*100 . gen liborcd = (bbusd3m - frcds3m)*100 . gen libored = (bbusd3m - fredd3m)*100 . drop in 1/2 (2 observations deleted) . generate date=date(time,"MDY", 2020) . format date %td . gen month=month(date) . gen year=year(date) . drop date . generate ymonth=ym(year,month) . format ymonth %tm . gen quarter=1 if month<=3 (3323 missing values generated) . replace quarter=2 if month>3 & month<=6 (1105 real changes made) . replace quarter=3 if month>6 & month<=9 (1117 real changes made) . replace quarter=4 if month>9 (1101 real changes made) . gen yquarter=yq(year, quarter) . format yquarter %tq . sort yquarter . drop time . collapse (mean) usbankcds ted liborcd libored bbusd3m frcds3m fredd3m, by (yquarter) . label var usbankcds "Daily US banking sector CDS index 5Y, quarterly average" . label var ted "Daily 3-month Treasury bill spread from 3-month LIBOR (TED spread), quarterly average" note: label truncated to 80 characters . label var liborcd "Daily 3-month term certificate of deposit spread from 3-month LIBOR (LIBOR-CD spread), quarterly > average" note: label truncated to 80 characters . label var libored "Daily 3-month term eurodollar deposit spread from 3-month LIBOR (LIBOR-CD spread), quarterly ave > rage" note: label truncated to 80 characters . label var bbusd3m "Daily 3-month LIBOR, quarterly average" . label var frcds3m "Daily 3-month CD rate, quarterly average" . label var fredd3m "Daily 3-month Eurodollar deposit rate, quarterly average" . sort yquarter . save "./spreads1.dta", replace file ./spreads1.dta saved . . *** Quarterly average of LIBOR-OIS spread: Data from Bloomberg (ticker BICLOISS Index) *** . insheet using "./BLMBG_lois.csv", comma clear (2 vars, 2436 obs) . ren px_last lois . generate date=date(time,"MDY", 2011) . format date %td . gen month=month(date) . gen year=year(date) . drop date . generate ymonth=ym(year,month) . format ymonth %tm . gen quarter=1 if month<=3 (1819 missing values generated) . replace quarter=2 if month>3 & month<=6 (603 real changes made) . replace quarter=3 if month>6 & month<=9 (631 real changes made) . replace quarter=4 if month>9 (585 real changes made) . gen yquarter=yq(year, quarter) . format yquarter %tq . preserve . collapse (mean) lois, by (yquarter) . label var lois "Daily LIBOR-OIS spread, quarterly average" . sort yquarter . save "./Temp/lois.dta",replace file ./Temp/lois.dta saved . restore . collapse (sd) lois, by (yquarter) . rename lois sdlois . label var sdlois "Standard deviation of daily LIBOR-OIS spread, by quarter" . sort yquarter . merge yquarter using "./Temp/lois.dta" . drop _merge . sort yquarter . save "./spreads2.dta",replace file ./spreads2.dta saved . . *** Euro market liquidity and solvency spreads: EURIBOR-EONIA spread and E.U. Bank CDS *** . insheet using "./DS_euspreads.csv",comma clear (5 vars, 3403 obs) . drop in 1/2 (2 observations deleted) . ren v1 time . destring v*, replace v2 has all characters numeric; replaced as double v3 has all characters numeric; replaced as double (1 missing value generated) v4 has all characters numeric; replaced as double (1686 missing values generated) v5 has all characters numeric; replaced as double (1304 missing values generated) . ren v2 euribor . ren v3 eonia . ren v4 euois . ren v5 eubankcds . label var euribor "EURIBOR 3 MONTH - OFFERED RATE" . label var euois "EURO 3 MONTH OIS - MIDDLE RATE" . label var eonia "EONIA SWAP INDEX - 3 MONTH - MIDDLE RATE" . gen eois = (euribor - euois)*100 (1686 missing values generated) . gen eeonia = (euribor - eonia)*100 (1 missing value generated) . label var eubankcds "EU BANKS SECTOR CDS INDEX 5Y - CDS PREM. MID" . generate date=date(time,"MDY", 2020) . format date %td . gen month=month(date) . gen year=year(date) . drop date . generate ymonth=ym(year,month) . format ymonth %tm . gen quarter=1 if month<=3 (2553 missing values generated) . replace quarter=2 if month>3 & month<=6 (845 real changes made) . replace quarter=3 if month>6 & month<=9 (854 real changes made) . replace quarter=4 if month>9 (854 real changes made) . gen yquarter=yq(year, quarter) . format yquarter %tq . sort yquarter . preserve . collapse (mean) eois eeonia, by (yquarter) . label var eois "Daily EURIBOR-Euro OIS spread, quarterly average" . label var eeonia "Daily EURIBOR-EONIA spread, quarterly average" . sort yquarter . save "./Temp/eois.dta",replace file ./Temp/eois.dta saved . restore . collapse (sd) eois eeonia (mean) eubankcds, by (yquarter) . rename eois sdeois . rename eeonia sdeeonia . label var sdeois "Standard deviation of daily EURIBOR-Euro OIS spread, by quarter" . label var sdeeonia "Standard deviation of daily EURIBOR-EONIA spread, by quarter" . label var eubankcds "Daily EU banking sector CDS index 5Y, quarterly average" . sort yquarter . merge yquarter using "./Temp/eois.dta" . drop _merge . sort yquarter . save "./spreads3.dta",replace file ./spreads3.dta saved . clear . . *** Quarterly US bank performance: FDIC *** . insheet using "./FDIC_bankperf.csv", clear (9 vars, 39 obs) . generate date=date(time,"MDY", 2020) . format date %td . gen month=month(date) . gen year=year(date) . drop date . generate ymonth=ym(year,month) . format ymonth %tm . gen quarter=1 if month<=3 (29 missing values generated) . replace quarter=2 if month>3 & month<=6 (10 real changes made) . replace quarter=3 if month>6 & month<=9 (9 real changes made) . replace quarter=4 if month>9 (10 real changes made) . gen yquarter=yq(year, quarter) . format yquarter %tq . drop time month year ymonth quarter . sort yquarter . label var unprofit_foroff "Unprofitable lenders, banks with foreign offices" . label var chargeoffs_foroff "Net charge-offs as fraction of outstanding loans, banks with foreign offices" . label var lossallow_foroff "Loss allowances as fraction of outstanding loans, banks with foreign offices" . label var noncurrent_foroff "Noncurrent loans as fraction of outstanding loans, banks with foreign offices" . label var leverage_foroff "Leverage ratio, banks with foreign offices" . label var tier1_foroff "Tier 1 capital, banks with foreign offices" . label var capratio_foroff "Capital ratio, banks with foreign offices" . save "./bankperf.dta", replace file ./bankperf.dta saved . . *** Senior loan officer survey: Data from federal reserve (http://www.federalreserve.gov/boarddocs/snloansurvey/) * > ** . insheet using "./FED_slos.csv", comma names clear (5 vars, 590 obs) . local ddlist "dem_lg_ss dem_lg_ms dem_lg_same dem_lg_mw dem_lg_sw dem_sm_ss dem_sm_ms dem_sm_same dem_sm_mw dem_sm_ > sw" . foreach ddvar of local ddlist { 2. preserve 3. keep if var == "`ddvar'" 4. drop var 5. ren banks `ddvar' 6. gen quarter=1 if month == 4 | month == 5 7. replace quarter=2 if month == 7 | month == 8 8. replace quarter=3 if month == 10 | month == 11 9. replace quarter=4 if month == 1 10. replace year = year - 1 if month == 1 11. drop if month == 3 | month == 9 12. gen yquarter=yq(year, quarter) 13. format yquarter %tq 14. drop month 15. sort yquarter 16. save "./Temp/FED_slos_`ddvar'.dta", replace 17. restore 18. } (531 observations deleted) (45 missing values generated) (15 real changes made) (14 real changes made) (14 real changes made) (14 real changes made) (2 observations deleted) file ./Temp/FED_slos_dem_lg_ss.dta saved (531 observations deleted) (45 missing values generated) (15 real changes made) (14 real changes made) (14 real changes made) (14 real changes made) (2 observations deleted) file ./Temp/FED_slos_dem_lg_ms.dta saved (531 observations deleted) (45 missing values generated) (15 real changes made) (14 real changes made) (14 real changes made) (14 real changes made) (2 observations deleted) file ./Temp/FED_slos_dem_lg_same.dta saved (531 observations deleted) (45 missing values generated) (15 real changes made) (14 real changes made) (14 real changes made) (14 real changes made) (2 observations deleted) file ./Temp/FED_slos_dem_lg_mw.dta saved (531 observations deleted) (45 missing values generated) (15 real changes made) (14 real changes made) (14 real changes made) (14 real changes made) (2 observations deleted) file ./Temp/FED_slos_dem_lg_sw.dta saved (531 observations deleted) (45 missing values generated) (15 real changes made) (14 real changes made) (14 real changes made) (14 real changes made) (2 observations deleted) file ./Temp/FED_slos_dem_sm_ss.dta saved (531 observations deleted) (45 missing values generated) (15 real changes made) (14 real changes made) (14 real changes made) (14 real changes made) (2 observations deleted) file ./Temp/FED_slos_dem_sm_ms.dta saved (531 observations deleted) (45 missing values generated) (15 real changes made) (14 real changes made) (14 real changes made) (14 real changes made) (2 observations deleted) file ./Temp/FED_slos_dem_sm_same.dta saved (531 observations deleted) (45 missing values generated) (15 real changes made) (14 real changes made) (14 real changes made) (14 real changes made) (2 observations deleted) file ./Temp/FED_slos_dem_sm_mw.dta saved (531 observations deleted) (45 missing values generated) (15 real changes made) (14 real changes made) (14 real changes made) (14 real changes made) (2 observations deleted) file ./Temp/FED_slos_dem_sm_sw.dta saved . use "./Temp/FED_slos_dem_lg_ss.dta", clear . local ddlist "dem_lg_ms dem_lg_same dem_lg_mw dem_lg_sw dem_sm_ss dem_sm_ms dem_sm_same dem_sm_mw dem_sm_sw" . foreach ddvar of local ddlist { 2. merge yquarter using "./Temp/FED_slos_`ddvar'.dta" 3. drop _merge 4. sort yquarter 5. } . keep yquarter dem* . label var dem_lg_ss "Demand for C&I loans from large firms substantially stronger" . label var dem_lg_ms "Demand for C&I loans from small firms substantially weaker" . label var dem_lg_same "Demand for C&I loans from large firms about the same" . label var dem_lg_mw "Demand for C&I loans from large firms moderately weaker" . label var dem_lg_sw "Demand for C&I loans from large firms substantially weaker" . label var dem_sm_ss "Demand for C&I loans from small firms substantially stronger" . label var dem_sm_ms "Demand for C&I loans from small firms moderately stronger" . label var dem_sm_same "Demand for C&I loans from small firms about the same" . label var dem_sm_mw "Demand for C&I loans from small firms moderately weaker" . label var dem_sm_sw "Demand for C&I loans from small firms substantially weaker" . sort yquarter . save "./Temp/FED_slos1.dta", replace file ./Temp/FED_slos1.dta saved . . insheet using "./FED_slos2.csv", comma names clear (5 vars, 540 obs) . local ddlist "dem_up1_ni dem_up1_si dem_up1_vi dem_up2_ni dem_up2_si dem_up2_vi dem_up3_ni dem_up3_si dem_up3_vi de > m_up4_ni dem_up4_si dem_up4_vi dem_up5_ni dem_up5_si dem_up5_vi dem_up6_ni dem_up6_si dem_up6_vi dem_dn1_ni dem_dn1 > _si dem_dn1_vi dem_dn2_ni dem_dn2_si dem_dn2_vi dem_dn3_ni dem_dn3_si dem_dn3_vi dem_dn4_ni dem_dn4_si dem_dn4_vi d > em_dn5_ni dem_dn5_si dem_dn5_vi dem_dn6_ni dem_dn6_si dem_dn6_vi" . foreach ddvar of local ddlist { 2. preserve 3. keep if var == "`ddvar'" 4. drop var 5. ren banks `ddvar' 6. gen quarter=1 if month == 4 | month == 5 7. replace quarter=2 if month == 7 | month == 8 8. replace quarter=3 if month == 10 | month == 11 9. replace quarter=4 if month == 1 10. replace year = year - 1 if month == 1 11. drop if month == 3 | month == 9 12. gen yquarter=yq(year, quarter) 13. format yquarter %tq 14. drop month 15. sort yquarter 16. save "./Temp/FED_slos_`ddvar'.dta", replace 17. restore 18. } (525 observations deleted) (11 missing values generated) (4 real changes made) (3 real changes made) (4 real changes made) (4 real changes made) (0 observations deleted) file ./Temp/FED_slos_dem_up1_ni.dta saved (525 observations deleted) (11 missing values generated) (4 real changes made) (3 real changes made) (4 real changes made) (4 real changes made) (0 observations deleted) file ./Temp/FED_slos_dem_up1_si.dta saved (525 observations deleted) (11 missing values generated) (4 real changes made) (3 real changes made) (4 real changes made) (4 real changes made) (0 observations deleted) file ./Temp/FED_slos_dem_up1_vi.dta saved (525 observations deleted) (11 missing values generated) (4 real changes made) (3 real changes made) (4 real changes made) (4 real changes made) (0 observations deleted) file ./Temp/FED_slos_dem_up2_ni.dta saved (525 observations deleted) (11 missing values generated) (4 real changes made) (3 real changes made) (4 real changes made) (4 real changes made) (0 observations deleted) file ./Temp/FED_slos_dem_up2_si.dta saved (525 observations deleted) (11 missing values generated) (4 real changes made) (3 real changes made) (4 real changes made) (4 real changes made) (0 observations deleted) file ./Temp/FED_slos_dem_up2_vi.dta saved (525 observations deleted) (11 missing values generated) (4 real changes made) (3 real changes made) (4 real changes made) (4 real changes made) (0 observations deleted) file ./Temp/FED_slos_dem_up3_ni.dta saved (525 observations deleted) (11 missing values generated) (4 real changes made) (3 real changes made) (4 real changes made) (4 real changes made) (0 observations deleted) file ./Temp/FED_slos_dem_up3_si.dta saved (525 observations deleted) (11 missing values generated) (4 real changes made) (3 real changes made) (4 real changes made) (4 real changes made) (0 observations deleted) file ./Temp/FED_slos_dem_up3_vi.dta saved (525 observations deleted) (11 missing values generated) (4 real changes made) (3 real changes made) (4 real changes made) (4 real changes made) (0 observations deleted) file ./Temp/FED_slos_dem_up4_ni.dta saved (525 observations deleted) (11 missing values generated) (4 real changes made) (3 real changes made) (4 real changes made) (4 real changes made) (0 observations deleted) file ./Temp/FED_slos_dem_up4_si.dta saved (525 observations deleted) (11 missing values generated) (4 real changes made) (3 real changes made) (4 real changes made) (4 real changes made) (0 observations deleted) file ./Temp/FED_slos_dem_up4_vi.dta saved (525 observations deleted) (11 missing values generated) (4 real changes made) (3 real changes made) (4 real changes made) (4 real changes made) (0 observations deleted) file ./Temp/FED_slos_dem_up5_ni.dta saved (525 observations deleted) (11 missing values generated) (4 real changes made) (3 real changes made) (4 real changes made) (4 real changes made) (0 observations deleted) file ./Temp/FED_slos_dem_up5_si.dta saved (525 observations deleted) (11 missing values generated) (4 real changes made) (3 real changes made) (4 real changes made) (4 real changes made) (0 observations deleted) file ./Temp/FED_slos_dem_up5_vi.dta saved (525 observations deleted) (11 missing values generated) (4 real changes made) (3 real changes made) (4 real changes made) (4 real changes made) (0 observations deleted) file ./Temp/FED_slos_dem_up6_ni.dta saved (525 observations deleted) (11 missing values generated) (4 real changes made) (3 real changes made) (4 real changes made) (4 real changes made) (0 observations deleted) file ./Temp/FED_slos_dem_up6_si.dta saved (525 observations deleted) (11 missing values generated) (4 real changes made) (3 real changes made) (4 real changes made) (4 real changes made) (0 observations deleted) file ./Temp/FED_slos_dem_up6_vi.dta saved (525 observations deleted) (11 missing values generated) (4 real changes made) (3 real changes made) (4 real changes made) (4 real changes made) (0 observations deleted) file ./Temp/FED_slos_dem_dn1_ni.dta saved (525 observations deleted) (11 missing values generated) (4 real changes made) (3 real changes made) (4 real changes made) (4 real changes made) (0 observations deleted) file ./Temp/FED_slos_dem_dn1_si.dta saved (525 observations deleted) (11 missing values generated) (4 real changes made) (3 real changes made) (4 real changes made) (4 real changes made) (0 observations deleted) file ./Temp/FED_slos_dem_dn1_vi.dta saved (525 observations deleted) (11 missing values generated) (4 real changes made) (3 real changes made) (4 real changes made) (4 real changes made) (0 observations deleted) file ./Temp/FED_slos_dem_dn2_ni.dta saved (525 observations deleted) (11 missing values generated) (4 real changes made) (3 real changes made) (4 real changes made) (4 real changes made) (0 observations deleted) file ./Temp/FED_slos_dem_dn2_si.dta saved (525 observations deleted) (11 missing values generated) (4 real changes made) (3 real changes made) (4 real changes made) (4 real changes made) (0 observations deleted) file ./Temp/FED_slos_dem_dn2_vi.dta saved (525 observations deleted) (11 missing values generated) (4 real changes made) (3 real changes made) (4 real changes made) (4 real changes made) (0 observations deleted) file ./Temp/FED_slos_dem_dn3_ni.dta saved (525 observations deleted) (11 missing values generated) (4 real changes made) (3 real changes made) (4 real changes made) (4 real changes made) (0 observations deleted) file ./Temp/FED_slos_dem_dn3_si.dta saved (525 observations deleted) (11 missing values generated) (4 real changes made) (3 real changes made) (4 real changes made) (4 real changes made) (0 observations deleted) file ./Temp/FED_slos_dem_dn3_vi.dta saved (525 observations deleted) (11 missing values generated) (4 real changes made) (3 real changes made) (4 real changes made) (4 real changes made) (0 observations deleted) file ./Temp/FED_slos_dem_dn4_ni.dta saved (525 observations deleted) (11 missing values generated) (4 real changes made) (3 real changes made) (4 real changes made) (4 real changes made) (0 observations deleted) file ./Temp/FED_slos_dem_dn4_si.dta saved (525 observations deleted) (11 missing values generated) (4 real changes made) (3 real changes made) (4 real changes made) (4 real changes made) (0 observations deleted) file ./Temp/FED_slos_dem_dn4_vi.dta saved (525 observations deleted) (11 missing values generated) (4 real changes made) (3 real changes made) (4 real changes made) (4 real changes made) (0 observations deleted) file ./Temp/FED_slos_dem_dn5_ni.dta saved (525 observations deleted) (11 missing values generated) (4 real changes made) (3 real changes made) (4 real changes made) (4 real changes made) (0 observations deleted) file ./Temp/FED_slos_dem_dn5_si.dta saved (525 observations deleted) (11 missing values generated) (4 real changes made) (3 real changes made) (4 real changes made) (4 real changes made) (0 observations deleted) file ./Temp/FED_slos_dem_dn5_vi.dta saved (525 observations deleted) (11 missing values generated) (4 real changes made) (3 real changes made) (4 real changes made) (4 real changes made) (0 observations deleted) file ./Temp/FED_slos_dem_dn6_ni.dta saved (525 observations deleted) (11 missing values generated) (4 real changes made) (3 real changes made) (4 real changes made) (4 real changes made) (0 observations deleted) file ./Temp/FED_slos_dem_dn6_si.dta saved (525 observations deleted) (11 missing values generated) (4 real changes made) (3 real changes made) (4 real changes made) (4 real changes made) (0 observations deleted) file ./Temp/FED_slos_dem_dn6_vi.dta saved . use "./Temp/FED_slos_dem_up1_ni.dta", clear . local ddlist "dem_up1_si dem_up1_vi dem_up2_ni dem_up2_si dem_up2_vi dem_up3_ni dem_up3_si dem_up3_vi dem_up4_ni de > m_up4_si dem_up4_vi dem_up5_ni dem_up5_si dem_up5_vi dem_up6_ni dem_up6_si dem_up6_vi dem_dn1_ni dem_dn1_si dem_dn1 > _vi dem_dn2_ni dem_dn2_si dem_dn2_vi dem_dn3_ni dem_dn3_si dem_dn3_vi dem_dn4_ni dem_dn4_si dem_dn4_vi dem_dn5_ni d > em_dn5_si dem_dn5_vi dem_dn6_ni dem_dn6_si dem_dn6_vi" . foreach ddvar of local ddlist { 2. merge yquarter using "./Temp/FED_slos_`ddvar'.dta" 3. drop _merge 4. sort yquarter 5. } . keep yquarter dem* . label var dem_up1_ni "Dem up because customer inventory financing needs up - not impnt" . label var dem_up1_si "Dem up because customer inventory financing needs up - somewhat impnt" . label var dem_up1_vi "Dem up because customer inventory financing needs up - very impnt" . label var dem_up2_ni "Dem up because customer accts receivable financing needs up - not impnt" . label var dem_up2_si "Dem up because customer accts receivable financing needs up - somewhat impnt" . label var dem_up2_vi "Dem up because customer accts receivable financing needs up - very impnt" . label var dem_up3_ni "Dem up because customer inv in plant or equipment up - not impnt" . label var dem_up3_si "Dem up because customer inv in plant or equipment up - somewhat impnt" . label var dem_up3_vi "Dem up because customer inv in plant or equipment up - very impnt" . label var dem_up4_ni "Dem up because customer internally generated funds down - not impnt" . label var dem_up4_si "Dem up because customer internally generated funds down - somewhat impnt" . label var dem_up4_vi "Dem up because customer internally generated funds down - very impnt" . label var dem_up5_ni "Dem up because customer merger or acq financing needs up - not impnt" . label var dem_up5_si "Dem up because customer merger or acq financing needs up - somewhat impnt" . label var dem_up5_vi "Dem up because customer merger or acq financing needs up - very impnt" . label var dem_up6_ni "Dem up because other sources became less attractive - not impnt" . label var dem_up6_si "Dem up because other sources became less attractive - somewhat impnt" . label var dem_up6_vi "Dem up because other sources became less attractive - very impnt" . label var dem_dn1_ni "Dem down because customer inventory financing needs down - not impnt" . label var dem_dn1_si "Dem down because customer inventory financing needs down - somewhat impnt" . label var dem_dn1_vi "Dem down because customer inventory financing needs down - very impnt" . label var dem_dn2_ni "Dem down because customer accts receivable financing needs down - not impnt" . label var dem_dn2_si "Dem down because customer accts receivable financing needs down - somewhat impnt" note: label truncated to 80 characters . label var dem_dn2_vi "Dem down because customer accts receivable financing needs down - very impnt" . label var dem_dn3_ni "Dem down because customer inv in plant or equipment down - not impnt" . label var dem_dn3_si "Dem down because customer inv in plant or equipment down - somewhat impnt" . label var dem_dn3_vi "Dem down because customer inv in plant or equipment down - very impnt" . label var dem_dn4_ni "Dem down because customer internally generated funds up - not impnt" . label var dem_dn4_si "Dem down because customer internally generated funds up - somewhat impnt" . label var dem_dn4_vi "Dem down because customer internally generated funds up - very impnt" . label var dem_dn5_ni "Dem down because customer merger or acq financing needs down - not impnt" . label var dem_dn5_si "Dem down because customer merger or acq financing needs down - somewhat impnt" . label var dem_dn5_vi "Dem down because customer merger or acq financing needs down - very impnt" . label var dem_dn6_ni "Dem down because other sources became more attractive - not impnt" . label var dem_dn6_si "Dem down because other sources became more attractive - somewhat impnt" . label var dem_dn6_vi "Dem down because other sources became more attractive - very impnt" . sort yquarter . save "./Temp/FED_slos2.dta", replace file ./Temp/FED_slos2.dta saved . . insheet using "./FED_slos3.csv", comma names clear (5 vars, 490 obs) . local ddlist "dem_up1_avg dem_up2_avg dem_up3_avg dem_up4_avg dem_up5_avg dem_up6_avg dem_up7_avg dem_dn1_avg dem_d > n2_avg dem_dn3_avg dem_dn4_avg dem_dn5_avg dem_dn6_avg dem_dn7_avg" . foreach ddvar of local ddlist { 2. preserve 3. keep if var == "`ddvar'" 4. drop var 5. ren banks `ddvar' 6. gen quarter=1 if month == 4 | month == 5 7. replace quarter=2 if month == 7 | month == 8 8. replace quarter=3 if month == 10 | month == 11 9. replace quarter=4 if month == 1 10. replace year = year - 1 if month == 1 11. drop if month == 3 | month == 9 12. gen yquarter=yq(year, quarter) 13. format yquarter %tq 14. drop month 15. sort yquarter 16. save "./Temp/FED_slos_`ddvar'.dta", replace 17. restore 18. } (455 observations deleted) (27 missing values generated) (9 real changes made) (9 real changes made) (8 real changes made) (8 real changes made) (1 observation deleted) file ./Temp/FED_slos_dem_up1_avg.dta saved (455 observations deleted) (27 missing values generated) (9 real changes made) (9 real changes made) (8 real changes made) (8 real changes made) (1 observation deleted) file ./Temp/FED_slos_dem_up2_avg.dta saved (455 observations deleted) (27 missing values generated) (9 real changes made) (9 real changes made) (8 real changes made) (8 real changes made) (1 observation deleted) file ./Temp/FED_slos_dem_up3_avg.dta saved (455 observations deleted) (27 missing values generated) (9 real changes made) (9 real changes made) (8 real changes made) (8 real changes made) (1 observation deleted) file ./Temp/FED_slos_dem_up4_avg.dta saved (455 observations deleted) (27 missing values generated) (9 real changes made) (9 real changes made) (8 real changes made) (8 real changes made) (1 observation deleted) file ./Temp/FED_slos_dem_up5_avg.dta saved (455 observations deleted) (27 missing values generated) (9 real changes made) (9 real changes made) (8 real changes made) (8 real changes made) (1 observation deleted) file ./Temp/FED_slos_dem_up6_avg.dta saved (455 observations deleted) (27 missing values generated) (9 real changes made) (9 real changes made) (8 real changes made) (8 real changes made) (1 observation deleted) file ./Temp/FED_slos_dem_up7_avg.dta saved (455 observations deleted) (27 missing values generated) (9 real changes made) (9 real changes made) (8 real changes made) (8 real changes made) (1 observation deleted) file ./Temp/FED_slos_dem_dn1_avg.dta saved (455 observations deleted) (27 missing values generated) (9 real changes made) (9 real changes made) (8 real changes made) (8 real changes made) (1 observation deleted) file ./Temp/FED_slos_dem_dn2_avg.dta saved (455 observations deleted) (27 missing values generated) (9 real changes made) (9 real changes made) (8 real changes made) (8 real changes made) (1 observation deleted) file ./Temp/FED_slos_dem_dn3_avg.dta saved (455 observations deleted) (27 missing values generated) (9 real changes made) (9 real changes made) (8 real changes made) (8 real changes made) (1 observation deleted) file ./Temp/FED_slos_dem_dn4_avg.dta saved (455 observations deleted) (27 missing values generated) (9 real changes made) (9 real changes made) (8 real changes made) (8 real changes made) (1 observation deleted) file ./Temp/FED_slos_dem_dn5_avg.dta saved (455 observations deleted) (27 missing values generated) (9 real changes made) (9 real changes made) (8 real changes made) (8 real changes made) (1 observation deleted) file ./Temp/FED_slos_dem_dn6_avg.dta saved (455 observations deleted) (27 missing values generated) (9 real changes made) (9 real changes made) (8 real changes made) (8 real changes made) (1 observation deleted) file ./Temp/FED_slos_dem_dn7_avg.dta saved . use "./Temp/FED_slos_dem_up1_avg.dta", clear . local ddlist "dem_up2_avg dem_up3_avg dem_up4_avg dem_up5_avg dem_up6_avg dem_up7_avg dem_dn1_avg dem_dn2_avg dem_d > n3_avg dem_dn4_avg dem_dn5_avg dem_dn6_avg dem_dn7_avg" . foreach ddvar of local ddlist { 2. merge yquarter using "./Temp/FED_slos_`ddvar'.dta" 3. drop _merge 4. sort yquarter 5. } . keep yquarter dem* . label var dem_up1_avg "Demand up because customer inventory financing needs up (wtd mean, 1-3)" . label var dem_up2_avg "Demand up because customer accts receivable financing needs up (wtd mean, 1-3)" . label var dem_up3_avg "Demand up because customer investment in plant or equipment up (wtd mean, 1-3)" . label var dem_up4_avg "Demand up because customer internally generated funds down (wtd mean, 1-3)" . label var dem_up5_avg "Demand up because customer merger or acq financing needs up (wtd mean, 1-3)" . label var dem_up6_avg "Demand up because customers' other sources became less attractive (wtd mean, 1-3)" note: label truncated to 80 characters . label var dem_up7_avg "Demand up - other reasons (wtd mean, 1-3)" . label var dem_dn1_avg "Demand down because customer inventory financing needs down (wtd mean, 1-3)" . label var dem_dn2_avg "Demand down because customer accts receivable financing needs down (wtd mean, 1-3)" note: label truncated to 80 characters . label var dem_dn3_avg "Demand down because customer investment in plant or equipment down (wtd mean, 1-3)" note: label truncated to 80 characters . label var dem_dn4_avg "Demand down because customer internally generated funds up (wtd mean, 1-3)" . label var dem_dn5_avg "Demand down because customer merger or acq financing needs down (wtd mean, 1-3)" . label var dem_dn6_avg "Demand down because customers' other sources became more attractive (wtd mean, 1-3)" note: label truncated to 80 characters . label var dem_dn7_avg "Demand down - other reasons" . sort yquarter . save "./Temp/FED_slos3.dta", replace file ./Temp/FED_slos3.dta saved . . insheet using "./FED_slos4.csv", comma names clear (5 vars, 295 obs) . local ddlist "riskaverse_more_ni riskaverse_more_si riskaverse_more_vi riskaverse_less_ni riskaverse_less_si riskav > erse_less_vi slos_sample_size riskaverse_more_avg slos_tightened riskaverse_less_avg slos_eased" . foreach ddvar of local ddlist { 2. preserve 3. keep if var == "`ddvar'" 4. drop var 5. ren banks `ddvar' 6. gen quarter=1 if month == 4 | month == 5 7. replace quarter=2 if month == 7 | month == 8 8. replace quarter=3 if month == 10 | month == 11 9. replace quarter=4 if month == 1 10. replace year = year - 1 if month == 1 11. drop if month == 3 | month == 9 12. gen yquarter=yq(year, quarter) 13. format yquarter %tq 14. drop month 15. sort yquarter 16. save "./Temp/FED_slos_`ddvar'.dta", replace 17. restore 18. } (280 observations deleted) (11 missing values generated) (4 real changes made) (3 real changes made) (4 real changes made) (4 real changes made) (0 observations deleted) file ./Temp/FED_slos_riskaverse_more_ni.dta saved (280 observations deleted) (11 missing values generated) (4 real changes made) (3 real changes made) (4 real changes made) (4 real changes made) (0 observations deleted) file ./Temp/FED_slos_riskaverse_more_si.dta saved (280 observations deleted) (11 missing values generated) (4 real changes made) (3 real changes made) (4 real changes made) (4 real changes made) (0 observations deleted) file ./Temp/FED_slos_riskaverse_more_vi.dta saved (280 observations deleted) (11 missing values generated) (4 real changes made) (3 real changes made) (4 real changes made) (4 real changes made) (0 observations deleted) file ./Temp/FED_slos_riskaverse_less_ni.dta saved (280 observations deleted) (11 missing values generated) (4 real changes made) (3 real changes made) (4 real changes made) (4 real changes made) (0 observations deleted) file ./Temp/FED_slos_riskaverse_less_si.dta saved (280 observations deleted) (11 missing values generated) (4 real changes made) (3 real changes made) (4 real changes made) (4 real changes made) (0 observations deleted) file ./Temp/FED_slos_riskaverse_less_vi.dta saved (242 observations deleted) (40 missing values generated) (13 real changes made) (13 real changes made) (13 real changes made) (13 real changes made) (1 observation deleted) file ./Temp/FED_slos_slos_sample_size.dta saved (257 observations deleted) (29 missing values generated) (9 real changes made) (10 real changes made) (9 real changes made) (9 real changes made) (1 observation deleted) file ./Temp/FED_slos_riskaverse_more_avg.dta saved (257 observations deleted) (29 missing values generated) (9 real changes made) (10 real changes made) (9 real changes made) (9 real changes made) (1 observation deleted) file ./Temp/FED_slos_slos_tightened.dta saved (257 observations deleted) (29 missing values generated) (9 real changes made) (10 real changes made) (9 real changes made) (9 real changes made) (1 observation deleted) file ./Temp/FED_slos_riskaverse_less_avg.dta saved (257 observations deleted) (29 missing values generated) (9 real changes made) (10 real changes made) (9 real changes made) (9 real changes made) (1 observation deleted) file ./Temp/FED_slos_slos_eased.dta saved . use "./Temp/FED_slos_riskaverse_more_ni.dta", clear . local ddlist "riskaverse_more_si riskaverse_more_vi riskaverse_less_ni riskaverse_less_si riskaverse_less_vi slos_s > ample_size riskaverse_more_avg slos_tightened riskaverse_less_avg slos_eased" . foreach ddvar of local ddlist { 2. merge yquarter using "./Temp/FED_slos_`ddvar'.dta" 3. drop _merge 4. sort yquarter 5. } . keep yquarter risk* slos* . label var riskaverse_more_ni "Tightened due to reduced tolerance for risk - not important" . label var riskaverse_more_si "Tightened due to reduced tolerance for risk - somewhat important" . label var riskaverse_more_vi "Tightened due to reduced tolerance for risk - very important" . label var riskaverse_less_ni "Eased due to increased tolerance for risk - not important" . label var riskaverse_less_si "Eased due to increased tolerance for risk - somewhat important" . label var riskaverse_less_vi "Eased due to increased tolerance for risk - very important" . label var slos_sample_size "Total number of banks surveyed" . label var riskaverse_more_avg "Tightened due to reduced tolerance for risk - avg (1 - 3)" . label var slos_tightened "Respondents to reason for tightening (i.e. no. of banks which tightened)" . label var riskaverse_less_avg "Eased due to increased tolerance for risk - avg (1 - 3)" . label var slos_eased "Respondents to reason for easing (i.e. no. of banks which eased)" . sort yquarter . save "./Temp/FED_slos4.dta", replace file ./Temp/FED_slos4.dta saved . . use "./Temp/FED_slos1.dta", clear . merge yquarter using "./Temp/FED_slos2.dta" . drop _merge . sort yquarter . merge yquarter using "./Temp/FED_slos3.dta" . drop _merge . sort yquarter . merge yquarter using "./Temp/FED_slos4.dta" . drop _merge . sort yquarter . save "./demand_US.dta", replace file ./demand_US.dta saved . . /* ECB Bank Lending Survey Data on Demand for C&I Loans */ . . insheet using "./ECB Bank Lending Survey.csv", clear (17 vars, 37 obs) . gen yquarter=yq(year, quarter) . format yquarter %tq . gen dd_ciloan_ECB = (increasedsomewhat + increasedconsiderably - decreasedconsiderably - decreasedsomewhat)/(increa > sedsomewhat + increasedconsiderably + decreasedconsiderably + decreasedsomewhat + remainedbasicallyunchanged) . drop year quarter numberofbanksresponding increasedsomewhat increasedconsiderably decreasedconsiderably decreasedso > mewhat remainedbasicallyunchanged . label var dd_ciloan_ECB "Strength of change in C&I loan demand by all firms, Europe (Range: -1 to 1) (ECB)" note: label truncated to 80 characters . local ecblist "t0201_c7 t0202_c7 t0203_c7 t0204_c7 t0205_c7 t0206_c7 t0207_c7 t0208_c7 t0209_c7" . foreach ecbvar of local ecblist { 2. replace `ecbvar' = `ecbvar'/100 3. } t0201_c7 was byte now float (37 real changes made) t0202_c7 was byte now float (33 real changes made) t0203_c7 was byte now float (35 real changes made) t0204_c7 was byte now float (37 real changes made) t0205_c7 was byte now float (34 real changes made) t0206_c7 was byte now float (34 real changes made) t0207_c7 was byte now float (37 real changes made) t0208_c7 was byte now float (36 real changes made) t0209_c7 was byte now float (37 real changes made) . label var t0201_c7 "Tightening of standards due to capital position (Range:-1 to 1)(ECB)" . label var t0202_c7 "Tightening of standards due to access to mkt financing (Range:-1 to 1)(ECB)" . label var t0203_c7 "Tightening of standards due to liquidity position (Range:-1 to 1)(ECB)" . label var t0204_c7 "Tightening of standards due to competition from banks(Range:-1 to 1)(ECB)" . label var t0205_c7 "Tightening of standards due to competition from non-banks (Range:-1 to 1)(ECB)" . label var t0206_c7 "Tightening of standards due to competition from mkt financing (Range:-1 to 1)(ECB)" note: label truncated to 80 characters . label var t0207_c7 "Tightening of standards due to general economic expectations (Range:-1 to 1)(ECB)" note: label truncated to 80 characters . label var t0208_c7 "Tightening of standards due to industry or firm outlook (Range:-1 to 1)(ECB)" . label var t0209_c7 "Tightening of standards due to risk on collateral demanded (Range:-1 to 1)(ECB)" . rename t0201_c7 tight_ecb_capital . rename t0202_c7 tight_ecb_financing . rename t0203_c7 tight_ecb_liquidity . rename t0204_c7 tight_ecb_comp1 . rename t0205_c7 tight_ecb_comp2 . rename t0206_c7 tight_ecb_comp3 . rename t0207_c7 tight_ecb_exp_gen . rename t0208_c7 tight_ecb_exp_spec . rename t0209_c7 tight_ecb_risk . sort yquarter . save "./demand_Europe.dta", replace file ./demand_Europe.dta saved . . /* Obtain and clean control variables */ . . *** Quarterly macro indicators: Data from DECPG GEM (Note: Block when using alt. format GEM data (directly from Nad > ia), and run "GEM_Nadia_format" do-file before running Clean *** . /* > insheet using "./DECPG_gem.csv", clear > ren locationid cncode > ren date timecode > gen year = substr(timecode,1,4) > gen quarter = substr(timecode,6,.) > destring year quarter, replace > gen yquarter=yq(year, quarter) > format yquarter %tq > drop year quarter timecode vintageid > rename nygdpmktpkd real_gdp > label var real_gdp "GDP, constant US$, millions (NYGDPMKTPKD)" > rename nygdpmktpcd nom_gdp > label var nom_gdp "GDP, current US$, millions (NYGDPMKTPCD)" > sort cncode yquarter > save "./macro1.dta", replace > */ . . *** Additional quarterly macro indicators: Data from IMF IFS *** . insheet using "./IMF_ifs.csv", clear comma names (10 vars, 14416 obs) . drop timename countryname . ren countrycode cncode . gen year = substr(timecode,3,4) . gen quarter = substr(timecode,8,.) . replace zf24zfdepmonbksdemanddepositsloc = "" if zf24zfdepmonbksdemanddepositsloc == ".." (4257 real changes made) . replace rfzfrfzfloccurrusmktrateperiodav = "" if rfzfrfzfloccurrusmktrateperiodav == ".." (2210 real changes made) . replace pzf60pzfinterestlendingrateperio = "" if pzf60pzfinterestlendingrateperio == ".." (4549 real changes made) . replace mcazf59mcazfm3a = "" if mcazf59mcazfm3a == ".." (13814 real changes made) . replace xzf64xzfcpi = "" if xzf64xzfcpi == ".." (2968 real changes made) . replace zf64zfconsumerpriceindex = "" if zf64zfconsumerpriceindex == ".." (3054 real changes made) . replace zf64zfconsumerpriceindex = "" if zf64zfconsumerpriceindex == "0" (134 real changes made) . destring year quarter zf24zfdepmonbksdemanddepositsloc rfzfrfzfloccurrusmktrateperiodav pzf60pzfinterestlendingrate > perio mcazf59mcazfm3a xzf64xzfcpi zf64zfconsumerpriceindex, replace year has all characters numeric; replaced as int quarter has all characters numeric; replaced as byte zf24zfdepmonbksdemanddepositsloc has all characters numeric; replaced as double (4257 missing values generated) rfzfrfzfloccurrusmktrateperiodav has all characters numeric; replaced as double (2210 missing values generated) pzf60pzfinterestlendingrateperio has all characters numeric; replaced as double (4549 missing values generated) mcazf59mcazfm3a has all characters numeric; replaced as double (13814 missing values generated) xzf64xzfcpi has all characters numeric; replaced as double (2968 missing values generated) zf64zfconsumerpriceindex has all characters numeric; replaced as double (3188 missing values generated) . gen yquarter=yq(year, quarter) . format yquarter %tq . drop year quarter timecode . rename zf24zfdepmonbksdemanddepositsloc deposits . label var deposits "Deposit money banks: demand deposits (loc curr) (24...ZF)" . rename rfzfrfzfloccurrusmktrateperiodav exrate_USD . label var exrate_USD "Loc curr/us$, mkt rate, period avg (..RF.ZF)" . rename pzf60pzfinterestlendingrateperio lending_rate . label var lending_rate "Lending rate (period avg) (60P..ZF)" . rename mcazf59mcazfm3a m3 . label var m3 "M3 (59MCAZF)" . rename xzf64xzfcpi cpi_infl . label var cpi_infl "CPI inflation Y-o-Y (64..XZF)" . rename zf64zfconsumerpriceindex cpi . label var cpi "CPI (64...ZF)" . . sort yquarter . save "./Temp/macro2a.dta", replace file ./Temp/macro2a.dta saved . preserve . keep if cncode == "EUR" & exrate_USD ~= . (14365 observations deleted) . drop deposits . ren exrate_USD exrate_USDEUR . sort yquarter . save "./Temp/macro2b.dta", replace file ./Temp/macro2b.dta saved . restore . use "./Temp/macro2a.dta", clear . merge yquarter using "./Temp/macro2b.dta" variable yquarter does not uniquely identify observations in the master data . drop _merge . replace exrate_USD = exrate_USDEUR if cncode == "AUT" & exrate_USD == . | cncode == "BEL" & exrate_USD == . | cncod > e == "CYP" & exrate_USD == . | cncode == "EST" & exrate_USD == . | cncode == "FIN" & exrate_USD == . | cncode == "F > RA" & exrate_USD == . | cncode == "DEU" & exrate_USD == . | cncode == "GRC" & exrate_USD == . | cncode == "IRL" & e > xrate_USD == . | cncode == "ITA" & exrate_USD == . | cncode == "LUX" & exrate_USD == . | cncode == "MLT" & exrate_U > SD == . | cncode == "NLD" & exrate_USD == . | cncode == "PRT" & exrate_USD == . | cncode == "SVK" & exrate_USD == . > | cncode == "SVN" & exrate_USD == . | cncode == "ESP" & exrate_USD == . (667 real changes made) . gen exrate_EUR = exrate_USD/exrate_USDEUR (4625 missing values generated) . label var exrate_EUR "Loc curr/euro, mkt rate, period avg" . drop if cncode == "EUR" (68 observations deleted) . sort cncode yquarter . save "./macro2.dta",replace file ./macro2.dta saved . . *** Annual macro indicators: Data from World Bank WDI *** . insheet using "./WB_wdi.csv", clear comma (10 vars, 4578 obs) . drop timecode countryname . ren countrycode cncode . ren timename year . ren sppopdpndagedependencyratioofwor depratio . label var depratio "Age dependency ratio (% of working-age population) (SP.POP.DPND)" . ren sppopdpndolagedependencyratioold depratio_old . label var depratio_old "Age dependency ratio, old (% of working-age population) (SP.POP.DPND.OL)" . ren sppopdpndygagedependencyratioyou depratio_young . label var depratio_young "Age dependency ratio, young (% of working-age population) (SP.POP.DPND.YG)" . ren sppoptotlpopulationtotal pop . label var pop "Population, total (SP.POP.TOTL)" . label var tradeopen_clcu "Trade openness, (X+M)/GDP, measured in current LCU" . label var tradeopen_kusd "Trade openness, (X+M)/GDP, measured in constant 2000 USD" . replace depratio = "" if depratio == ".." (591 real changes made) . replace depratio_old = "" if depratio_old == ".." (591 real changes made) . replace depratio_young = "" if depratio_young == ".." (591 real changes made) . replace pop = "" if pop == ".." (60 real changes made) . replace tradeopen_clcu = "" if tradeopen_clcu == ".." (920 real changes made) . replace tradeopen_kusd = "" if tradeopen_kusd == ".." (1719 real changes made) . destring d* p* t*, replace depratio has all characters numeric; replaced as double (591 missing values generated) depratio_old has all characters numeric; replaced as double (591 missing values generated) depratio_young has all characters numeric; replaced as double (591 missing values generated) pop has all characters numeric; replaced as double (60 missing values generated) tradeopen_clcu has all characters numeric; replaced as double (920 missing values generated) tradeopen_kusd has all characters numeric; replaced as double (1719 missing values generated) . expand 4 (13734 observations created) . sort cncode year . gen quarter = 1 . quietly { . sort cncode year . local macrolist "depratio depratio_old depratio_young pop tradeopen_clcu tradeopen_kusd" . foreach macrovar of local macrolist { 2. by cncode: replace `macrovar' = `macrovar'[_n+1] if quarter == 4 3. by cncode year: replace `macrovar' = `macrovar'[1]+((`macrovar'[_N]-`macrovar'[1])*0.25) if quarter == 2 4. by cncode year: replace `macrovar' = `macrovar'[1]+((`macrovar'[_N]-`macrovar'[1])*0.5) if quarter == 3 5. by cncode year: replace `macrovar' = `macrovar'[1]+((`macrovar'[_N]-`macrovar'[1])*0.75) if quarter == 4 6. by cncode: replace `macrovar' = `macrovar'[_n-1] if year == 2010 & quarter ~= 1 7. } (3988 real changes made, 191 to missing) (3987 real changes made, 191 to missing) (3987 real changes made, 191 to missing) (3797 real changes made, 1 to missing) (570 real changes made) (3988 real changes made, 191 to missing) (3987 real changes made, 191 to missing) (3987 real changes made, 191 to missing) (3797 real changes made, 1 to missing) (570 real changes made) (3988 real changes made, 191 to missing) (3987 real changes made, 191 to missing) (3987 real changes made, 191 to missing) (3797 real changes made, 1 to missing) (570 real changes made) (4514 real changes made, 218 to missing) (4510 real changes made, 218 to missing) (4510 real changes made, 218 to missing) (4296 real changes made, 4 to missing) (651 real changes made) (3682 real changes made, 193 to missing) (3658 real changes made, 193 to missing) (3658 real changes made, 193 to missing) (3489 real changes made, 24 to missing) (294 real changes made) (2919 real changes made, 182 to missing) (2859 real changes made, 182 to missing) (2859 real changes made, 182 to missing) (2737 real changes made, 60 to missing) (225 real changes made) . gen yquarter=yq(year, quarter) . format yquarter %tq . drop year quarter . sort cncode yquarter . save "./macro3.dta", replace file ./macro3.dta saved . . *** merge ICRG *** . insheet using "./PRS_icrg.csv", comma names clear (202 vars, 570 obs) . drop in 1/2 (2 observations deleted) . local i = 3 . while `i' <= 193 { 2. local y = 1995 3. while `y' <= 2010 { 4. local m = 1 5. while `m' <= 12 { 6. rename v`i' tc`y'`m' 7. local m = `m' + 1 8. local i = `i' + 1 9. } 10. local y = `y' + 1 11. } 12. } . local i = 195 . while `i' <= 202 { 2. local m = 1 3. while `m' <= 8 { 4. rename v`i' tc2011`m' 5. local m = `m' + 1 6. local i = `i' + 1 7. } 8. } . destring tc*, replace tc19951 has all characters numeric; replaced as double (48 missing values generated) tc19952 has all characters numeric; replaced as double (48 missing values generated) tc19953 has all characters numeric; replaced as double (48 missing values generated) tc19954 has all characters numeric; replaced as double (48 missing values generated) tc19955 has all characters numeric; replaced as double (48 missing values generated) tc19956 has all characters numeric; replaced as double (48 missing values generated) tc19957 has all characters numeric; replaced as double (48 missing values generated) tc19958 has all characters numeric; replaced as double (48 missing values generated) tc19959 has all characters numeric; replaced as double (48 missing values generated) tc199510 has all characters numeric; replaced as double (48 missing values generated) tc199511 has all characters numeric; replaced as double (48 missing values generated) tc199512 has all characters numeric; replaced as double (48 missing values generated) tc19961 has all characters numeric; replaced as double (48 missing values generated) tc19962 has all characters numeric; replaced as double (48 missing values generated) tc19963 has all characters numeric; replaced as double (48 missing values generated) tc19964 has all characters numeric; replaced as double (48 missing values generated) tc19965 has all characters numeric; replaced as double (52 missing values generated) tc19966 has all characters numeric; replaced as double (52 missing values generated) tc19967 has all characters numeric; replaced as double (52 missing values generated) tc19968 has all characters numeric; replaced as double (52 missing values generated) tc19969 has all characters numeric; replaced as double (52 missing values generated) tc199610 has all characters numeric; replaced as double (52 missing values generated) tc199611 has all characters numeric; replaced as double (52 missing values generated) tc199612 has all characters numeric; replaced as double (52 missing values generated) tc19971 has all characters numeric; replaced as double (52 missing values generated) tc19972 has all characters numeric; replaced as double (52 missing values generated) tc19973 has all characters numeric; replaced as double (52 missing values generated) tc19974 has all characters numeric; replaced as double (52 missing values generated) tc19975 has all characters numeric; replaced as double (52 missing values generated) tc19976 has all characters numeric; replaced as double (52 missing values generated) tc19977 has all characters numeric; replaced as double (52 missing values generated) tc19978 has all characters numeric; replaced as double (52 missing values generated) tc19979 has all characters numeric; replaced as double (52 missing values generated) tc199710 has all characters numeric; replaced as double (52 missing values generated) tc199711 has all characters numeric; replaced as double (52 missing values generated) tc199712 has all characters numeric; replaced as double (52 missing values generated) tc19981 has all characters numeric; replaced as double (52 missing values generated) tc19982 has all characters numeric; replaced as double (52 missing values generated) tc19983 has all characters numeric; replaced as double (52 missing values generated) tc19984 has all characters numeric; replaced as double (48 missing values generated) tc19985 has all characters numeric; replaced as double (44 missing values generated) tc19986 has all characters numeric; replaced as double (44 missing values generated) tc19987 has all characters numeric; replaced as double (44 missing values generated) tc19988 has all characters numeric; replaced as double (44 missing values generated) tc19989 has all characters numeric; replaced as double (44 missing values generated) tc199810 has all characters numeric; replaced as double (44 missing values generated) tc199811 has all characters numeric; replaced as double (40 missing values generated) tc199812 has all characters numeric; replaced as double (8 missing values generated) tc19991 has all characters numeric; replaced as double (8 missing values generated) tc19992 has all characters numeric; replaced as double (8 missing values generated) tc19993 has all characters numeric; replaced as double (8 missing values generated) tc19994 has all characters numeric; replaced as double (8 missing values generated) tc19995 has all characters numeric; replaced as double (8 missing values generated) tc19996 has all characters numeric; replaced as double (8 missing values generated) tc19997 has all characters numeric; replaced as double (8 missing values generated) tc19998 has all characters numeric; replaced as double (8 missing values generated) tc19999 has all characters numeric; replaced as double (8 missing values generated) tc199910 has all characters numeric; replaced as double (8 missing values generated) tc199911 has all characters numeric; replaced as double (8 missing values generated) tc199912 has all characters numeric; replaced as double (8 missing values generated) tc20001 has all characters numeric; replaced as double (8 missing values generated) tc20002 has all characters numeric; replaced as double (8 missing values generated) tc20003 has all characters numeric; replaced as double (8 missing values generated) tc20004 has all characters numeric; replaced as double (8 missing values generated) tc20005 has all characters numeric; replaced as double (8 missing values generated) tc20006 has all characters numeric; replaced as double (8 missing values generated) tc20007 has all characters numeric; replaced as double (8 missing values generated) tc20008 has all characters numeric; replaced as double (8 missing values generated) tc20009 has all characters numeric; replaced as double (8 missing values generated) tc200010 has all characters numeric; replaced as double (8 missing values generated) tc200011 has all characters numeric; replaced as double (8 missing values generated) tc200012 has all characters numeric; replaced as double (8 missing values generated) tc20011 has all characters numeric; replaced as double (8 missing values generated) tc20012 has all characters numeric; replaced as double (8 missing values generated) tc20013 has all characters numeric; replaced as double (8 missing values generated) tc20014 has all characters numeric; replaced as double (8 missing values generated) tc20015 has all characters numeric; replaced as double (8 missing values generated) tc20016 has all characters numeric; replaced as double (8 missing values generated) tc20017 has all characters numeric; replaced as double (8 missing values generated) tc20018 has all characters numeric; replaced as double (8 missing values generated) tc20019 has all characters numeric; replaced as double (8 missing values generated) tc200110 has all characters numeric; replaced as double (8 missing values generated) tc200111 has all characters numeric; replaced as double (8 missing values generated) tc200112 has all characters numeric; replaced as double (8 missing values generated) tc20021 has all characters numeric; replaced as double (8 missing values generated) tc20022 has all characters numeric; replaced as double (8 missing values generated) tc20023 has all characters numeric; replaced as double (8 missing values generated) tc20024 has all characters numeric; replaced as double (8 missing values generated) tc20025 has all characters numeric; replaced as double (8 missing values generated) tc20026 has all characters numeric; replaced as double (8 missing values generated) tc20027 has all characters numeric; replaced as double (8 missing values generated) tc20028 has all characters numeric; replaced as double (8 missing values generated) tc20029 has all characters numeric; replaced as double (8 missing values generated) tc200210 has all characters numeric; replaced as double (8 missing values generated) tc200211 has all characters numeric; replaced as double (8 missing values generated) tc200212 has all characters numeric; replaced as double (8 missing values generated) tc20031 has all characters numeric; replaced as double (8 missing values generated) tc20032 has all characters numeric; replaced as double (8 missing values generated) tc20033 has all characters numeric; replaced as double (8 missing values generated) tc20034 has all characters numeric; replaced as double (8 missing values generated) tc20035 has all characters numeric; replaced as double (8 missing values generated) tc20036 has all characters numeric; replaced as double (8 missing values generated) tc20037 has all characters numeric; replaced as double (8 missing values generated) tc20038 has all characters numeric; replaced as double (8 missing values generated) tc20039 has all characters numeric; replaced as double (8 missing values generated) tc200310 has all characters numeric; replaced as double (8 missing values generated) tc200311 has all characters numeric; replaced as double (8 missing values generated) tc200312 has all characters numeric; replaced as double (8 missing values generated) tc20041 has all characters numeric; replaced as double (8 missing values generated) tc20042 has all characters numeric; replaced as double (8 missing values generated) tc20043 has all characters numeric; replaced as double (8 missing values generated) tc20044 has all characters numeric; replaced as double (8 missing values generated) tc20045 has all characters numeric; replaced as double (8 missing values generated) tc20046 has all characters numeric; replaced as double (8 missing values generated) tc20047 has all characters numeric; replaced as double (8 missing values generated) tc20048 has all characters numeric; replaced as double (8 missing values generated) tc20049 has all characters numeric; replaced as double (8 missing values generated) tc200410 has all characters numeric; replaced as double (8 missing values generated) tc200411 has all characters numeric; replaced as double (8 missing values generated) tc200412 has all characters numeric; replaced as double (8 missing values generated) tc20051 has all characters numeric; replaced as double (8 missing values generated) tc20052 has all characters numeric; replaced as double (8 missing values generated) tc20053 has all characters numeric; replaced as double (8 missing values generated) tc20054 has all characters numeric; replaced as double (8 missing values generated) tc20055 has all characters numeric; replaced as double (8 missing values generated) tc20056 has all characters numeric; replaced as double (8 missing values generated) tc20057 has all characters numeric; replaced as double (8 missing values generated) tc20058 has all characters numeric; replaced as double (8 missing values generated) tc20059 has all characters numeric; replaced as double (8 missing values generated) tc200510 has all characters numeric; replaced as double (8 missing values generated) tc200511 has all characters numeric; replaced as double (8 missing values generated) tc200512 has all characters numeric; replaced as double (8 missing values generated) tc20061 has all characters numeric; replaced as double (8 missing values generated) tc20062 has all characters numeric; replaced as double (8 missing values generated) tc20063 has all characters numeric; replaced as double (8 missing values generated) tc20064 has all characters numeric; replaced as double (8 missing values generated) tc20065 has all characters numeric; replaced as double (8 missing values generated) tc20066 has all characters numeric; replaced as double (8 missing values generated) tc20067 has all characters numeric; replaced as double (8 missing values generated) tc20068 has all characters numeric; replaced as double (8 missing values generated) tc20069 has all characters numeric; replaced as double (8 missing values generated) tc200610 has all characters numeric; replaced as double (8 missing values generated) tc200611 has all characters numeric; replaced as double (8 missing values generated) tc200612 has all characters numeric; replaced as double (8 missing values generated) tc20071 has all characters numeric; replaced as double (8 missing values generated) tc20072 has all characters numeric; replaced as double (8 missing values generated) tc20073 has all characters numeric; replaced as double (8 missing values generated) tc20074 has all characters numeric; replaced as double (8 missing values generated) tc20075 has all characters numeric; replaced as double (8 missing values generated) tc20076 has all characters numeric; replaced as double (8 missing values generated) tc20077 has all characters numeric; replaced as double (8 missing values generated) tc20078 has all characters numeric; replaced as double (8 missing values generated) tc20079 has all characters numeric; replaced as double (8 missing values generated) tc200710 has all characters numeric; replaced as double (8 missing values generated) tc200711 has all characters numeric; replaced as double (8 missing values generated) tc200712 has all characters numeric; replaced as double (8 missing values generated) tc20081 has all characters numeric; replaced as double (8 missing values generated) tc20082 has all characters numeric; replaced as double (8 missing values generated) tc20083 has all characters numeric; replaced as double (8 missing values generated) tc20084 has all characters numeric; replaced as double (8 missing values generated) tc20085 has all characters numeric; replaced as double (8 missing values generated) tc20086 has all characters numeric; replaced as double (8 missing values generated) tc20087 has all characters numeric; replaced as double (8 missing values generated) tc20088 has all characters numeric; replaced as double (8 missing values generated) tc20089 has all characters numeric; replaced as double (8 missing values generated) tc200810 has all characters numeric; replaced as double (8 missing values generated) tc200811 has all characters numeric; replaced as double (8 missing values generated) tc200812 has all characters numeric; replaced as double (8 missing values generated) tc20091 has all characters numeric; replaced as double (8 missing values generated) tc20092 has all characters numeric; replaced as double (8 missing values generated) tc20093 has all characters numeric; replaced as double (8 missing values generated) tc20094 has all characters numeric; replaced as double (8 missing values generated) tc20095 has all characters numeric; replaced as double (8 missing values generated) tc20096 has all characters numeric; replaced as double (8 missing values generated) tc20097 has all characters numeric; replaced as double (8 missing values generated) tc20098 has all characters numeric; replaced as double (8 missing values generated) tc20099 has all characters numeric; replaced as double (8 missing values generated) tc200910 has all characters numeric; replaced as double (8 missing values generated) tc200911 has all characters numeric; replaced as double (8 missing values generated) tc200912 has all characters numeric; replaced as double (8 missing values generated) tc20101 has all characters numeric; replaced as double (8 missing values generated) tc20102 has all characters numeric; replaced as double (8 missing values generated) tc20103 has all characters numeric; replaced as double (8 missing values generated) tc20104 has all characters numeric; replaced as double (8 missing values generated) tc20105 has all characters numeric; replaced as double (8 missing values generated) tc20106 has all characters numeric; replaced as double (8 missing values generated) tc20107 has all characters numeric; replaced as double (8 missing values generated) tc20108 has all characters numeric; replaced as double (8 missing values generated) tc20109 has all characters numeric; replaced as double (8 missing values generated) tc201010 has all characters numeric; replaced as double (8 missing values generated) tc201011 has all characters numeric; replaced as double (8 missing values generated) tc201012 has all characters numeric; replaced as double (8 missing values generated) tc20111 has all characters numeric; replaced as double (8 missing values generated) tc20112 has all characters numeric; replaced as double (8 missing values generated) tc20113 has all characters numeric; replaced as double (8 missing values generated) tc20114 has all characters numeric; replaced as double (8 missing values generated) tc20115 has all characters numeric; replaced as double (8 missing values generated) tc20116 has all characters numeric; replaced as double (8 missing values generated) tc20117 has all characters numeric; replaced as double (8 missing values generated) tc20118 has all characters numeric; replaced as double (8 missing values generated) . ren copyrighttheprsgroupinc19792011e risk . ren v2 country . local risklist "Composite Economic Financial Political" . foreach riskvar of local risklist { 2. preserve 3. keep if risk == "`riskvar' Risk Rating" 4. drop risk 5. reshape long tc, i(country) j(time) 6. tostring time, replace 7. gen month = substr(time,5,.) 8. gen year = substr(time,1,4) 9. destring year month, replace 10. gen quarter=1 if month<=3 11. replace quarter=2 if month>3 & month<=6 12. replace quarter=3 if month>6 & month<=9 13. replace quarter=4 if month>9 14. gen yquarter=yq(year, quarter) 15. format yquarter %tq 16. drop time month year quarter 17. sort country yquarter 18. collapse (mean) tc, by(country yquarter) 19. ren tc ICRG`riskvar' 20. label var ICRG`riskvar' "ICRG `riskvar' Risk Rating" 21. sort country yquarter 22. save "./Temp/PRS_icrg_`riskvar'.dta", replace 23. restore 24. } (426 observations deleted) (note: j = 19951 19952 19953 19954 19955 19956 19957 19958 19959 19961 19962 19963 19964 19965 19966 19967 19968 1996 > 9 19971 19972 19973 19974 19975 19976 19977 19978 19979 19981 19982 19983 19984 19985 19986 19987 19988 19989 19991 > 19992 19993 19994 19995 19996 19997 19998 19999 20001 20002 20003 20004 20005 20006 20007 20008 20009 20011 20012 > 20013 20014 20015 20016 20017 20018 20019 20021 20022 20023 20024 20025 20026 20027 20028 20029 20031 20032 20033 2 > 0034 20035 20036 20037 20038 20039 20041 20042 20043 20044 20045 20046 20047 20048 20049 20051 20052 20053 20054 20 > 055 20056 20057 20058 20059 20061 20062 20063 20064 20065 20066 20067 20068 20069 20071 20072 20073 20074 20075 200 > 76 20077 20078 20079 20081 20082 20083 20084 20085 20086 20087 20088 20089 20091 20092 20093 20094 20095 20096 2009 > 7 20098 20099 20101 20102 20103 20104 20105 20106 20107 20108 20109 20111 20112 20113 20114 20115 20116 20117 20118 > 199510 199511 199512 199610 199611 199612 199710 199711 199712 199810 199811 199812 199910 199911 199912 200010 20 > 0011 200012 200110 200111 200112 200210 200211 200212 200310 200311 200312 200410 200411 200412 200510 200511 20051 > 2 200610 200611 200612 200710 200711 200712 200810 200811 200812 200910 200911 200912 201010 201011 201012) Data wide -> long ----------------------------------------------------------------------------- Number of obs. 142 -> 28400 Number of variables 201 -> 3 j variable (200 values) -> time xij variables: tc19951 tc19952 ... tc201012 -> tc ----------------------------------------------------------------------------- time was float now str6 year has all characters numeric; replaced as int month has all characters numeric; replaced as byte (21158 missing values generated) (7242 real changes made) (7100 real changes made) (6816 real changes made) file ./Temp/PRS_icrg_Composite.dta saved (426 observations deleted) (note: j = 19951 19952 19953 19954 19955 19956 19957 19958 19959 19961 19962 19963 19964 19965 19966 19967 19968 1996 > 9 19971 19972 19973 19974 19975 19976 19977 19978 19979 19981 19982 19983 19984 19985 19986 19987 19988 19989 19991 > 19992 19993 19994 19995 19996 19997 19998 19999 20001 20002 20003 20004 20005 20006 20007 20008 20009 20011 20012 > 20013 20014 20015 20016 20017 20018 20019 20021 20022 20023 20024 20025 20026 20027 20028 20029 20031 20032 20033 2 > 0034 20035 20036 20037 20038 20039 20041 20042 20043 20044 20045 20046 20047 20048 20049 20051 20052 20053 20054 20 > 055 20056 20057 20058 20059 20061 20062 20063 20064 20065 20066 20067 20068 20069 20071 20072 20073 20074 20075 200 > 76 20077 20078 20079 20081 20082 20083 20084 20085 20086 20087 20088 20089 20091 20092 20093 20094 20095 20096 2009 > 7 20098 20099 20101 20102 20103 20104 20105 20106 20107 20108 20109 20111 20112 20113 20114 20115 20116 20117 20118 > 199510 199511 199512 199610 199611 199612 199710 199711 199712 199810 199811 199812 199910 199911 199912 200010 20 > 0011 200012 200110 200111 200112 200210 200211 200212 200310 200311 200312 200410 200411 200412 200510 200511 20051 > 2 200610 200611 200612 200710 200711 200712 200810 200811 200812 200910 200911 200912 201010 201011 201012) Data wide -> long ----------------------------------------------------------------------------- Number of obs. 142 -> 28400 Number of variables 201 -> 3 j variable (200 values) -> time xij variables: tc19951 tc19952 ... tc201012 -> tc ----------------------------------------------------------------------------- time was float now str6 year has all characters numeric; replaced as int month has all characters numeric; replaced as byte (21158 missing values generated) (7242 real changes made) (7100 real changes made) (6816 real changes made) file ./Temp/PRS_icrg_Economic.dta saved (426 observations deleted) (note: j = 19951 19952 19953 19954 19955 19956 19957 19958 19959 19961 19962 19963 19964 19965 19966 19967 19968 1996 > 9 19971 19972 19973 19974 19975 19976 19977 19978 19979 19981 19982 19983 19984 19985 19986 19987 19988 19989 19991 > 19992 19993 19994 19995 19996 19997 19998 19999 20001 20002 20003 20004 20005 20006 20007 20008 20009 20011 20012 > 20013 20014 20015 20016 20017 20018 20019 20021 20022 20023 20024 20025 20026 20027 20028 20029 20031 20032 20033 2 > 0034 20035 20036 20037 20038 20039 20041 20042 20043 20044 20045 20046 20047 20048 20049 20051 20052 20053 20054 20 > 055 20056 20057 20058 20059 20061 20062 20063 20064 20065 20066 20067 20068 20069 20071 20072 20073 20074 20075 200 > 76 20077 20078 20079 20081 20082 20083 20084 20085 20086 20087 20088 20089 20091 20092 20093 20094 20095 20096 2009 > 7 20098 20099 20101 20102 20103 20104 20105 20106 20107 20108 20109 20111 20112 20113 20114 20115 20116 20117 20118 > 199510 199511 199512 199610 199611 199612 199710 199711 199712 199810 199811 199812 199910 199911 199912 200010 20 > 0011 200012 200110 200111 200112 200210 200211 200212 200310 200311 200312 200410 200411 200412 200510 200511 20051 > 2 200610 200611 200612 200710 200711 200712 200810 200811 200812 200910 200911 200912 201010 201011 201012) Data wide -> long ----------------------------------------------------------------------------- Number of obs. 142 -> 28400 Number of variables 201 -> 3 j variable (200 values) -> time xij variables: tc19951 tc19952 ... tc201012 -> tc ----------------------------------------------------------------------------- time was float now str6 year has all characters numeric; replaced as int month has all characters numeric; replaced as byte (21158 missing values generated) (7242 real changes made) (7100 real changes made) (6816 real changes made) file ./Temp/PRS_icrg_Financial.dta saved (426 observations deleted) (note: j = 19951 19952 19953 19954 19955 19956 19957 19958 19959 19961 19962 19963 19964 19965 19966 19967 19968 1996 > 9 19971 19972 19973 19974 19975 19976 19977 19978 19979 19981 19982 19983 19984 19985 19986 19987 19988 19989 19991 > 19992 19993 19994 19995 19996 19997 19998 19999 20001 20002 20003 20004 20005 20006 20007 20008 20009 20011 20012 > 20013 20014 20015 20016 20017 20018 20019 20021 20022 20023 20024 20025 20026 20027 20028 20029 20031 20032 20033 2 > 0034 20035 20036 20037 20038 20039 20041 20042 20043 20044 20045 20046 20047 20048 20049 20051 20052 20053 20054 20 > 055 20056 20057 20058 20059 20061 20062 20063 20064 20065 20066 20067 20068 20069 20071 20072 20073 20074 20075 200 > 76 20077 20078 20079 20081 20082 20083 20084 20085 20086 20087 20088 20089 20091 20092 20093 20094 20095 20096 2009 > 7 20098 20099 20101 20102 20103 20104 20105 20106 20107 20108 20109 20111 20112 20113 20114 20115 20116 20117 20118 > 199510 199511 199512 199610 199611 199612 199710 199711 199712 199810 199811 199812 199910 199911 199912 200010 20 > 0011 200012 200110 200111 200112 200210 200211 200212 200310 200311 200312 200410 200411 200412 200510 200511 20051 > 2 200610 200611 200612 200710 200711 200712 200810 200811 200812 200910 200911 200912 201010 201011 201012) Data wide -> long ----------------------------------------------------------------------------- Number of obs. 142 -> 28400 Number of variables 201 -> 3 j variable (200 values) -> time xij variables: tc19951 tc19952 ... tc201012 -> tc ----------------------------------------------------------------------------- time was float now str6 year has all characters numeric; replaced as int month has all characters numeric; replaced as byte (21158 missing values generated) (7242 real changes made) (7100 real changes made) (6816 real changes made) file ./Temp/PRS_icrg_Political.dta saved . use "./Temp/PRS_icrg_Composite.dta", clear . merge country yquarter using "./Temp/PRS_icrg_Economic.dta" . drop _merge . sort country yquarter . merge country yquarter using "./Temp/PRS_icrg_Financial.dta" . drop _merge . sort country yquarter . merge country yquarter using "./Temp/PRS_icrg_Political.dta" . drop _merge . sort country yquarter . kountry country, from(other) stuck -------------------------------------- The command has finished. The new variable is called _ISO3N_. -------------------------------------- ---------------------------------------- The command has finished. The new variable is named NAMES_STD. ---------------------------------------- . drop NAMES_STD . ren _ISO3N_ iso3n . kountry iso3n, from(iso3n) to(iso3c) -------------------------------------------- You are converting from iso3n to iso3c.... -------------------------------------------- -------------------------------------- The command has finished. The new variable is named _ISO3C_. -------------------------------------- . ren _ISO3C_ cncode . drop iso3n . replace cncode = "COD" if country == "Congo, DR" (67 real changes made) . replace cncode = "CIV" if country == "Côte d’Ivoire" (0 real changes made) . replace cncode = "PRK" if country == "Korea, DPR" (67 real changes made) . replace cncode = "SRB" if country == "Serbia-Montenegro" (67 real changes made) . replace cncode = "TWN" if country == "Taiwan" (67 real changes made) . drop country . sort cncode yquarter . collapse (mean) ICRGComposite ICRGEconomic ICRGFinancial ICRGPolitical, by(cncode yquarter) . save "./polrisk.dta", replace file ./polrisk.dta saved . . *** Fed Funds Rate *** . insheet using "./DS_rates.csv", clear (4 vars, 67 obs) . label var usfdtrg "US target rate" . label var frfedfd "US Fed funds rate" . gen yquarter=yq(year, quarter) . format yquarter %tq . sort yquarter . save "./DS_rates.dta", replace file ./DS_rates.dta saved . . *** Annual GEP GDP data for filling in missing quarterly data *** . insheet using "./DECPG_gep_annual.csv", clear (4 vars, 7904 obs) . destring nom_gdp_alt real_gdp_alt, replace nom_gdp_alt already numeric; no replace real_gdp_alt already numeric; no replace . expand 4 (23712 observations created) . sort cncode year . gen quarter = 1 . quietly { . sort cncode year . local macrolist "nom_gdp_alt real_gdp_alt" . foreach macrovar of local macrolist { 2. by cncode: replace `macrovar' = `macrovar'[_n+1] if quarter == 4 3. by cncode year: replace `macrovar' = `macrovar'[1]+((`macrovar'[_N]-`macrovar'[1])*0.25) if quarter == 2 4. by cncode year: replace `macrovar' = `macrovar'[1]+((`macrovar'[_N]-`macrovar'[1])*0.5) if quarter == 3 5. by cncode year: replace `macrovar' = `macrovar'[1]+((`macrovar'[_N]-`macrovar'[1])*0.75) if quarter == 4 6. * by cncode: replace `macrovar' = `macrovar'[_n-1] if year == 2010 & quarter ~= 1 . } (7472 real changes made, 152 to missing) (7440 real changes made, 152 to missing) (7440 real changes made, 152 to missing) (7320 real changes made, 32 to missing) (7621 real changes made, 152 to missing) (7589 real changes made, 152 to missing) (7589 real changes made, 152 to missing) (7469 real changes made, 32 to missing) . gen yquarter=yq(year, quarter) . format yquarter %tq . drop year quarter . sort cncode yquarter . save "./WB_gen_gdp_annual.dta", replace file ./WB_gen_gdp_annual.dta saved . . *** IMF WEO GDP data (annual) for increasing country coverage *** . insheet using "./IMF_WEO_gdp_real_lcu.csv", clear (24 vars, 186 obs) . drop estimatesstartafter country subjectdescriptor units scale countryseriesspecificnotes . rename iso cncode . reshape long v, i(cncode) j(year) (note: j = 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23) Data wide -> long ----------------------------------------------------------------------------- Number of obs. 186 -> 3162 Number of variables 18 -> 3 j variable (17 values) -> year xij variables: v7 v8 ... v23 -> v ----------------------------------------------------------------------------- . replace year = year + 1988 year was byte now int (3162 real changes made) . rename v real_gdp_alt2 . drop if cncode == "" (17 observations deleted) . replace real_gdp_alt2 = "" if real_gdp_alt2 == "n/a" (57 real changes made) . destring real_gdp_alt2, ignore(",") replace real_gdp_alt2: characters , removed; replaced as double (74 missing values generated) . expand 4 (9435 observations created) . sort cncode year . gen quarter = 1 . quietly { . sort cncode year . local macrolist "real_gdp_alt2" . foreach macrovar of local macrolist { 2. by cncode: replace `macrovar' = `macrovar'[_n+1] if quarter == 4 3. by cncode year: replace `macrovar' = `macrovar'[1]+((`macrovar'[_N]-`macrovar'[1])*0.25) if quarter == 2 4. by cncode year: replace `macrovar' = `macrovar'[1]+((`macrovar'[_N]-`macrovar'[1])*0.5) if quarter == 3 5. by cncode year: replace `macrovar' = `macrovar'[1]+((`macrovar'[_N]-`macrovar'[1])*0.75) if quarter == 4 6. * by cncode: replace `macrovar' = `macrovar'[_n-1] if year == 2010 & quarter ~= 1 . } (3058 real changes made, 184 to missing) (3047 real changes made, 184 to missing) (3047 real changes made, 184 to missing) (2874 real changes made, 11 to missing) . gen yquarter=yq(year, quarter) . format yquarter %tq . drop year quarter . sort cncode yquarter . save "./IMF_WEO_gdp_real_lcu.dta", replace file ./IMF_WEO_gdp_real_lcu.dta saved . . . *** WDI GDP data for checking GEM data for errors *** . insheet using "./WB_wdi_gdp_check.csv", clear (6 vars, 11336 obs) . drop timecode countryname . rename countrycode cncode . rename timename year . rename nygdpmktpcdgdpcurrentus nom_gdp_alt3 . rename nygdpmktpkdgdpconstant2000us real_gdp_alt3 . replace nom_gdp_alt3 = "" if nom_gdp_alt3 == ".." (3373 real changes made) . replace real_gdp_alt3 = "" if real_gdp_alt3 == ".." (3602 real changes made) . destring nom_gdp_alt3 real_gdp_alt3, replace nom_gdp_alt3 has all characters numeric; replaced as double (3373 missing values generated) real_gdp_alt3 has all characters numeric; replaced as double (3602 missing values generated) . expand 4 (34008 observations created) . sort cncode year . gen quarter = 1 . quietly { . sort cncode year . local macrolist "nom_gdp_alt3 real_gdp_alt3" . foreach macrovar of local macrolist { 2. by cncode: replace `macrovar' = `macrovar'[_n+1] if quarter == 4 3. by cncode year: replace `macrovar' = `macrovar'[1]+((`macrovar'[_N]-`macrovar'[1])*0.25) if quarter == 2 4. by cncode year: replace `macrovar' = `macrovar'[1]+((`macrovar'[_N]-`macrovar'[1])*0.5) if quarter == 3 5. by cncode year: replace `macrovar' = `macrovar'[1]+((`macrovar'[_N]-`macrovar'[1])*0.75) if quarter == 4 6. * by cncode: replace `macrovar' = `macrovar'[_n-1] if year == 2010 & quarter ~= 1 . } (8089 real changes made, 215 to missing) (7963 real changes made, 215 to missing) (7963 real changes made, 215 to missing) (7874 real changes made, 126 to missing) (7845 real changes made, 200 to missing) (7727 real changes made, 200 to missing) (7727 real changes made, 200 to missing) (7645 real changes made, 118 to missing) . gen yquarter=yq(year, quarter) . format yquarter %tq . drop year quarter . sort cncode yquarter . save "./WB_wdi_gdp_check.dta", replace file ./WB_wdi_gdp_check.dta saved . . /* Merge all datasets */ . . use "./forclaims.dta", clear . sort cncode yquarter . merge cncode yquarter using "./forclaimsUSbanks.dta" . drop _merge . sort cncode yquarter . merge cncode yquarter using "./forclaimsEUbanks.dta" . drop _merge . sort yquarter . merge yquarter using "./BLMBG_garch.dta" variable yquarter does not uniquely identify observations in the master data . drop _merge . sort yquarter . merge yquarter using "./volatility1.dta" variable yquarter does not uniquely identify observations in the master data . drop _merge . sort yquarter . merge yquarter using "./volatility2.dta" variable yquarter does not uniquely identify observations in the master data . drop _merge . sort yquarter . merge yquarter using "./volatility3.dta" variable yquarter does not uniquely identify observations in the master data . drop _merge . sort yquarter . merge yquarter using "./volatility_sd_wkly.dta" variable yquarter does not uniquely identify observations in the master data . drop _merge . sort yquarter . merge yquarter using "./spreads1.dta" variable yquarter does not uniquely identify observations in the master data . drop _merge . sort yquarter . merge yquarter using "./spreads2.dta" variable yquarter does not uniquely identify observations in the master data . drop _merge . sort yquarter . merge yquarter using "./spreads3.dta" variable yquarter does not uniquely identify observations in the master data . drop _merge . sort yquarter . merge yquarter using "./bankperf.dta" variable yquarter does not uniquely identify observations in the master data . drop _merge . sort yquarter . merge yquarter using "./demand_US.dta" variable yquarter does not uniquely identify observations in the master data . drop _merge . sort yquarter . merge yquarter using "./demand_Europe.dta" variable yquarter does not uniquely identify observations in the master data . drop _merge . sort cncode yquarter . merge cncode yquarter using "./macro1.dta" . drop _merge . sort cncode yquarter . merge cncode yquarter using "./macro2.dta" . drop _merge . sort cncode yquarter . merge cncode yquarter using "./macro3.dta" . drop _merge . sort cncode yquarter . merge cncode yquarter using "./polrisk.dta" . drop _merge . sort yquarter cncode . merge yquarter using "./DS_rates.dta" variable yquarter does not uniquely identify observations in the master data . drop _merge . sort cncode yquarter . merge cncode yquarter using "./WB_gen_gdp_annual.dta" . drop _merge . sort cncode yquarter . merge cncode yquarter using "./IMF_WEO_gdp_real_lcu.dta" cncode was str3 now str76 . drop _merge . sort cncode yquarter . merge cncode yquarter using "./WB_wdi_gdp_check.dta" . drop _merge . sort cncode yquarter . . /* Drop incomplete observations */ . . drop if cncode == "" (89 observations deleted) . drop if fc == . (33718 observations deleted) . . save "./TransChannelCrisis.dta", replace file ./TransChannelCrisis.dta saved . . /* > /* Raw variables for measuring volatility (Bloomberg) */ > insheet using "./BLMBG_volatility_vars_raw.csv", clear > rename date date_raw > gen date = date(date_raw, "MDY") > format date %td > gen day=day(date) > gen month=month(date) > gen year=year(date) > drop date > generate ymonth=ym(year,month) > format ymonth %tm > gen quarter=1 if month<=3 > replace quarter=2 if month>3 & month<=6 > replace quarter=3 if month>6 & month<=9 > replace quarter=4 if month>9 > gen yquarter=yq(year, quarter) > format yquarter %tq > sort year month day > */ . . end of do-file . do generate . /* Transmission channels project variable generation file */ . . use "./TransChannelCrisis.dta", clear . . /* Generate volatility indexes */ . . factor vix garch22 garch33 garch44 garch55 garch66 garch77 garch88, pcf (obs=9428) Factor analysis/correlation Number of obs = 9428 Method: principal-component factors Retained factors = 2 Rotation: (unrotated) Number of params = 15 -------------------------------------------------------------------------- Factor | Eigenvalue Difference Proportion Cumulative -------------+------------------------------------------------------------ Factor1 | 4.52099 3.28298 0.5651 0.5651 Factor2 | 1.23801 0.38643 0.1548 0.7199 Factor3 | 0.85158 0.31660 0.1064 0.8263 Factor4 | 0.53498 0.14998 0.0669 0.8932 Factor5 | 0.38500 0.08316 0.0481 0.9413 Factor6 | 0.30184 0.17432 0.0377 0.9791 Factor7 | 0.12753 0.08746 0.0159 0.9950 Factor8 | 0.04007 . 0.0050 1.0000 -------------------------------------------------------------------------- LR test: independent vs. saturated: chi2(28) = 6.1e+04 Prob>chi2 = 0.0000 Factor loadings (pattern matrix) and unique variances ------------------------------------------------- Variable | Factor1 Factor2 | Uniqueness -------------+--------------------+-------------- vix | 0.7418 -0.5637 | 0.1321 garch22 | 0.7646 0.2196 | 0.3672 garch33 | 0.8315 -0.2786 | 0.2309 garch44 | 0.7125 -0.3237 | 0.3876 garch55 | 0.8538 -0.2235 | 0.2212 garch66 | 0.7690 0.3527 | 0.2843 garch77 | 0.7551 0.4141 | 0.2583 garch88 | 0.5446 0.5864 | 0.3596 ------------------------------------------------- . predict pcf1 pcf2 (regression scoring assumed) Scoring coefficients (method = regression) ---------------------------------- Variable | Factor1 Factor2 -------------+-------------------- vix | 0.16408 -0.45529 garch22 | 0.16912 0.17736 garch33 | 0.18393 -0.22506 garch44 | 0.15760 -0.26145 garch55 | 0.18884 -0.18050 garch66 | 0.17009 0.28493 garch77 | 0.16703 0.33451 garch88 | 0.12046 0.47364 ---------------------------------- . gen pcf=0.5652/(0.5652+0.1548)*pcf1+0.1548/(0.5652+0.1548)*pcf2 (2796 missing values generated) . factor vix garch22 garch33 garch44 garch55 garch66 garch77 garch88 (obs=9428) Factor analysis/correlation Number of obs = 9428 Method: principal factors Retained factors = 5 Rotation: (unrotated) Number of params = 28 -------------------------------------------------------------------------- Factor | Eigenvalue Difference Proportion Cumulative -------------+------------------------------------------------------------ Factor1 | 4.26936 3.34583 0.7503 0.7503 Factor2 | 0.92353 0.33810 0.1623 0.9125 Factor3 | 0.58542 0.46250 0.1029 1.0154 Factor4 | 0.12292 0.04804 0.0216 1.0370 Factor5 | 0.07487 0.10777 0.0132 1.0502 Factor6 | -0.03289 0.07005 -0.0058 1.0444 Factor7 | -0.10294 0.04678 -0.0181 1.0263 Factor8 | -0.14973 . -0.0263 1.0000 -------------------------------------------------------------------------- LR test: independent vs. saturated: chi2(28) = 6.1e+04 Prob>chi2 = 0.0000 Factor loadings (pattern matrix) and unique variances ------------------------------------------------------------------------------- Variable | Factor1 Factor2 Factor3 Factor4 Factor5 | Uniqueness -------------+--------------------------------------------------+-------------- vix | 0.7278 -0.4523 0.2850 -0.0281 0.0312 | 0.1827 garch22 | 0.7283 0.2991 0.3297 0.1173 0.0047 | 0.2576 garch33 | 0.8479 -0.3361 -0.3304 -0.1197 -0.0235 | 0.0440 garch44 | 0.6640 -0.1456 0.3837 -0.0050 0.0176 | 0.3903 garch55 | 0.8676 -0.2729 -0.3016 0.1702 -0.0020 | 0.0528 garch66 | 0.7350 0.3598 -0.0027 -0.2409 0.0238 | 0.2717 garch77 | 0.7208 0.4035 -0.0827 0.0518 -0.1811 | 0.2753 garch88 | 0.4867 0.3585 -0.2032 0.0655 0.1991 | 0.5494 ------------------------------------------------------------------------------- . predict f1 f2 f3 f4 f5 (regression scoring assumed) Scoring coefficients (method = regression) ---------------------------------------------------------------- Variable | Factor1 Factor2 Factor3 Factor4 Factor5 -------------+-------------------------------------------------- vix | 0.09292 -0.37365 0.76153 0.09559 0.06638 garch22 | 0.22324 0.22536 0.18489 0.07616 0.04199 garch33 | 0.20851 -0.52392 -0.77065 -2.00229 -0.35267 garch44 | 0.09008 -0.09525 0.26239 -0.20835 -0.02221 garch55 | 0.31330 -0.04588 -0.35902 2.13355 0.34404 garch66 | 0.18917 0.40904 0.05276 -0.02088 0.22797 garch77 | 0.08892 0.33467 0.07292 -0.09308 -0.51449 garch88 | 0.02533 0.16923 -0.06423 -0.09323 0.27358 ---------------------------------------------------------------- . gen fcomp=f1*0.7504/(0.7504+0.1623+0.1028+0.0215+0.0132)+f2*0.1623/(0.7504+0.1623+0.1028+0.0215+0.0132)+f3*0.1028/( > 0.7504+0.1623+0.1028+0.0215+0.0132)+f4*0.0215/(0.7504+0.1623+0.1028+0.0215+0.0132)+f5*0.0132/(0.7504+0.1623+0.1028+ > 0.0215+0.0132) (2796 missing values generated) . ren pcf asset_vol . ren fcomp asset_vol2 . factor vixindex tedgindex_stddev eurcmptcurncy_stddev jpycmptcurncy_stddev gbpcmptcurncy_stddev spgcagtrindex_stdde > v spgcentrindex_stddev spgcintrindex_stddev, pcf (obs=9428) Factor analysis/correlation Number of obs = 9428 Method: principal-component factors Retained factors = 3 Rotation: (unrotated) Number of params = 21 -------------------------------------------------------------------------- Factor | Eigenvalue Difference Proportion Cumulative -------------+------------------------------------------------------------ Factor1 | 3.92516 2.71212 0.4906 0.4906 Factor2 | 1.21304 0.20865 0.1516 0.6423 Factor3 | 1.00439 0.42870 0.1255 0.7678 Factor4 | 0.57568 0.06889 0.0720 0.8398 Factor5 | 0.50680 0.11169 0.0633 0.9031 Factor6 | 0.39510 0.19018 0.0494 0.9525 Factor7 | 0.20492 0.03001 0.0256 0.9781 Factor8 | 0.17491 . 0.0219 1.0000 -------------------------------------------------------------------------- LR test: independent vs. saturated: chi2(28) = 3.7e+04 Prob>chi2 = 0.0000 Factor loadings (pattern matrix) and unique variances ----------------------------------------------------------- Variable | Factor1 Factor2 Factor3 | Uniqueness -------------+------------------------------+-------------- vixindex | 0.5929 0.6139 -0.1963 | 0.2330 tedgindex_~v | 0.8771 0.0340 0.2024 | 0.1886 eurcmptcur~v | 0.7385 -0.0733 -0.4623 | 0.2355 jpycmptcur~v | 0.4021 0.7811 0.2306 | 0.1751 gbpcmptcur~v | 0.7879 -0.1565 -0.4872 | 0.1174 spgcagtrin~v | 0.5967 -0.1657 0.6048 | 0.2508 spgcentrin~v | 0.7641 -0.3204 0.0578 | 0.3101 spgcintrin~v | 0.7325 -0.2547 0.2272 | 0.3469 ----------------------------------------------------------- . predict pcf2_1 pcf2_2 pcf2_3 (regression scoring assumed) Scoring coefficients (method = regression) -------------------------------------------- Variable | Factor1 Factor2 Factor3 -------------+------------------------------ vixindex | 0.15105 0.50611 -0.19545 tedgindex_~v | 0.22346 0.02801 0.20147 eurcmptcur~v | 0.18815 -0.06046 -0.46025 jpycmptcur~v | 0.10243 0.64389 0.22956 gbpcmptcur~v | 0.20072 -0.12905 -0.48506 spgcagtrin~v | 0.15201 -0.13663 0.60213 spgcentrin~v | 0.19468 -0.26416 0.05757 spgcintrin~v | 0.18663 -0.20997 0.22617 -------------------------------------------- . gen pcf=0.4907/(0.4907+0.1516+0.1256)*pcf2_1+0.1516/(0.4907+0.1516+0.1256)*pcf2_2+0.1256/(0.4907+0.1516+0.1256)*pcf > 2_3 (2796 missing values generated) . ren pcf asset_vol3 . factor vix_wkly tedgindex_sdwkly eurcmptcurncy_sdwkly jpycmptcurncy_sdwkly gbpcmptcurncy_sdwkly spgcagtrindex_sdwkl > y spgcentrindex_sdwkly spgcintrindex_sdwkly, pcf (obs=9428) Factor analysis/correlation Number of obs = 9428 Method: principal-component factors Retained factors = 2 Rotation: (unrotated) Number of params = 15 -------------------------------------------------------------------------- Factor | Eigenvalue Difference Proportion Cumulative -------------+------------------------------------------------------------ Factor1 | 3.98810 2.56540 0.4985 0.4985 Factor2 | 1.42271 0.49592 0.1778 0.6764 Factor3 | 0.92678 0.30742 0.1158 0.7922 Factor4 | 0.61936 0.17482 0.0774 0.8696 Factor5 | 0.44454 0.11496 0.0556 0.9252 Factor6 | 0.32958 0.16259 0.0412 0.9664 Factor7 | 0.16699 0.06506 0.0209 0.9873 Factor8 | 0.10193 . 0.0127 1.0000 -------------------------------------------------------------------------- LR test: independent vs. saturated: chi2(28) = 4.5e+04 Prob>chi2 = 0.0000 Factor loadings (pattern matrix) and unique variances ------------------------------------------------- Variable | Factor1 Factor2 | Uniqueness -------------+--------------------+-------------- vix_wkly | 0.6910 -0.5829 | 0.1828 tedgindex_~y | 0.7184 -0.0491 | 0.4814 eurcmptcur~y | 0.8472 -0.0086 | 0.2822 jpycmptcur~y | 0.6098 -0.6007 | 0.2673 gbpcmptcur~y | 0.8271 0.0904 | 0.3077 spgcagtrin~y | 0.7714 0.1292 | 0.3882 spgcentrin~y | 0.6175 0.4953 | 0.3733 spgcintrin~y | 0.4943 0.6704 | 0.3062 ------------------------------------------------- . predict pcf3_1 pcf3_2 (regression scoring assumed) Scoring coefficients (method = regression) ---------------------------------- Variable | Factor1 Factor2 -------------+-------------------- vix_wkly | 0.17325 -0.40972 tedgindex_~y | 0.18014 -0.03455 eurcmptcur~y | 0.21243 -0.00608 jpycmptcur~y | 0.15291 -0.42219 gbpcmptcur~y | 0.20740 0.06353 spgcagtrin~y | 0.19344 0.09083 spgcentrin~y | 0.15485 0.34813 spgcintrin~y | 0.12394 0.47123 ---------------------------------- . gen pcf=0.4987/(0.4987+0.1778)*pcf3_1+0.1778/(0.4987+0.1778)*pcf3_2 (2796 missing values generated) . ren pcf asset_vol7 . gen asset_vol6 = (vixindex + tedgindex_stddev + eurcmptcurncy_stddev + jpycmptcurncy_stddev + gbpcmptcurncy_stddev > + spgcagtrindex_stddev + spgcentrindex_stddev + spgcintrindex_stddev)/8 (2796 missing values generated) . gen asset_vol8 = (vix_wkly + tedgindex_sdwkly + eurcmptcurncy_sdwkly + jpycmptcurncy_sdwkly + gbpcmptcurncy_sdwkly > + spgcagtrindex_sdwkly + spgcentrindex_sdwkly + spgcintrindex_sdwkly)/8 (2796 missing values generated) . . /* Generate demand change variables */ . . gen dd_ciloan_large = (dem_lg_ss + dem_lg_ms - dem_lg_mw - dem_lg_sw)/(dem_lg_ss + dem_lg_ms + dem_lg_same + dem_lg > _mw + dem_lg_sw) (1506 missing values generated) . label var dd_ciloan_large "Strength of change in C&I loan demand by large firms (Range: -1 to 1)" . gen dd_ciloan_small = (dem_sm_ss + dem_sm_ms - dem_sm_mw - dem_sm_sw)/(dem_sm_ss + dem_sm_ms + dem_sm_same + dem_sm > _mw + dem_sm_sw) (1506 missing values generated) . label var dd_ciloan_small "Strength of change in C&I loan demand by small firms (Range: -1 to 1)" . gen dd_ciloan = (dem_lg_ss + dem_lg_ms + dem_sm_ss + dem_sm_ms - dem_lg_mw - dem_lg_sw - dem_sm_mw - dem_sm_sw)/(de > m_lg_ss + dem_lg_ms + dem_lg_same + dem_lg_mw + dem_lg_sw + dem_sm_ss + dem_sm_ms + dem_sm_same + dem_sm_mw + dem_s > m_sw) (1506 missing values generated) . label var dd_ciloan "Strength of change in C&I loan demand by all firms, US (Range: -1 to 1)" . . /* If using this code (reasons for change in demand for C&I loans, SLOS), first gather no. of banks responding to q > uestions on reasons for increases and decreases in demand (name these dem_up and dem_dn, respectively) > local ddlist "up1 up2 up3 up4 up5 up6 dn1 dn2 dn3 dn4 dn5 dn6" > foreach ddvar of local ddlist { > gen dem_`ddvar'_altavg = (dem_`ddvar'_ni + 2*dem_`ddvar'_si + 3*dem_`ddvar'_vi)/(dem_`ddvar'_ni + dem_`ddva > r'_si + dem_`ddvar'_vi) > replace dem_`ddvar'_avg = dem_`ddvar'_altavg if year >= 2008 > replace dem_`ddvar'_avg = dem_`ddvar'_altavg if year == 2007 & quarter == 4 > } > sort yquarter > gen dd_ciloan_reason1 = (((dem_up1_avg - 1)/2)*dem_up/slos_sample_size) - (((dem_dn1_avg - 1)/2)*dem_dn/slos_sample > _size) > label var dd_ciloan_reason1 "Demand for C&I loans due to inventory financing needs (Range: -1 to 1)" > gen dd_ciloan_reason2 = (((dem_up2_avg - 1)/2)*dem_up/slos_sample_size) - (((dem_dn2_avg - 1)/2)*dem_dn/slos_sample > _size) > label var dd_ciloan_reason2 "Demand for C&I loans due to accts receivable financing needs (Range: -1 to 1)" > gen dd_ciloan_reason3 = (((dem_up3_avg - 1)/2)*dem_up/slos_sample_size) - (((dem_dn3_avg - 1)/2)*dem_dn/slos_sample > _size) > label var dd_ciloan_reason3 "Demand for C&I loans due to change in internally generated funds (Range: -1 to 1)" > gen dd_ciloan_reason4 = (((dem_up4_avg - 1)/2)*dem_up/slos_sample_size) - (((dem_dn4_avg - 1)/2)*dem_dn/slos_sample > _size) > label var dd_ciloan_reason4 "Demand for C&I loans due to plant equipment investment needs (Range: -1 to 1)" > gen dd_ciloan_reason5 = (((dem_up5_avg - 1)/2)*dem_up/slos_sample_size) - (((dem_dn5_avg - 1)/2)*dem_dn/slos_sample > _size) > label var dd_ciloan_reason5 "Demand for C&I loans due to M&A financing needs (Range: -1 to 1)" > gen dd_ciloan_reason6 = (((dem_up6_avg - 1)/2)*dem_up/slos_sample_size) - (((dem_dn6_avg - 1)/2)*dem_dn/slos_sample > _size) > label var dd_ciloan_reason6 "Demand for C&I loans due to other sources less attractive (Range: -1 to 1)" > */ . . local ddlist "more less" . foreach ddvar of local ddlist { 2. gen riskaverse_`ddvar'_altavg = (riskaverse_`ddvar'_ni + 2*riskaverse_`ddvar'_si + 3*riskaverse_`ddvar'_ > vi)/(riskaverse_`ddvar'_ni + riskaverse_`ddvar'_si + riskaverse_`ddvar'_vi) 3. replace riskaverse_`ddvar'_altavg = 0 if riskaverse_`ddvar'_ni + riskaverse_`ddvar'_si + riskaverse_`ddv > ar'_vi == 0 4. replace riskaverse_`ddvar'_avg = riskaverse_`ddvar'_altavg if year >= 2008 5. replace riskaverse_`ddvar'_avg = riskaverse_`ddvar'_altavg if year == 2007 & quarter == 4 6. drop riskaverse_`ddvar'_altavg 7. } (9491 missing values generated) (0 real changes made) (2537 real changes made) (196 real changes made) (10079 missing values generated) (588 real changes made) (2537 real changes made) (196 real changes made) . gen slos_tightened_alt = riskaverse_more_ni + riskaverse_more_si + riskaverse_more_vi (9491 missing values generated) . replace slos_tightened = slos_tightened_alt if year >= 2008 (2537 real changes made) . replace slos_tightened = slos_tightened_alt if year == 2007 & quarter == 4 (196 real changes made) . gen slos_eased_alt = riskaverse_less_ni + riskaverse_less_si + riskaverse_less_vi (9491 missing values generated) . replace slos_eased = slos_eased_alt if year >= 2008 (2537 real changes made) . replace slos_eased = slos_eased_alt if year == 2007 & quarter == 4 (196 real changes made) . drop slos_tightened_alt slos_eased_alt . gen riskaverse_incr = ((riskaverse_more_avg-1)/2)*slos_tightened/slos_sample_size (2420 missing values generated) . gen riskaverse_decr = ((riskaverse_less_avg-1)/2)*slos_eased/slos_sample_size (2420 missing values generated) . label var riskaverse_incr "Tightened due to increase in risk aversion measure (Range: 0 to 1), SLOS" . label var riskaverse_decr "Eased due to increase in risk aversion measure (Range: 0 to 1), SLOS" . gen riskaverse = riskaverse_incr - riskaverse_decr (2420 missing values generated) . gen tight = slos_tightened / slos_sample_size (2420 missing values generated) . label var tight "Proportion of respondants (US banks) who tightened standards for C&I loans (SLOS)" note: label truncated to 80 characters . label var riskaverse "Net tightening due to change in risk aversion (Range: -1 to 1), SLOS" . . /* Generate crisis dummies */ . . gen crisis1_us = 0 . . replace crisis1_us = 1 if yquarter>=190 & yquarter<= 194 (980 real changes made) . label var crisis1_us "Dummy for first phase of financial crisis (Aug 2007--Sep 2008)" . *replace crisis1_us = 1 if yquarter>=190 & yquarter<= 193 . *label var crisis1_us "Dummy for first phase of financial crisis (Aug 2007--Jun 2008)" . . gen crisis2_us = 0 . *replace crisis2_us = 1 if yquarter>=195 & yquarter<= 198 . *label var crisis2_us "Dummy for second phase of financial crisis (Oct 2008--Sep 2009)" . *replace crisis2_us = 1 if yquarter>=195 & yquarter<= 196 . *label var crisis2_us "Dummy for second phase of financial crisis (Oct 2008--Mar 2009)" . replace crisis2_us = 1 if yquarter>=195 & yquarter<= 197 (586 real changes made) . label var crisis2_us "Dummy for second phase of financial crisis (Oct 2008--Jun 2009)" . *replace crisis2_us = 1 if yquarter>=194 & yquarter<= 197 . *label var crisis2_us "Dummy for second phase of financial crisis (Sep 2008--Jun 2009)" . . gen crisis3 = 0 . replace crisis3 = 1 if yquarter>=200 (974 real changes made) . label var crisis3 "Dummy for European debt crisis (Apr 2010--present)" . . gen crisis1_eu = 0 . replace crisis1_eu = 1 if yquarter>=190 & yquarter<= 195 (1176 real changes made) . label var crisis1_eu "Alt. dummy for first phase of financial crisis, until Vienna initiative (Aug 2007--Dec 2008)" note: label truncated to 80 characters . gen crisis2_eu = 0 . replace crisis2_eu = 1 if yquarter>=196 & yquarter<= 197 (390 real changes made) . label var crisis2_eu "Dummy for second phase of financial crisis (Jan 2009--Jun 2009)" . *replace crisis2_eu = 1 if yquarter==196 . *label var crisis2_eu "Dummy for second phase of financial crisis (Jan 2009--Mar 2009)" . . gen crisis_all = 0 . replace crisis_all = 1 if crisis1_us==1 | crisis2_us==1 (1566 real changes made) . label var crisis_all "Dummy for financial crisis (Aug 2007--Mar 2009)" . gen crisis_any = 0 . replace crisis_any = 1 if crisis_all==1 | crisis3==1 (2540 real changes made) . label var crisis_all "Dummy for financial crisis and European debt crisis (Aug 2007--Jun 2009; Apr 2010--)" note: label truncated to 80 characters . . . /* Generate nominal GDP with quarter-interpolated annual GEP data filled in when quarterly GEM data are not availab > le */ . . rename nom_gdp nom_gdp_gem . gen nom_gdp = nom_gdp_gem (9208 missing values generated) . replace nom_gdp = nom_gdp_alt if nom_gdp == . (6536 real changes made) . . /* Generate nominal GDP with quarter-interpolated annual WDI data filled in when quarterly GEM and GEP data are not > available */ . . replace nom_gdp = nom_gdp_alt3/1000000 if nom_gdp == . (1939 real changes made) . . /* Generate inflation, growth, and change-in-exchange-rate variables */ . . encode cncode, gen(cncode2) . tsset cncode2 yquarter, quarterly panel variable: cncode2 (unbalanced) time variable: yquarter, 1995q1 to 2011q1, but with gaps delta: 1 quarter . gen infl_yoy = ((cpi-L4.cpi)/L4.cpi)*100 (2477 missing values generated) . label var infl_yoy "CPI Price, % change y-o-y" . gen infl_qoq = ((cpi/L.cpi)^4 - 1)*100 (1939 missing values generated) . label var infl_qoq "CPI Price, % change q-o-q (annualized)" . gen growth_qoq = ((real_gdp/L.real_gdp)^4 - 1)*100 (9318 missing values generated) . label var growth_qoq "GDP growth, % change q-o-q, real" . gen growth_yoy = ((real_gdp-L4.real_gdp)/L4.real_gdp)*100 (9468 missing values generated) . label var growth_yoy "GDP growth, % change y-o-y, real" . gen depr_USD = ((exrate_USD/L.exrate_USD)^4 - 1)*100 (883 missing values generated) . gen depr_EUR = ((exrate_EUR/L.exrate_EUR)^4 - 1)*100 (3565 missing values generated) . label var depr_USD "Pct change in USD exch rate" . label var depr_EUR "Pct change in EUR exch rate" . . /* Generate growth from GEP and WDI real GDP data, and use to fill in missing quarters */ . . gen growth_qoq_alt = ((real_gdp_alt/L.real_gdp_alt)^4 - 1)*100 (2824 missing values generated) . gen growth_qoq_alt2 = ((real_gdp_alt2/L.real_gdp_alt2)^4 - 1)*100 (1441 missing values generated) . gen growth_qoq_alt3 = ((real_gdp_alt3/L.real_gdp_alt3)^4 - 1)*100 (1679 missing values generated) . gen growth_yoy_alt = ((real_gdp_alt-L4.real_gdp_alt)/L4.real_gdp_alt)*100 (3274 missing values generated) . gen growth_yoy_alt2 = ((real_gdp_alt2-L4.real_gdp_alt2)/L4.real_gdp_alt2)*100 (1972 missing values generated) . gen growth_yoy_alt3 = ((real_gdp_alt3-L4.real_gdp_alt3)/L4.real_gdp_alt3)*100 (2250 missing values generated) . replace growth_qoq = growth_qoq_alt if growth_qoq == . (6494 real changes made) . replace growth_qoq = growth_qoq_alt2 if growth_qoq == . (1531 real changes made) . replace growth_qoq = growth_qoq_alt3 if growth_qoq == . (568 real changes made) . replace growth_yoy = growth_yoy_alt if growth_yoy == . (6194 real changes made) . replace growth_yoy = growth_yoy_alt2 if growth_yoy == . (1444 real changes made) . replace growth_yoy = growth_yoy_alt3 if growth_yoy == . (526 real changes made) . . /* Generate global banking sector CDS index: fc_US/fc_EU-weighted average of Euro bank 5yr CDS and US bank 5yr CDS > */ . . gen dvp=1 if income~="HIC" (3563 missing values generated) . replace dvp=0 if dvp~=1 (3563 real changes made) . sort yquarter . by yquarter:egen tfc_US=sum(fc_US)if dvp==1 (3563 missing values generated) . by yquarter:egen tfc_EU=sum(fc_EU)if dvp==1 (3563 missing values generated) . by yquarter: gen weightUS=tfc_US/(tfc_US+tfc_EU) (3563 missing values generated) . gen globalcds1=usbankcds*weightUS+eubankcds*(1-weightUS) (8268 missing values generated) . gen globalcds2=(usbankcds+eubankcds)/2 (6588 missing values generated) . label var globalcds1 "Global banking sector 5yr CDS, weighted average of EU and US" . label var globalcds2 "Global banking sector 5yr CDS, simple average of EU and US" . . /* Generate foreign claims measured in Euros */ . . gen fc_EUROS = fc * exrate_USDEUR (2843 missing values generated) . label var fc_EUROS "Total foreign claims (fc), measured in Euros" . gen fc_US_EUROS = fc_US * exrate_USDEUR (5492 missing values generated) . label var fc_US_EUROS "Foreign claims by US banks, measured in Euros" . gen fc_EU_EUROS = fc_EU * exrate_USDEUR (3037 missing values generated) . label var fc_EU_EUROS "Foreign claims by european banks, measured in Euros" . . /* Replace blanks in fc_US and fc_EU with zeros */ . . replace fc_US = 0 if fc_US == . (3557 real changes made) . replace fc_EU = 0 if fc_EU == . (362 real changes made) . . /* Generate logarithms of variables */ . . gen linfl_yoy = ln(2+infl_yoy/100) (2477 missing values generated) . gen linfl_qoq = ln(2+infl_qoq/100) (1939 missing values generated) . gen lgrowth_qoq = ln(2+growth_qoq/100) (725 missing values generated) . gen lgrowth_yoy = ln(2+growth_yoy/100) (1304 missing values generated) . gen lreal_gdp = ln(real_gdp) (9268 missing values generated) . gen lnom_gdp = ln(nom_gdp) (733 missing values generated) . gen lfc = ln(fc) . gen lfc_US = ln(1+fc_US) . gen lfc_EU = ln(1+fc_EU) . gen lfc_EUROS = ln(1+fc_EUROS) (2843 missing values generated) . gen lfc_US_EUROS = ln(1+fc_US_EUROS) (5492 missing values generated) . gen lfc_EU_EUROS = ln(1+fc_EU_EUROS) (3037 missing values generated) . gen lriskaverse = ln(1.2+riskaverse) (2420 missing values generated) . gen ldd_ciloan = ln(1.7+dd_ciloan) (1506 missing values generated) . gen ldd_ciloan_ECB = ln(1.4+dd_ciloan_ECB) (5630 missing values generated) . gen lasset_vol = ln(1.6+asset_vol) (2796 missing values generated) . gen lasset_vol2 = ln(1.7+asset_vol2) (2796 missing values generated) . gen lasset_vol3 = ln(1.8+asset_vol3) (2796 missing values generated) . gen lasset_vol4 = ln(1.8+asset_vol4) . gen lasset_vol5 = ln(0.8+asset_vol5) (6588 missing values generated) . gen lasset_vol6 = ln(0.8+asset_vol6) (2796 missing values generated) . gen lasset_vol7 = ln(2+asset_vol7) (2796 missing values generated) . gen lasset_vol8 = ln(asset_vol8) (2796 missing values generated) . gen lted_vol = ln(garch22) . gen lvix = ln(vix) . gen ltedgindex_stddev = ln(0.9+tedgindex_stddev) . gen ltight_ecb_capital = ln(1+tight_ecb_capital) (5630 missing values generated) . gen ltight_ecb_financing = ln(1.1+tight_ecb_financing) (5630 missing values generated) . gen ltight_ecb_liquidity = ln(1.1+tight_ecb_liquidity) (5630 missing values generated) . gen ltight_ecb_exp_gen = ln(1.2+tight_ecb_exp_gen) (5630 missing values generated) . gen ltight_ecb_exp_spec = ln(1.1+tight_ecb_exp_spec) (5630 missing values generated) . gen ltight_ecb_risk = ln(1.1+tight_ecb_risk) (5630 missing values generated) . gen lusbankcds = ln(usbankcds) (6588 missing values generated) . gen leubankcds = ln(eubankcds) (6588 missing values generated) . gen lglobalcds1 = ln(globalcds1) (8268 missing values generated) . gen lglobalcds2 = ln(globalcds2) (6588 missing values generated) . gen lted = ln(ted) . gen lliborcd = ln(15.1+liborcd) . gen llibored = ln(93.2+libored) . gen llois = ln(lois) (4871 missing values generated) . gen lsdlois = ln(0.7+sdlois) (4871 missing values generated) . gen leois = ln(eois) (7550 missing values generated) . gen lsdeois = ln(0.7+sdeois) (7550 missing values generated) . gen leeonia = ln(eeonia) (2796 missing values generated) . gen lsdeeonia = ln(0.7+sdeeonia) (2796 missing values generated) . gen lunprofit_foroff = ln(unprofit_foroff) (4871 missing values generated) . gen lchargeoffs_foroff = ln(0.7+chargeoffs_foroff) (4871 missing values generated) . gen llossallow_foroff = ln(lossallow_foroff) (4871 missing values generated) . gen lnoncurrent_foroff = ln(1+noncurrent_foroff) (4871 missing values generated) . gen lleverage_foroff = ln(leverage_foroff) (4871 missing values generated) . gen ltier1_foroff = ln(tier1_foroff) (4871 missing values generated) . gen lcapratio_foroff = ln(capratio_foroff) (4871 missing values generated) . gen lpop = ln(pop) (257 missing values generated) . gen lICRGComposite = ln(ICRGComposite) (3767 missing values generated) . gen lICRGEconomic = ln(1+ICRGEconomic) (3767 missing values generated) . gen lICRGFinancial = ln(1+ICRGFinancial) (3767 missing values generated) . gen lICRGPolitical = ln(1+ICRGPolitical) (3767 missing values generated) . gen ldeposits = ln(1+deposits) (2581 missing values generated) . gen llending_rate = ln(1+lending_rate/100) (3029 missing values generated) . gen ldepr_USD = ln(2+depr_USD/100) (883 missing values generated) . gen ldepr_EUR = ln(2+depr_EUR/100) (3565 missing values generated) . gen lm3 = ln(m3) (11639 missing values generated) . gen ltight = ln(1+tight) (2420 missing values generated) . gen ldepratio = ln(depratio) (796 missing values generated) . gen ldepratio_old = ln(depratio_old) (796 missing values generated) . gen ldepratio_young = ln(depratio_young) (796 missing values generated) . gen lexrate_USDEUR = ln(0.4+exrate_USDEUR) (2843 missing values generated) . gen lfrfedfd = ln(1+frfedfd) . . drop *_ni *_si *_vi *_ss *_ms *_same *_mw *_sw *1_avg *2_avg *3_avg *4_avg *5_avg *6_avg *7_avg . . /* Restrict sample to developing country recipients */ . . drop if income == "HIC" (3563 observations deleted) . tsset cncode2 yquarter, quarterly panel variable: cncode2 (unbalanced) time variable: yquarter, 1995q1 to 2011q1, but with gaps delta: 1 quarter . . /* Generate interaction variables */ . . gen llois_crisis = crisis_all*llois (3510 missing values generated) . gen Lllois_crisis = crisis_all*L.llois (3656 missing values generated) . gen L2llois_crisis = crisis_all*L2.llois (3795 missing values generated) . . gen lglobalcds1_crisis = crisis_all*lglobalcds1 (4705 missing values generated) . gen Llglobalcds1_crisis = crisis_all*L.lglobalcds1 (4849 missing values generated) . gen L2lglobalcds1_crisis = crisis_all*L2.lglobalcds1 (4987 missing values generated) . gen L3lglobalcds1_crisis = crisis_all*L3.lglobalcds1 (5123 missing values generated) . . gen lasset_vol_crisis = crisis_all*lasset_vol (2064 missing values generated) . gen Llasset_vol_crisis = crisis_all*L.lasset_vol (2213 missing values generated) . gen L2lasset_vol_crisis = crisis_all*L2.lasset_vol (2354 missing values generated) . . gen llois_crisis1_us = crisis1_us*llois (3510 missing values generated) . gen lglobalcds1_crisis1_us = crisis1_us*lglobalcds1 (4705 missing values generated) . gen lasset_vol_crisis1_us = crisis1_us*lasset_vol (2064 missing values generated) . . gen llois_crisis2_us = crisis2_us*llois (3510 missing values generated) . gen lglobalcds1_crisis2_us = crisis2_us*lglobalcds1 (4705 missing values generated) . gen lasset_vol_crisis2_us = crisis2_us*lasset_vol (2064 missing values generated) . . gen llois_crisis1_eu = crisis1_eu*llois (3510 missing values generated) . gen lglobalcds1_crisis1_eu = crisis1_eu*lglobalcds1 (4705 missing values generated) . gen lasset_vol_crisis1_eu = crisis1_eu*lasset_vol (2064 missing values generated) . . gen llois_crisis2_eu = crisis2_eu*llois (3510 missing values generated) . gen lglobalcds1_crisis2_eu = crisis2_eu*lglobalcds1 (4705 missing values generated) . gen lasset_vol_crisis2_eu = crisis2_eu*lasset_vol (2064 missing values generated) . . gen ldd_ciloan_crisis = crisis_all*ldd_ciloan (1155 missing values generated) . gen ldd_ciloan_crisis1_us = crisis1_us*ldd_ciloan (1155 missing values generated) . gen ldd_ciloan_crisis2_us = crisis2_us*ldd_ciloan (1155 missing values generated) . gen ldd_ciloan_crisis1_eu = crisis1_eu*ldd_ciloan (1155 missing values generated) . gen ldd_ciloan_crisis2_eu = crisis2_eu*ldd_ciloan (1155 missing values generated) . . gen lted_crisis = crisis_all*lted . gen lm3_crisis = crisis_all*lm3 (8249 missing values generated) . gen llibored_crisis = crisis_all*llibored . gen lliborcd_crisis = crisis_all*lliborcd . gen lnoncurrent_foroff_crisis = crisis_all*lnoncurrent_foroff (3510 missing values generated) . gen llossallow_foroff_crisis = crisis_all*llossallow_foroff (3510 missing values generated) . gen lasset_vol2_crisis = crisis_all*lasset_vol2 (2064 missing values generated) . gen lasset_vol3_crisis = crisis_all*lasset_vol3 (2064 missing values generated) . gen lasset_vol7_crisis = crisis_all*lasset_vol7 (2064 missing values generated) . gen lasset_vol8_crisis = crisis_all*lasset_vol8 (2064 missing values generated) . gen lted_vol_crisis = crisis_all*lted_vol . gen lriskaverse_crisis = crisis_all*lriskaverse (1802 missing values generated) . . gen lusbankcds_crisis = crisis_all*lusbankcds (4705 missing values generated) . gen leubankcds_crisis = crisis_all*leubankcds (4705 missing values generated) . gen lunprofit_foroff_crisis = crisis_all*lunprofit_foroff (3510 missing values generated) . gen lvix_crisis = crisis_all*lvix . gen leois_crisis = crisis_all*leois (5377 missing values generated) . gen leeonia_crisis = crisis_all*leeonia (2064 missing values generated) . gen ldd_ciloan_ECB_crisis = crisis_all*ldd_ciloan_ECB (4037 missing values generated) . . gen lusbankcds_crisis1_us = crisis1_us*lusbankcds (4705 missing values generated) . gen leubankcds_crisis1_eu = crisis1_eu*leubankcds (4705 missing values generated) . gen lunprofit_foroff_crisis1_us = crisis1_us*lunprofit_foroff (3510 missing values generated) . gen lvix_crisis1_us = crisis1_us*lvix . gen leois_crisis1_us = crisis1_us*leois (5377 missing values generated) . gen leois_crisis1_eu = crisis1_eu*leois (5377 missing values generated) . gen leeonia_crisis1_eu = crisis1_eu*leeonia (2064 missing values generated) . gen ldd_ciloan_ECB_crisis1_eu = crisis1_eu*ldd_ciloan_ECB (4037 missing values generated) . . gen lusbankcds_crisis2_us = crisis2_us*lusbankcds (4705 missing values generated) . gen leubankcds_crisis2_eu = crisis2_eu*leubankcds (4705 missing values generated) . gen lunprofit_foroff_crisis2_us = crisis2_us*lunprofit_foroff (3510 missing values generated) . gen lvix_crisis2_us = crisis2_us*lvix . gen leois_crisis2_us = crisis2_us*leois (5377 missing values generated) . gen leois_crisis2_eu = crisis2_eu*leois (5377 missing values generated) . gen leeonia_crisis2_eu = crisis2_eu*leeonia (2064 missing values generated) . gen ldd_ciloan_ECB_crisis2_eu = crisis2_eu*ldd_ciloan_ECB (4037 missing values generated) . . label var asset_vol2 "wtd avg 5 factors of factor an. of VIX and cond. variances of 7 other vars" . label var asset_vol3 "wtd avg 3 factors of PCA of VIX and uncond. std devs. of 7 other vars" . label var asset_vol6 "simple avg of VIX and unconditional std. devs. of 7 other variables" . label var asset_vol7 "wtd avg 2 factors of PCA of VIX and uncond. std devs. (week) of 7 other vars" . label var asset_vol8 "simple avg of VIX and unconditional std. devs. (week) of 7 other variables" . label var lasset_vol "ln (wtd avg 2 factors of PCA of VIX and cond. variances of 7 other vars)" . label var lasset_vol2 "ln (wtd avg 5 factors of factor an. of VIX and cond. variances of 7 other vars)" . label var lasset_vol3 "ln (wtd avg 3 factors of PCA of VIX and uncond. std devs. of 7 other vars)" . label var lasset_vol4 "ln (first factor index of volatility of asset markets)" . label var lasset_vol5 "ln (conditional volatility of the LIBOR-OIS spread)" . label var lasset_vol6 "ln (simple avg of VIX and unconditional std deviations of 7 other variables)" . label var lasset_vol7 "ln (wtd avg 3 factors of PCA of VIX and uncond. std devs. (week) of 7 other vars)" note: label truncated to 80 characters . label var lasset_vol8 "ln (simple avg of VIX and uncond. std. devs. (week) of 7 other variables)" . label var lted_vol "ln (conditional variance of TED spread [var name garch22])" . label var ltedgindex_stddev "ln (unconditional std deviation of TED spread)" . . /* Generate lagged fc for robustness checks restricted to the original sample (in which case lags for the first per > iod in the restricted sample are needed) */ . gen Laglfc = L.lfc (154 missing values generated) . /* Generate lagged vars for bootstrap IV regression with interactions */ . gen Lag1ldepratio_old = L.ldepratio_old (391 missing values generated) . gen Lag2ldepratio_old = L2.ldepratio_old (531 missing values generated) . gen Lag3ldepratio_old = L3.ldepratio_old (663 missing values generated) . gen Lag4ldepratio_old = L4.ldepratio_old (795 missing values generated) . . save "./TransChannelCrisis_Working.dta", replace file ./TransChannelCrisis_Working.dta saved . . end of do-file . do regress . /* Transmission channels project regression file */ . . /* On WB computer: cd "M:\Share\Intl Banking project\Liquidity data\STATA" */ . . use "./TransChannelCrisis_Working.dta", clear . tsset cncode2 yquarter, quarterly panel variable: cncode2 (unbalanced) time variable: yquarter, 1995q1 to 2011q1, but with gaps delta: 1 quarter . . /* Preliminary and summary statistics */ . . *** Establish integration order of dependent variable *** . preserve . quietly reg lfc L.lfc llois lglobalcds1 lasset_vol ldd_ciloan linfl_qoq lgrowth_qoq lnom_gdp . keep if e(sample) (5226 observations deleted) . xtfisher lfc, trend lag(1) Fisher Test for panel unit root using an augmented Dickey-Fuller test (1 lags) Ho: unit root chi2(254) = 240.8554 Prob > chi2 = 0.7136 . xtfisher D.lfc, trend lag(1) Fisher Test for panel unit root using an augmented Dickey-Fuller test (1 lags) Ho: unit root chi2(254) = 1288.2219 Prob > chi2 = 0.0000 . restore . . *** Obtain summary statistics for main variables of interest *** . preserve . quietly reg lfc L.lfc llois lglobalcds1 lasset_vol ldd_ciloan linfl_qoq lgrowth_qoq lnom_gdp . keep if e(sample) (5226 observations deleted) . bysort crisis_all: sum fc lois globalcds1 asset_vol dd_ciloan infl_qoq growth_qoq nom_gdp --------------------------------------------------------------------------------------------------------------------- -> crisis_all = 0 Variable | Obs Mean Std. Dev. Min Max -------------+-------------------------------------------------------- fc | 2445 17629.06 52039.84 3 593879 lois | 2445 11.19662 4.554715 6.797213 22.59462 globalcds1 | 2445 66.04253 83.46111 8.861168 279.3678 asset_vol | 2445 -.1179547 .1889267 -.3893155 .3605531 dd_ciloan | 2445 .0622181 .2227057 -.3362832 .3796296 -------------+-------------------------------------------------------- infl_qoq | 2445 40.46813 1366.927 -35.89397 67245.52 growth_qoq | 2445 5.689691 5.361751 -37.52957 63.75128 nom_gdp | 2445 51823.9 126587.2 106.7645 1148256 --------------------------------------------------------------------------------------------------------------------- -> crisis_all = 1 Variable | Obs Mean Std. Dev. Min Max -------------+-------------------------------------------------------- fc | 990 22262.58 58475.53 4 377268 lois | 990 88.65965 49.65663 42.65297 211.5061 globalcds1 | 990 128.8774 64.90799 33.65987 229.6883 asset_vol | 990 1.416417 1.148188 .3116262 4.041861 dd_ciloan | 990 -.2900252 .2198852 -.6190476 -.0803571 -------------+-------------------------------------------------------- infl_qoq | 990 2.71e+07 8.52e+08 -29.35691 2.68e+10 growth_qoq | 990 3.131313 6.271764 -40.53763 67.48729 nom_gdp | 990 58897.07 137326.1 157.2008 1197708 . pwcorr lois globalcds1 globalcds2 asset_vol asset_vol2 asset_vol3 vix | lois global~1 global~2 asset_~l asset_~2 asset_~3 vix -------------+--------------------------------------------------------------- lois | 1.0000 globalcds1 | 0.4016 1.0000 globalcds2 | 0.5366 0.9658 1.0000 asset_vol | 0.9485 0.3626 0.5097 1.0000 asset_vol2 | 0.9624 0.3593 0.5054 0.9880 1.0000 asset_vol3 | 0.9256 0.3885 0.5404 0.9370 0.9458 1.0000 vix | 0.8922 0.6318 0.7092 0.8117 0.8402 0.8127 1.0000 . restore . . . /* Benchmark regressions */ . . xtreg lfc L.lfc llois lglobalcds1 lasset_vol ldd_ciloan linfl_qoq lgrowth_qoq lnom_gdp, fe i(cncode2) Fixed-effects (within) regression Number of obs = 3435 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7709 Obs per group: min = 5 between = 0.9746 avg = 27.0 overall = 0.9659 max = 29 F(8,3300) = 1387.86 corr(u_i, Xb) = 0.1454 Prob > F = 0.0000 ------------------------------------------------------------------------------ lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7722209 .010727 71.99 0.000 .7511888 .7932531 llois | .030342 .0106431 2.85 0.004 .0094743 .0512097 lglobalcds1 | -.0136951 .0063638 -2.15 0.031 -.0261725 -.0012177 lasset_vol | -.0621115 .0250499 -2.48 0.013 -.1112264 -.0129965 ldd_ciloan | .0085055 .0367688 0.23 0.817 -.0635865 .0805975 linfl_qoq | -.0190176 .0126803 -1.50 0.134 -.0438796 .0058444 lgrowth_qoq | -.1305635 .1813905 -0.72 0.472 -.4862127 .2250857 lnom_gdp | .3078243 .0270965 11.36 0.000 .2546966 .3609521 _cons | -1.059679 .2640975 -4.01 0.000 -1.57749 -.5418676 -------------+---------------------------------------------------------------- sigma_u | .39081141 sigma_e | .25088388 rho | .70816113 (fraction of variance due to u_i) ------------------------------------------------------------------------------ F test that all u_i=0: F(126, 3300) = 4.20 Prob > F = 0.0000 . estimates store fixed . xtreg lfc L.lfc llois lglobalcds1 lasset_vol ldd_ciloan linfl_qoq lgrowth_qoq lnom_gdp, re i(cncode2) Random-effects GLS regression Number of obs = 3435 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7557 Obs per group: min = 5 between = 0.9997 avg = 27.0 overall = 0.9883 max = 29 Random effects u_i ~ Gaussian Wald chi2(8) = 289570.53 corr(u_i, X) = 0 (assumed) Prob > chi2 = 0.0000 ------------------------------------------------------------------------------ lfc | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .9895923 .0028883 342.62 0.000 .9839314 .9952532 llois | .0300567 .010907 2.76 0.006 .0086793 .0514341 lglobalcds1 | -.0131294 .0051601 -2.54 0.011 -.0232429 -.0030158 lasset_vol | -.0842734 .0262264 -3.21 0.001 -.1356762 -.0328705 ldd_ciloan | .0010746 .0358743 0.03 0.976 -.0692378 .071387 linfl_qoq | -.0208004 .0105986 -1.96 0.050 -.0415733 -.0000275 lgrowth_qoq | .3334934 .1711319 1.95 0.051 -.0019189 .6689056 lnom_gdp | .0122789 .0038253 3.21 0.001 .0047814 .0197763 _cons | -.2158153 .1291635 -1.67 0.095 -.4689711 .0373406 -------------+---------------------------------------------------------------- sigma_u | 0 sigma_e | .25088388 rho | 0 (fraction of variance due to u_i) ------------------------------------------------------------------------------ . estimates store random . hausman fixed random ---- Coefficients ---- | (b) (B) (b-B) sqrt(diag(V_b-V_B)) | fixed random Difference S.E. -------------+---------------------------------------------------------------- L.lfc | .7722209 .9895923 -.2173714 .0103308 llois | .030342 .0300567 .0002853 . lglobalcds1 | -.0136951 -.0131294 -.0005657 .0037245 lasset_vol | -.0621115 -.0842734 .0221619 . ldd_ciloan | .0085055 .0010746 .0074309 .0080609 linfl_qoq | -.0190176 -.0208004 .0017828 .0069612 lgrowth_qoq | -.1305635 .3334934 -.4640569 .0601364 lnom_gdp | .3078243 .0122789 .2955455 .0268252 ------------------------------------------------------------------------------ b = consistent under Ho and Ha; obtained from xtreg B = inconsistent under Ha, efficient under Ho; obtained from xtreg Test: Ho: difference in coefficients not systematic chi2(8) = (b-B)'[(V_b-V_B)^(-1)](b-B) = 470.06 Prob>chi2 = 0.0000 (V_b-V_B is not positive definite) . xtreg lfc L.lfc llois lglobalcds1 lasset_vol ldd_ciloan linfl_qoq lgrowth_qoq lnom_gdp, fe i(cncode2) vce(robust) Fixed-effects (within) regression Number of obs = 3435 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7709 Obs per group: min = 5 between = 0.9746 avg = 27.0 overall = 0.9659 max = 29 F(8,126) = 585.18 corr(u_i, Xb) = 0.1454 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7722209 .0255992 30.17 0.000 .7215609 .8228809 llois | .030342 .009421 3.22 0.002 .0116981 .048986 lglobalcds1 | -.0136951 .0060074 -2.28 0.024 -.0255836 -.0018065 lasset_vol | -.0621115 .0239036 -2.60 0.010 -.1094161 -.0148068 ldd_ciloan | .0085055 .0306105 0.28 0.782 -.0520718 .0690828 linfl_qoq | -.0190176 .0051194 -3.71 0.000 -.0291487 -.0088866 lgrowth_qoq | -.1305635 .1463153 -0.89 0.374 -.4201173 .1589902 lnom_gdp | .3078243 .0359546 8.56 0.000 .2366713 .3789774 _cons | -1.059679 .2374332 -4.46 0.000 -1.529552 -.5898056 -------------+---------------------------------------------------------------- sigma_u | .39081141 sigma_e | .25088388 rho | .70816113 (fraction of variance due to u_i) ------------------------------------------------------------------------------ . estimates store B1 . xtreg lfc L.lfc llois lglobalcds1 lasset_vol ldd_ciloan linfl_qoq lgrowth_qoq lnom_gdp crisis_all, fe i(cncode2) vc > e(robust) Fixed-effects (within) regression Number of obs = 3435 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7719 Obs per group: min = 5 between = 0.9770 avg = 27.0 overall = 0.9682 max = 29 F(9,126) = 525.32 corr(u_i, Xb) = 0.2381 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7715384 .02568 30.04 0.000 .7207185 .8223584 llois | -.0253295 .0138786 -1.83 0.070 -.0527949 .0021359 lglobalcds1 | -.0010787 .0065018 -0.17 0.868 -.0139456 .0117882 lasset_vol | -.0601252 .0237945 -2.53 0.013 -.1072137 -.0130366 ldd_ciloan | -.002393 .0306932 -0.08 0.938 -.0631339 .0583479 linfl_qoq | -.0215652 .0056257 -3.83 0.000 -.0326984 -.010432 lgrowth_qoq | -.1684807 .1545574 -1.09 0.278 -.4743452 .1373838 lnom_gdp | .2893479 .03654 7.92 0.000 .2170362 .3616595 crisis_all | .1081166 .0239285 4.52 0.000 .0607629 .1554703 _cons | -.7652182 .2543286 -3.01 0.003 -1.268527 -.2619094 -------------+---------------------------------------------------------------- sigma_u | .37988223 sigma_e | .25038305 rho | .69714487 (fraction of variance due to u_i) ------------------------------------------------------------------------------ . estimates store B2 . forvalues llags = 0/4 { 2. forvalues slags = 0/4 { 3. forvalues ulags = 0/4 { 4. eststo M`llags'_`slags'_`ulags': xtreg lfc L.lfc llois L(1/`llags').llois lglobalcds1 L(1/`s > lags').lglobalcds1 lasset_vol L(1/`ulags').lasset_vol ldd_ciloan linfl_qoq lgrowth_qoq lnom_gdp crisis_all, fe i(cn > code2) vce(robust) 5. } 6. } 7. } Fixed-effects (within) regression Number of obs = 3319 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7593 Obs per group: min = 4 between = 0.9728 avg = 26.1 overall = 0.9641 max = 28 F(12,126) = 355.62 corr(u_i, Xb) = 0.1708 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7600928 .0271365 28.01 0.000 .7063906 .8137951 llois | --. | -.0246811 .0153697 -1.61 0.111 -.0550973 .0057352 L1. | .0118428 .0120577 0.98 0.328 -.012019 .0357046 --. | (dropped) lglobalcds1 | --. | -.0651639 .0210128 -3.10 0.002 -.1067476 -.0235801 L1. | .0633688 .0243016 2.61 0.010 .0152766 .111461 --. | (dropped) lasset_vol | --. | -.0544484 .0265976 -2.05 0.043 -.1070842 -.0018126 L1. | -.0824541 .0272244 -3.03 0.003 -.1363303 -.0285779 --. | (dropped) ldd_ciloan | -.0133639 .041645 -0.32 0.749 -.0957782 .0690504 linfl_qoq | -.0239916 .0057231 -4.19 0.000 -.0353174 -.0126658 lgrowth_qoq | -.2254759 .1705747 -1.32 0.189 -.5630382 .1120863 lnom_gdp | .3172327 .0413696 7.67 0.000 .2353634 .399102 crisis_all | .1555154 .0385325 4.04 0.000 .0792607 .2317701 _cons | -.8901915 .3040552 -2.93 0.004 -1.491908 -.2884752 -------------+---------------------------------------------------------------- sigma_u | .40696938 sigma_e | .25181538 rho | .72313852 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3319 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7593 Obs per group: min = 4 between = 0.9728 avg = 26.1 overall = 0.9641 max = 28 F(12,126) = 355.62 corr(u_i, Xb) = 0.1708 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7600928 .0271365 28.01 0.000 .7063906 .8137951 llois | --. | -.0246811 .0153697 -1.61 0.111 -.0550973 .0057352 L1. | .0118428 .0120577 0.98 0.328 -.012019 .0357046 --. | (dropped) lglobalcds1 | --. | -.0651639 .0210128 -3.10 0.002 -.1067476 -.0235801 L1. | .0633688 .0243016 2.61 0.010 .0152766 .111461 --. | (dropped) lasset_vol | --. | -.0544484 .0265976 -2.05 0.043 -.1070842 -.0018126 L1. | -.0824541 .0272244 -3.03 0.003 -.1363303 -.0285779 ldd_ciloan | -.0133639 .041645 -0.32 0.749 -.0957782 .0690504 linfl_qoq | -.0239916 .0057231 -4.19 0.000 -.0353174 -.0126658 lgrowth_qoq | -.2254759 .1705747 -1.32 0.189 -.5630382 .1120863 lnom_gdp | .3172327 .0413696 7.67 0.000 .2353634 .399102 crisis_all | .1555154 .0385325 4.04 0.000 .0792607 .2317701 _cons | -.8901915 .3040552 -2.93 0.004 -1.491908 -.2884752 -------------+---------------------------------------------------------------- sigma_u | .40696938 sigma_e | .25181538 rho | .72313852 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3316 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7573 Obs per group: min = 4 between = 0.9729 avg = 26.1 overall = 0.9641 max = 28 F(13,126) = 288.97 corr(u_i, Xb) = 0.1919 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .757317 .0288951 26.21 0.000 .7001344 .8144997 llois | --. | -.0258368 .0158817 -1.63 0.106 -.0572661 .0055926 L1. | .013265 .0124699 1.06 0.289 -.0114126 .0379426 --. | (dropped) lglobalcds1 | --. | -.0652832 .0222334 -2.94 0.004 -.1092825 -.0212839 L1. | .0648702 .025957 2.50 0.014 .0135021 .1162383 --. | (dropped) lasset_vol | --. | -.053517 .0275625 -1.94 0.054 -.1080624 .0010285 L1. | -.0818478 .0274772 -2.98 0.003 -.1362243 -.0274713 L2. | -.0089336 .0236166 -0.38 0.706 -.0556701 .0378029 ldd_ciloan | -.0192758 .0407748 -0.47 0.637 -.0999679 .0614162 linfl_qoq | -.0242039 .0057262 -4.23 0.000 -.0355358 -.0128719 lgrowth_qoq | -.236711 .1744619 -1.36 0.177 -.5819659 .108544 lnom_gdp | .3157696 .0420548 7.51 0.000 .2325444 .3989948 crisis_all | .1575436 .0414896 3.80 0.000 .075437 .2396502 _cons | -.8476704 .3142874 -2.70 0.008 -1.469636 -.225705 -------------+---------------------------------------------------------------- sigma_u | .40840197 sigma_e | .2512703 rho | .72540749 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3313 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7639 Obs per group: min = 4 between = 0.9741 avg = 26.1 overall = 0.9656 max = 28 F(14,126) = 419.67 corr(u_i, Xb) = 0.1401 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7703793 .0269965 28.54 0.000 .7169539 .8238047 llois | --. | -.0180493 .0165102 -1.09 0.276 -.0507225 .014624 L1. | .0201043 .0127969 1.57 0.119 -.0052204 .045429 --. | (dropped) lglobalcds1 | --. | -.0753831 .023231 -3.24 0.002 -.1213565 -.0294097 L1. | .074187 .0270391 2.74 0.007 .0206774 .1276965 --. | (dropped) lasset_vol | --. | -.0563101 .0279095 -2.02 0.046 -.1115423 -.001078 L1. | -.1112469 .0320951 -3.47 0.001 -.1747622 -.0477316 L2. | .0153087 .0291023 0.53 0.600 -.0422838 .0729012 L3. | -.049859 .0277929 -1.79 0.075 -.1048604 .0051423 ldd_ciloan | -.0826057 .0518279 -1.59 0.113 -.1851715 .0199602 linfl_qoq | -.0237711 .0054514 -4.36 0.000 -.0345593 -.012983 lgrowth_qoq | -.2197253 .1666034 -1.32 0.190 -.5494285 .1099779 lnom_gdp | .3125178 .0420796 7.43 0.000 .2292435 .3957921 crisis_all | .1396923 .0415894 3.36 0.001 .0573881 .2219966 _cons | -.8973054 .2977652 -3.01 0.003 -1.486574 -.3080368 -------------+---------------------------------------------------------------- sigma_u | .39522811 sigma_e | .24769604 rho | .71799169 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3310 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7636 Obs per group: min = 4 between = 0.9742 avg = 26.1 overall = 0.9657 max = 28 F(15,126) = 416.07 corr(u_i, Xb) = 0.1441 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7704033 .0271864 28.34 0.000 .7166022 .8242045 llois | --. | -.0209716 .0170635 -1.23 0.221 -.0547398 .0127966 L1. | .0193913 .0128187 1.51 0.133 -.0059766 .0447592 --. | (dropped) lglobalcds1 | --. | -.0707736 .0246651 -2.87 0.005 -.119585 -.0219622 L1. | .0713455 .0271644 2.63 0.010 .017588 .125103 --. | (dropped) lasset_vol | --. | -.0580356 .0276799 -2.10 0.038 -.1128133 -.0032579 L1. | -.1093784 .0311212 -3.51 0.001 -.1709663 -.0477904 L2. | .0143941 .0296363 0.49 0.628 -.0442551 .0730434 L3. | -.039365 .036781 -1.07 0.287 -.1121535 .0334234 L4. | -.0127679 .028133 -0.45 0.651 -.0684423 .0429065 ldd_ciloan | -.0883116 .0541114 -1.63 0.105 -.1953963 .0187732 linfl_qoq | -.023879 .005514 -4.33 0.000 -.034791 -.012967 lgrowth_qoq | -.2201329 .1669273 -1.32 0.190 -.550477 .1102113 lnom_gdp | .3116791 .0430814 7.23 0.000 .2264224 .3969359 crisis_all | .1417864 .0421742 3.36 0.001 .0583248 .2252479 _cons | -.8822098 .3100822 -2.85 0.005 -1.495853 -.2685664 -------------+---------------------------------------------------------------- sigma_u | .39468566 sigma_e | .24783943 rho | .71720048 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3319 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7593 Obs per group: min = 4 between = 0.9728 avg = 26.1 overall = 0.9641 max = 28 F(12,126) = 355.62 corr(u_i, Xb) = 0.1708 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7600928 .0271365 28.01 0.000 .7063906 .8137951 llois | --. | -.0246811 .0153697 -1.61 0.111 -.0550973 .0057352 L1. | .0118428 .0120577 0.98 0.328 -.012019 .0357046 --. | (dropped) lglobalcds1 | --. | -.0651639 .0210128 -3.10 0.002 -.1067476 -.0235801 L1. | .0633688 .0243016 2.61 0.010 .0152766 .111461 lasset_vol | --. | -.0544484 .0265976 -2.05 0.043 -.1070842 -.0018126 L1. | -.0824541 .0272244 -3.03 0.003 -.1363303 -.0285779 --. | (dropped) ldd_ciloan | -.0133639 .041645 -0.32 0.749 -.0957782 .0690504 linfl_qoq | -.0239916 .0057231 -4.19 0.000 -.0353174 -.0126658 lgrowth_qoq | -.2254759 .1705747 -1.32 0.189 -.5630382 .1120863 lnom_gdp | .3172327 .0413696 7.67 0.000 .2353634 .399102 crisis_all | .1555154 .0385325 4.04 0.000 .0792607 .2317701 _cons | -.8901915 .3040552 -2.93 0.004 -1.491908 -.2884752 -------------+---------------------------------------------------------------- sigma_u | .40696938 sigma_e | .25181538 rho | .72313852 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3319 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7593 Obs per group: min = 4 between = 0.9728 avg = 26.1 overall = 0.9641 max = 28 F(12,126) = 355.62 corr(u_i, Xb) = 0.1708 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7600928 .0271365 28.01 0.000 .7063906 .8137951 llois | --. | -.0246811 .0153697 -1.61 0.111 -.0550973 .0057352 L1. | .0118428 .0120577 0.98 0.328 -.012019 .0357046 --. | (dropped) lglobalcds1 | --. | -.0651639 .0210128 -3.10 0.002 -.1067476 -.0235801 L1. | .0633688 .0243016 2.61 0.010 .0152766 .111461 lasset_vol | --. | -.0544484 .0265976 -2.05 0.043 -.1070842 -.0018126 L1. | -.0824541 .0272244 -3.03 0.003 -.1363303 -.0285779 ldd_ciloan | -.0133639 .041645 -0.32 0.749 -.0957782 .0690504 linfl_qoq | -.0239916 .0057231 -4.19 0.000 -.0353174 -.0126658 lgrowth_qoq | -.2254759 .1705747 -1.32 0.189 -.5630382 .1120863 lnom_gdp | .3172327 .0413696 7.67 0.000 .2353634 .399102 crisis_all | .1555154 .0385325 4.04 0.000 .0792607 .2317701 _cons | -.8901915 .3040552 -2.93 0.004 -1.491908 -.2884752 -------------+---------------------------------------------------------------- sigma_u | .40696938 sigma_e | .25181538 rho | .72313852 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3316 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7573 Obs per group: min = 4 between = 0.9729 avg = 26.1 overall = 0.9641 max = 28 F(13,126) = 288.97 corr(u_i, Xb) = 0.1919 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .757317 .0288951 26.21 0.000 .7001344 .8144997 llois | --. | -.0258368 .0158817 -1.63 0.106 -.0572661 .0055926 L1. | .013265 .0124699 1.06 0.289 -.0114126 .0379426 --. | (dropped) lglobalcds1 | --. | -.0652832 .0222334 -2.94 0.004 -.1092825 -.0212839 L1. | .0648702 .025957 2.50 0.014 .0135021 .1162383 lasset_vol | --. | -.053517 .0275625 -1.94 0.054 -.1080624 .0010285 L1. | -.0818478 .0274772 -2.98 0.003 -.1362243 -.0274713 L2. | -.0089336 .0236166 -0.38 0.706 -.0556701 .0378029 ldd_ciloan | -.0192758 .0407748 -0.47 0.637 -.0999679 .0614162 linfl_qoq | -.0242039 .0057262 -4.23 0.000 -.0355358 -.0128719 lgrowth_qoq | -.236711 .1744619 -1.36 0.177 -.5819659 .108544 lnom_gdp | .3157696 .0420548 7.51 0.000 .2325444 .3989948 crisis_all | .1575436 .0414896 3.80 0.000 .075437 .2396502 _cons | -.8476704 .3142874 -2.70 0.008 -1.469636 -.225705 -------------+---------------------------------------------------------------- sigma_u | .40840197 sigma_e | .2512703 rho | .72540749 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3313 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7639 Obs per group: min = 4 between = 0.9741 avg = 26.1 overall = 0.9656 max = 28 F(14,126) = 419.67 corr(u_i, Xb) = 0.1401 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7703793 .0269965 28.54 0.000 .7169539 .8238047 llois | --. | -.0180493 .0165102 -1.09 0.276 -.0507225 .014624 L1. | .0201043 .0127969 1.57 0.119 -.0052204 .045429 --. | (dropped) lglobalcds1 | --. | -.0753831 .023231 -3.24 0.002 -.1213565 -.0294097 L1. | .074187 .0270391 2.74 0.007 .0206774 .1276965 lasset_vol | --. | -.0563101 .0279095 -2.02 0.046 -.1115423 -.001078 L1. | -.1112469 .0320951 -3.47 0.001 -.1747622 -.0477316 L2. | .0153087 .0291023 0.53 0.600 -.0422838 .0729012 L3. | -.049859 .0277929 -1.79 0.075 -.1048604 .0051423 ldd_ciloan | -.0826057 .0518279 -1.59 0.113 -.1851715 .0199602 linfl_qoq | -.0237711 .0054514 -4.36 0.000 -.0345593 -.012983 lgrowth_qoq | -.2197253 .1666034 -1.32 0.190 -.5494285 .1099779 lnom_gdp | .3125178 .0420796 7.43 0.000 .2292435 .3957921 crisis_all | .1396923 .0415894 3.36 0.001 .0573881 .2219966 _cons | -.8973054 .2977652 -3.01 0.003 -1.486574 -.3080368 -------------+---------------------------------------------------------------- sigma_u | .39522811 sigma_e | .24769604 rho | .71799169 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3310 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7636 Obs per group: min = 4 between = 0.9742 avg = 26.1 overall = 0.9657 max = 28 F(15,126) = 416.07 corr(u_i, Xb) = 0.1441 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7704033 .0271864 28.34 0.000 .7166022 .8242045 llois | --. | -.0209716 .0170635 -1.23 0.221 -.0547398 .0127966 L1. | .0193913 .0128187 1.51 0.133 -.0059766 .0447592 --. | (dropped) lglobalcds1 | --. | -.0707736 .0246651 -2.87 0.005 -.119585 -.0219622 L1. | .0713455 .0271644 2.63 0.010 .017588 .125103 lasset_vol | --. | -.0580356 .0276799 -2.10 0.038 -.1128133 -.0032579 L1. | -.1093784 .0311212 -3.51 0.001 -.1709663 -.0477904 L2. | .0143941 .0296363 0.49 0.628 -.0442551 .0730434 L3. | -.039365 .036781 -1.07 0.287 -.1121535 .0334234 L4. | -.0127679 .028133 -0.45 0.651 -.0684423 .0429065 ldd_ciloan | -.0883116 .0541114 -1.63 0.105 -.1953963 .0187732 linfl_qoq | -.023879 .005514 -4.33 0.000 -.034791 -.012967 lgrowth_qoq | -.2201329 .1669273 -1.32 0.190 -.550477 .1102113 lnom_gdp | .3116791 .0430814 7.23 0.000 .2264224 .3969359 crisis_all | .1417864 .0421742 3.36 0.001 .0583248 .2252479 _cons | -.8822098 .3100822 -2.85 0.005 -1.495853 -.2685664 -------------+---------------------------------------------------------------- sigma_u | .39468566 sigma_e | .24783943 rho | .71720048 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3198 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7381 Obs per group: min = 3 between = 0.9713 avg = 25.2 overall = 0.9623 max = 27 F(13,126) = 259.41 corr(u_i, Xb) = 0.2454 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7424104 .0304266 24.40 0.000 .682197 .8026238 llois | --. | -.0325274 .0169128 -1.92 0.057 -.0659973 .0009424 L1. | .0138729 .0117051 1.19 0.238 -.0092911 .0370369 --. | (dropped) lglobalcds1 | --. | -.0517238 .0212954 -2.43 0.017 -.0938668 -.0095808 L1. | .0728029 .0278768 2.61 0.010 .0176355 .1279704 L2. | -.0207465 .0164424 -1.26 0.209 -.0532855 .0117925 lasset_vol | --. | -.0368434 .0280395 -1.31 0.191 -.0923328 .018646 L1. | -.0727702 .0285287 -2.55 0.012 -.1292275 -.0163128 --. | (dropped) ldd_ciloan | -.0101196 .0422561 -0.24 0.811 -.0937432 .073504 linfl_qoq | -.0244338 .0062143 -3.93 0.000 -.0367318 -.0121359 lgrowth_qoq | -.27493 .1793575 -1.53 0.128 -.6298732 .0800132 lnom_gdp | .3206783 .0476821 6.73 0.000 .2263168 .4150398 crisis_all | .1383759 .0371801 3.72 0.000 .0647974 .2119543 _cons | -.7620057 .3653887 -2.09 0.039 -1.485099 -.0389122 -------------+---------------------------------------------------------------- sigma_u | .4266235 sigma_e | .25330481 rho | .73935458 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3198 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7381 Obs per group: min = 3 between = 0.9713 avg = 25.2 overall = 0.9623 max = 27 F(13,126) = 259.41 corr(u_i, Xb) = 0.2454 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7424104 .0304266 24.40 0.000 .682197 .8026238 llois | --. | -.0325274 .0169128 -1.92 0.057 -.0659973 .0009424 L1. | .0138729 .0117051 1.19 0.238 -.0092911 .0370369 --. | (dropped) lglobalcds1 | --. | -.0517238 .0212954 -2.43 0.017 -.0938668 -.0095808 L1. | .0728029 .0278768 2.61 0.010 .0176355 .1279704 L2. | -.0207465 .0164424 -1.26 0.209 -.0532855 .0117925 lasset_vol | --. | -.0368434 .0280395 -1.31 0.191 -.0923328 .018646 L1. | -.0727702 .0285287 -2.55 0.012 -.1292275 -.0163128 ldd_ciloan | -.0101196 .0422561 -0.24 0.811 -.0937432 .073504 linfl_qoq | -.0244338 .0062143 -3.93 0.000 -.0367318 -.0121359 lgrowth_qoq | -.27493 .1793575 -1.53 0.128 -.6298732 .0800132 lnom_gdp | .3206783 .0476821 6.73 0.000 .2263168 .4150398 crisis_all | .1383759 .0371801 3.72 0.000 .0647974 .2119543 _cons | -.7620057 .3653887 -2.09 0.039 -1.485099 -.0389122 -------------+---------------------------------------------------------------- sigma_u | .4266235 sigma_e | .25330481 rho | .73935458 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3198 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7381 Obs per group: min = 3 between = 0.9713 avg = 25.2 overall = 0.9624 max = 27 F(14,126) = 240.87 corr(u_i, Xb) = 0.2475 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7424478 .0304297 24.40 0.000 .6822284 .8026673 llois | --. | -.0331426 .0169064 -1.96 0.052 -.0666 .0003147 L1. | .011961 .013056 0.92 0.361 -.0138764 .0377983 --. | (dropped) lglobalcds1 | --. | -.0471956 .0262704 -1.80 0.075 -.099184 .0047927 L1. | .07373 .0275849 2.67 0.009 .0191403 .1283197 L2. | -.0268662 .0215675 -1.25 0.215 -.0695475 .0158152 lasset_vol | --. | -.0327531 .0329562 -0.99 0.322 -.0979725 .0324662 L1. | -.070638 .027896 -2.53 0.013 -.1258433 -.0154326 L2. | .0130116 .0306551 0.42 0.672 -.047654 .0736772 ldd_ciloan | .0011011 .0414539 0.03 0.979 -.080935 .0831372 linfl_qoq | -.0243317 .0061681 -3.94 0.000 -.0365381 -.0121252 lgrowth_qoq | -.2772882 .1804803 -1.54 0.127 -.6344534 .0798771 lnom_gdp | .3201698 .0478103 6.70 0.000 .2255546 .414785 crisis_all | .1308926 .0448263 2.92 0.004 .0421827 .2196025 _cons | -.7611767 .3660503 -2.08 0.040 -1.485579 -.0367739 -------------+---------------------------------------------------------------- sigma_u | .42632405 sigma_e | .25334029 rho | .73902985 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3195 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7450 Obs per group: min = 3 between = 0.9719 avg = 25.2 overall = 0.9632 max = 27 F(15,126) = 354.83 corr(u_i, Xb) = 0.1710 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7560735 .0283531 26.67 0.000 .6999635 .8121836 llois | --. | -.0200663 .0196854 -1.02 0.310 -.0590231 .0188905 L1. | .0212048 .0149141 1.42 0.158 -.0083097 .0507193 --. | (dropped) lglobalcds1 | --. | -.0704602 .0322775 -2.18 0.031 -.1343364 -.0065839 L1. | .0742144 .0277175 2.68 0.008 .0193622 .1290666 L2. | -.0046513 .0285588 -0.16 0.871 -.0611684 .0518657 lasset_vol | --. | -.0475447 .0363854 -1.31 0.194 -.1195503 .0244608 L1. | -.108632 .0394806 -2.75 0.007 -.1867628 -.0305011 L2. | .0168688 .031019 0.54 0.588 -.044517 .0782545 L3. | -.0481074 .0357718 -1.34 0.181 -.1188987 .0226839 ldd_ciloan | -.073143 .0648013 -1.13 0.261 -.2013828 .0550968 linfl_qoq | -.023587 .0059309 -3.98 0.000 -.035324 -.01185 lgrowth_qoq | -.2513178 .1684054 -1.49 0.138 -.5845872 .0819515 lnom_gdp | .3228805 .0493704 6.54 0.000 .225178 .420583 crisis_all | .1325034 .0455343 2.91 0.004 .0423924 .2226143 _cons | -.8755295 .3460274 -2.53 0.013 -1.560308 -.1907515 -------------+---------------------------------------------------------------- sigma_u | .41488542 sigma_e | .24981912 rho | .73390584 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3192 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7446 Obs per group: min = 3 between = 0.9716 avg = 25.1 overall = 0.9630 max = 27 F(16,126) = 347.65 corr(u_i, Xb) = 0.1624 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7561278 .0286438 26.40 0.000 .6994425 .8128131 llois | --. | -.0202865 .0195159 -1.04 0.301 -.0589079 .0183349 L1. | .0217387 .0155621 1.40 0.165 -.0090583 .0525357 --. | (dropped) lglobalcds1 | --. | -.0715551 .033283 -2.15 0.033 -.1374211 -.0056891 L1. | .0697816 .0305485 2.28 0.024 .009327 .1302362 L2. | .0025986 .0409563 0.06 0.950 -.0784527 .08365 lasset_vol | --. | -.0535444 .0427134 -1.25 0.212 -.1380729 .0309842 L1. | -.1117586 .0446783 -2.50 0.014 -.2001757 -.0233415 L2. | .0115751 .039468 0.29 0.770 -.0665309 .0896811 L3. | -.0427259 .0372999 -1.15 0.254 -.1165413 .0310895 L4. | -.0111788 .0385172 -0.29 0.772 -.0874031 .0650455 ldd_ciloan | -.0872807 .0873144 -1.00 0.319 -.2600733 .085512 linfl_qoq | -.0235089 .0059355 -3.96 0.000 -.0352551 -.0117627 lgrowth_qoq | -.2497283 .1681143 -1.49 0.140 -.5824216 .082965 lnom_gdp | .3248386 .0477923 6.80 0.000 .2302591 .4194182 crisis_all | .1394975 .0540132 2.58 0.011 .0326069 .2463882 _cons | -.886197 .3400128 -2.61 0.010 -1.559072 -.2133216 -------------+---------------------------------------------------------------- sigma_u | .41617352 sigma_e | .2499743 rho | .73487293 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3077 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7221 Obs per group: min = 2 between = 0.9746 avg = 24.2 overall = 0.9656 max = 26 F(14,126) = 279.64 corr(u_i, Xb) = 0.4196 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .731763 .0312095 23.45 0.000 .6700004 .7935257 llois | --. | -.0229341 .0188924 -1.21 0.227 -.0603216 .0144534 L1. | -.0126493 .0183145 -0.69 0.491 -.0488933 .0235946 --. | (dropped) lglobalcds1 | --. | -.0598919 .0226348 -2.65 0.009 -.1046855 -.0150983 L1. | .0956116 .0315773 3.03 0.003 .0331211 .1581022 L2. | .0190274 .0234945 0.81 0.420 -.0274675 .0655224 L3. | -.0462696 .0244824 -1.89 0.061 -.0947195 .0021804 lasset_vol | --. | -.0582349 .0280573 -2.08 0.040 -.1137595 -.0027104 L1. | -.0576426 .0290126 -1.99 0.049 -.1150576 -.0002276 --. | (dropped) ldd_ciloan | -.0736651 .05323 -1.38 0.169 -.1790057 .0316755 linfl_qoq | -.026988 .0068974 -3.91 0.000 -.0406378 -.0133382 lgrowth_qoq | -.3010157 .18232 -1.65 0.101 -.6618216 .0597903 lnom_gdp | .2924429 .053498 5.47 0.000 .1865718 .3983139 crisis_all | .1366285 .0372973 3.66 0.000 .0628183 .2104388 _cons | -.347863 .4080885 -0.85 0.396 -1.155458 .4597322 -------------+---------------------------------------------------------------- sigma_u | .43002832 sigma_e | .25065699 rho | .74640527 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3077 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7221 Obs per group: min = 2 between = 0.9746 avg = 24.2 overall = 0.9656 max = 26 F(14,126) = 279.64 corr(u_i, Xb) = 0.4196 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .731763 .0312095 23.45 0.000 .6700004 .7935257 llois | --. | -.0229341 .0188924 -1.21 0.227 -.0603216 .0144534 L1. | -.0126493 .0183145 -0.69 0.491 -.0488933 .0235946 --. | (dropped) lglobalcds1 | --. | -.0598919 .0226348 -2.65 0.009 -.1046855 -.0150983 L1. | .0956116 .0315773 3.03 0.003 .0331211 .1581022 L2. | .0190274 .0234945 0.81 0.420 -.0274675 .0655224 L3. | -.0462696 .0244824 -1.89 0.061 -.0947195 .0021804 lasset_vol | --. | -.0582349 .0280573 -2.08 0.040 -.1137595 -.0027104 L1. | -.0576426 .0290126 -1.99 0.049 -.1150576 -.0002276 ldd_ciloan | -.0736651 .05323 -1.38 0.169 -.1790057 .0316755 linfl_qoq | -.026988 .0068974 -3.91 0.000 -.0406378 -.0133382 lgrowth_qoq | -.3010157 .18232 -1.65 0.101 -.6618216 .0597903 lnom_gdp | .2924429 .053498 5.47 0.000 .1865718 .3983139 crisis_all | .1366285 .0372973 3.66 0.000 .0628183 .2104388 _cons | -.347863 .4080885 -0.85 0.396 -1.155458 .4597322 -------------+---------------------------------------------------------------- sigma_u | .43002832 sigma_e | .25065699 rho | .74640527 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3077 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7221 Obs per group: min = 2 between = 0.9747 avg = 24.2 overall = 0.9657 max = 26 F(15,126) = 263.82 corr(u_i, Xb) = 0.4220 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7318077 .0312129 23.45 0.000 .6700382 .7935771 llois | --. | -.0235307 .018837 -1.25 0.214 -.0608085 .0137471 L1. | -.0148375 .0193994 -0.76 0.446 -.0532284 .0235534 --. | (dropped) lglobalcds1 | --. | -.0550512 .0269656 -2.04 0.043 -.1084153 -.0016871 L1. | .0967068 .0313474 3.09 0.003 .0346712 .1587425 L2. | .0126298 .0264012 0.48 0.633 -.0396173 .064877 L3. | -.0465083 .0245229 -1.90 0.060 -.0950383 .0020218 lasset_vol | --. | -.0538915 .0326779 -1.65 0.102 -.1185601 .010777 L1. | -.0553787 .0282655 -1.96 0.052 -.1113152 .0005578 L2. | .0140902 .0306544 0.46 0.647 -.046574 .0747543 ldd_ciloan | -.0619377 .0517222 -1.20 0.233 -.1642945 .0404191 linfl_qoq | -.026878 .0068505 -3.92 0.000 -.040435 -.0133209 lgrowth_qoq | -.3036827 .1836801 -1.65 0.101 -.6671803 .0598148 lnom_gdp | .2918159 .0536272 5.44 0.000 .1856893 .3979425 crisis_all | .1285045 .0450578 2.85 0.005 .0393365 .2176724 _cons | -.3458664 .4090228 -0.85 0.399 -1.155311 .4635778 -------------+---------------------------------------------------------------- sigma_u | .4298411 sigma_e | .25069235 rho | .74618694 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3077 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7223 Obs per group: min = 2 between = 0.9737 avg = 24.2 overall = 0.9648 max = 26 F(16,126) = 279.30 corr(u_i, Xb) = 0.3846 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7329466 .0309407 23.69 0.000 .6717159 .7941773 llois | --. | -.0126073 .0210615 -0.60 0.551 -.0542874 .0290728 L1. | -.006514 .02126 -0.31 0.760 -.0485868 .0355589 --. | (dropped) lglobalcds1 | --. | -.075417 .0330217 -2.28 0.024 -.140766 -.0100679 L1. | .0980364 .0313311 3.13 0.002 .0360331 .1600396 L2. | .0316281 .0315467 1.00 0.318 -.0308019 .0940581 L3. | -.0451564 .0246061 -1.84 0.069 -.0938511 .0035383 lasset_vol | --. | -.0684835 .0357499 -1.92 0.058 -.1392314 .0022644 L1. | -.0837537 .04064 -2.06 0.041 -.164179 -.0033283 L2. | .0171025 .030893 0.55 0.581 -.0440339 .0782388 L3. | -.0462619 .0356982 -1.30 0.197 -.1169075 .0243837 ldd_ciloan | -.1255622 .0691947 -1.81 0.072 -.2624966 .0113721 linfl_qoq | -.0261461 .0067516 -3.87 0.000 -.0395074 -.0127849 lgrowth_qoq | -.3035084 .1806835 -1.68 0.095 -.6610757 .054059 lnom_gdp | .2995448 .0552725 5.42 0.000 .1901622 .4089274 crisis_all | .1308786 .0454846 2.88 0.005 .0408659 .2208914 _cons | -.4055513 .4126902 -0.98 0.328 -1.222253 .4111504 -------------+---------------------------------------------------------------- sigma_u | .43000863 sigma_e | .25064626 rho | .74640415 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3074 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7218 Obs per group: min = 2 between = 0.9736 avg = 24.2 overall = 0.9647 max = 26 F(17,126) = 273.57 corr(u_i, Xb) = 0.3820 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7328154 .0312111 23.48 0.000 .6710495 .7945814 llois | --. | -.0127603 .0205561 -0.62 0.536 -.0534402 .0279196 L1. | -.0061624 .0228918 -0.27 0.788 -.0514645 .0391397 --. | (dropped) lglobalcds1 | --. | -.0755362 .0337241 -2.24 0.027 -.1422753 -.0087971 L1. | .0964206 .0352561 2.73 0.007 .0266499 .1661913 L2. | .0332733 .0410853 0.81 0.420 -.0480332 .1145798 L3. | -.0446009 .024847 -1.80 0.075 -.0937725 .0045706 lasset_vol | --. | -.0700637 .0419746 -1.67 0.098 -.1531303 .0130028 L1. | -.0846344 .0456689 -1.85 0.066 -.1750118 .005743 L2. | .0155413 .0398536 0.39 0.697 -.0633277 .0944103 L3. | -.0447118 .0368074 -1.21 0.227 -.1175525 .0281289 L4. | -.0031886 .0387797 -0.08 0.935 -.0799325 .0735554 ldd_ciloan | -.1287995 .0870296 -1.48 0.141 -.3010285 .0434295 linfl_qoq | -.0261019 .0067429 -3.87 0.000 -.0394459 -.0127579 lgrowth_qoq | -.3023202 .1808769 -1.67 0.097 -.6602702 .0556298 lnom_gdp | .3003631 .0539756 5.56 0.000 .1935471 .4071792 crisis_all | .1330407 .0549915 2.42 0.017 .024214 .2418673 _cons | -.411359 .4078723 -1.01 0.315 -1.218526 .3958082 -------------+---------------------------------------------------------------- sigma_u | .4304596 sigma_e | .25081212 rho | .7465505 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 2955 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.6994 Obs per group: min = 1 between = 0.9761 avg = 23.3 overall = 0.9669 max = 25 F(15,126) = 231.20 corr(u_i, Xb) = 0.5753 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7093194 .0358903 19.76 0.000 .6382936 .7803452 llois | --. | -.0270355 .0194825 -1.39 0.168 -.0655908 .0115198 L1. | -.0028031 .0169637 -0.17 0.869 -.0363737 .0307675 --. | (dropped) lglobalcds1 | --. | .037394 .0326145 1.15 0.254 -.0271491 .1019371 L1. | .0168602 .0347018 0.49 0.628 -.0518136 .085534 L2. | .0055968 .0224816 0.25 0.804 -.0388937 .0500874 L3. | .0306015 .0328971 0.93 0.354 -.0345008 .0957039 L4. | -.0858639 .0301257 -2.85 0.005 -.1454818 -.0262459 lasset_vol | --. | -.0731817 .0356614 -2.05 0.042 -.1437547 -.0026088 L1. | -.0395488 .0297202 -1.33 0.186 -.0983641 .0192666 --. | (dropped) ldd_ciloan | -.1840261 .0625268 -2.94 0.004 -.3077647 -.0602874 linfl_qoq | -.0277565 .0070698 -3.93 0.000 -.0417475 -.0137655 lgrowth_qoq | -.3022767 .186061 -1.62 0.107 -.6704859 .0659324 lnom_gdp | .2722412 .05694 4.78 0.000 .1595585 .3849238 crisis_all | .0346611 .0427792 0.81 0.419 -.0499978 .1193199 _cons | .0667277 .4651606 0.14 0.886 -.8538114 .9872669 -------------+---------------------------------------------------------------- sigma_u | .46610948 sigma_e | .25020246 rho | .77631164 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 2955 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.6994 Obs per group: min = 1 between = 0.9761 avg = 23.3 overall = 0.9669 max = 25 F(15,126) = 231.20 corr(u_i, Xb) = 0.5753 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7093194 .0358903 19.76 0.000 .6382936 .7803452 llois | --. | -.0270355 .0194825 -1.39 0.168 -.0655908 .0115198 L1. | -.0028031 .0169637 -0.17 0.869 -.0363737 .0307675 --. | (dropped) lglobalcds1 | --. | .037394 .0326145 1.15 0.254 -.0271491 .1019371 L1. | .0168602 .0347018 0.49 0.628 -.0518136 .085534 L2. | .0055968 .0224816 0.25 0.804 -.0388937 .0500874 L3. | .0306015 .0328971 0.93 0.354 -.0345008 .0957039 L4. | -.0858639 .0301257 -2.85 0.005 -.1454818 -.0262459 lasset_vol | --. | -.0731817 .0356614 -2.05 0.042 -.1437547 -.0026088 L1. | -.0395488 .0297202 -1.33 0.186 -.0983641 .0192666 ldd_ciloan | -.1840261 .0625268 -2.94 0.004 -.3077647 -.0602874 linfl_qoq | -.0277565 .0070698 -3.93 0.000 -.0417475 -.0137655 lgrowth_qoq | -.3022767 .186061 -1.62 0.107 -.6704859 .0659324 lnom_gdp | .2722412 .05694 4.78 0.000 .1595585 .3849238 crisis_all | .0346611 .0427792 0.81 0.419 -.0499978 .1193199 _cons | .0667277 .4651606 0.14 0.886 -.8538114 .9872669 -------------+---------------------------------------------------------------- sigma_u | .46610948 sigma_e | .25020246 rho | .77631164 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 2955 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.6996 Obs per group: min = 1 between = 0.9773 avg = 23.3 overall = 0.9680 max = 25 F(16,126) = 218.16 corr(u_i, Xb) = 0.6063 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7090401 .0358364 19.79 0.000 .638121 .7799593 llois | --. | -.0254141 .0196518 -1.29 0.198 -.0643045 .0134763 L1. | -.0084958 .0184139 -0.46 0.645 -.0449363 .0279448 --. | (dropped) lglobalcds1 | --. | .0622573 .0364158 1.71 0.090 -.0098085 .1343232 L1. | .0092887 .0347276 0.27 0.790 -.0594361 .0780135 L2. | -.0119018 .0252022 -0.47 0.638 -.0617762 .0379726 L3. | .0397179 .0325108 1.22 0.224 -.02462 .1040558 L4. | -.0978488 .0299126 -3.27 0.001 -.157045 -.0386526 lasset_vol | --. | -.0665303 .0367244 -1.81 0.072 -.1392068 .0061462 L1. | -.0320382 .0295656 -1.08 0.281 -.0905476 .0264712 L2. | .0416169 .0312478 1.33 0.185 -.0202215 .1034554 ldd_ciloan | -.1603223 .0619655 -2.59 0.011 -.2829501 -.0376945 linfl_qoq | -.027839 .0070459 -3.95 0.000 -.0417825 -.0138955 lgrowth_qoq | -.3086406 .1906599 -1.62 0.108 -.685951 .0686698 lnom_gdp | .2635487 .0571238 4.61 0.000 .1505023 .3765951 crisis_all | -.0044666 .0510199 -0.09 0.930 -.1054334 .0965003 _cons | .1412994 .4731859 0.30 0.766 -.7951215 1.07772 -------------+---------------------------------------------------------------- sigma_u | .4679418 sigma_e | .25019076 rho | .77768747 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 2955 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.6998 Obs per group: min = 1 between = 0.9766 avg = 23.3 overall = 0.9674 max = 25 F(17,126) = 209.41 corr(u_i, Xb) = 0.5847 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7101677 .0356184 19.94 0.000 .63968 .7806553 llois | --. | -.0117408 .0222847 -0.53 0.599 -.0558416 .03236 L1. | -.0002239 .0204078 -0.01 0.991 -.0406103 .0401626 --. | (dropped) lglobalcds1 | --. | .0450973 .0392564 1.15 0.253 -.03259 .1227846 L1. | .0070581 .0349354 0.20 0.840 -.0620779 .0761941 L2. | .0077705 .0302312 0.26 0.798 -.0520562 .0675971 L3. | .0443898 .0331134 1.34 0.182 -.0211405 .1099202 L4. | -.1021481 .0303398 -3.37 0.001 -.1621896 -.0421065 lasset_vol | --. | -.0840242 .0407688 -2.06 0.041 -.1647044 -.0033441 L1. | -.0612021 .040837 -1.50 0.136 -.1420174 .0196132 L2. | .0482949 .0318478 1.52 0.132 -.014731 .1113208 L3. | -.0481323 .0363273 -1.32 0.188 -.120023 .0237584 ldd_ciloan | -.2258556 .0793488 -2.85 0.005 -.3828845 -.0688266 linfl_qoq | -.0272331 .0069489 -3.92 0.000 -.0409848 -.0134815 lgrowth_qoq | -.3087539 .1879129 -1.64 0.103 -.6806281 .0631203 lnom_gdp | .2688699 .0580002 4.64 0.000 .1540892 .3836506 crisis_all | -.0097695 .0506224 -0.19 0.847 -.1099496 .0904107 _cons | .102815 .4741555 0.22 0.829 -.8355248 1.041155 -------------+---------------------------------------------------------------- sigma_u | .4649969 sigma_e | .250138 rho | .77557027 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 2955 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.6998 Obs per group: min = 1 between = 0.9767 avg = 23.3 overall = 0.9675 max = 25 F(18,126) = 206.95 corr(u_i, Xb) = 0.5874 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7101178 .0357782 19.85 0.000 .6393139 .7809217 llois | --. | -.0115947 .0220981 -0.52 0.601 -.0553262 .0321367 L1. | -.0006609 .022192 -0.03 0.976 -.0445783 .0432564 --. | (dropped) lglobalcds1 | --. | .0454681 .0402993 1.13 0.261 -.034283 .1252193 L1. | .0083262 .038166 0.22 0.828 -.0672032 .0838555 L2. | .0062908 .0400081 0.16 0.875 -.0728841 .0854658 L3. | .0439347 .0333601 1.32 0.190 -.0220839 .1099533 L4. | -.1022622 .0303355 -3.37 0.001 -.1622952 -.0422292 lasset_vol | --. | -.0825834 .045998 -1.80 0.075 -.1736121 .0084453 L1. | -.0603531 .0460444 -1.31 0.192 -.1514736 .0307674 L2. | .0496958 .0406458 1.22 0.224 -.030741 .1301326 L3. | -.0494494 .0373908 -1.32 0.188 -.1234447 .024546 L4. | .002973 .0384174 0.08 0.938 -.0730539 .0789999 ldd_ciloan | -.223142 .0945164 -2.36 0.020 -.4101871 -.0360968 linfl_qoq | -.0272675 .0069282 -3.94 0.000 -.0409782 -.0135569 lgrowth_qoq | -.3092764 .1888446 -1.64 0.104 -.6829943 .0644415 lnom_gdp | .2681352 .0563649 4.76 0.000 .1565907 .3796797 crisis_all | -.0117794 .0599922 -0.20 0.845 -.1305022 .1069435 _cons | .108808 .4696556 0.23 0.817 -.8206267 1.038243 -------------+---------------------------------------------------------------- sigma_u | .46518748 sigma_e | .25018207 rho | .77565158 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3319 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7593 Obs per group: min = 4 between = 0.9728 avg = 26.1 overall = 0.9641 max = 28 F(12,126) = 355.62 corr(u_i, Xb) = 0.1708 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7600928 .0271365 28.01 0.000 .7063906 .8137951 llois | --. | -.0246811 .0153697 -1.61 0.111 -.0550973 .0057352 L1. | .0118428 .0120577 0.98 0.328 -.012019 .0357046 lglobalcds1 | --. | -.0651639 .0210128 -3.10 0.002 -.1067476 -.0235801 L1. | .0633688 .0243016 2.61 0.010 .0152766 .111461 --. | (dropped) lasset_vol | --. | -.0544484 .0265976 -2.05 0.043 -.1070842 -.0018126 L1. | -.0824541 .0272244 -3.03 0.003 -.1363303 -.0285779 --. | (dropped) ldd_ciloan | -.0133639 .041645 -0.32 0.749 -.0957782 .0690504 linfl_qoq | -.0239916 .0057231 -4.19 0.000 -.0353174 -.0126658 lgrowth_qoq | -.2254759 .1705747 -1.32 0.189 -.5630382 .1120863 lnom_gdp | .3172327 .0413696 7.67 0.000 .2353634 .399102 crisis_all | .1555154 .0385325 4.04 0.000 .0792607 .2317701 _cons | -.8901915 .3040552 -2.93 0.004 -1.491908 -.2884752 -------------+---------------------------------------------------------------- sigma_u | .40696938 sigma_e | .25181538 rho | .72313852 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3319 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7593 Obs per group: min = 4 between = 0.9728 avg = 26.1 overall = 0.9641 max = 28 F(12,126) = 355.62 corr(u_i, Xb) = 0.1708 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7600928 .0271365 28.01 0.000 .7063906 .8137951 llois | --. | -.0246811 .0153697 -1.61 0.111 -.0550973 .0057352 L1. | .0118428 .0120577 0.98 0.328 -.012019 .0357046 lglobalcds1 | --. | -.0651639 .0210128 -3.10 0.002 -.1067476 -.0235801 L1. | .0633688 .0243016 2.61 0.010 .0152766 .111461 --. | (dropped) lasset_vol | --. | -.0544484 .0265976 -2.05 0.043 -.1070842 -.0018126 L1. | -.0824541 .0272244 -3.03 0.003 -.1363303 -.0285779 ldd_ciloan | -.0133639 .041645 -0.32 0.749 -.0957782 .0690504 linfl_qoq | -.0239916 .0057231 -4.19 0.000 -.0353174 -.0126658 lgrowth_qoq | -.2254759 .1705747 -1.32 0.189 -.5630382 .1120863 lnom_gdp | .3172327 .0413696 7.67 0.000 .2353634 .399102 crisis_all | .1555154 .0385325 4.04 0.000 .0792607 .2317701 _cons | -.8901915 .3040552 -2.93 0.004 -1.491908 -.2884752 -------------+---------------------------------------------------------------- sigma_u | .40696938 sigma_e | .25181538 rho | .72313852 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3316 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7573 Obs per group: min = 4 between = 0.9729 avg = 26.1 overall = 0.9641 max = 28 F(13,126) = 288.97 corr(u_i, Xb) = 0.1919 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .757317 .0288951 26.21 0.000 .7001344 .8144997 llois | --. | -.0258368 .0158817 -1.63 0.106 -.0572661 .0055926 L1. | .013265 .0124699 1.06 0.289 -.0114126 .0379426 lglobalcds1 | --. | -.0652832 .0222334 -2.94 0.004 -.1092825 -.0212839 L1. | .0648702 .025957 2.50 0.014 .0135021 .1162383 --. | (dropped) lasset_vol | --. | -.053517 .0275625 -1.94 0.054 -.1080624 .0010285 L1. | -.0818478 .0274772 -2.98 0.003 -.1362243 -.0274713 L2. | -.0089336 .0236166 -0.38 0.706 -.0556701 .0378029 ldd_ciloan | -.0192758 .0407748 -0.47 0.637 -.0999679 .0614162 linfl_qoq | -.0242039 .0057262 -4.23 0.000 -.0355358 -.0128719 lgrowth_qoq | -.236711 .1744619 -1.36 0.177 -.5819659 .108544 lnom_gdp | .3157696 .0420548 7.51 0.000 .2325444 .3989948 crisis_all | .1575436 .0414896 3.80 0.000 .075437 .2396502 _cons | -.8476704 .3142874 -2.70 0.008 -1.469636 -.225705 -------------+---------------------------------------------------------------- sigma_u | .40840197 sigma_e | .2512703 rho | .72540749 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3313 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7639 Obs per group: min = 4 between = 0.9741 avg = 26.1 overall = 0.9656 max = 28 F(14,126) = 419.67 corr(u_i, Xb) = 0.1401 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7703793 .0269965 28.54 0.000 .7169539 .8238047 llois | --. | -.0180493 .0165102 -1.09 0.276 -.0507225 .014624 L1. | .0201043 .0127969 1.57 0.119 -.0052204 .045429 lglobalcds1 | --. | -.0753831 .023231 -3.24 0.002 -.1213565 -.0294097 L1. | .074187 .0270391 2.74 0.007 .0206774 .1276965 --. | (dropped) lasset_vol | --. | -.0563101 .0279095 -2.02 0.046 -.1115423 -.001078 L1. | -.1112469 .0320951 -3.47 0.001 -.1747622 -.0477316 L2. | .0153087 .0291023 0.53 0.600 -.0422838 .0729012 L3. | -.049859 .0277929 -1.79 0.075 -.1048604 .0051423 ldd_ciloan | -.0826057 .0518279 -1.59 0.113 -.1851715 .0199602 linfl_qoq | -.0237711 .0054514 -4.36 0.000 -.0345593 -.012983 lgrowth_qoq | -.2197253 .1666034 -1.32 0.190 -.5494285 .1099779 lnom_gdp | .3125178 .0420796 7.43 0.000 .2292435 .3957921 crisis_all | .1396923 .0415894 3.36 0.001 .0573881 .2219966 _cons | -.8973054 .2977652 -3.01 0.003 -1.486574 -.3080368 -------------+---------------------------------------------------------------- sigma_u | .39522811 sigma_e | .24769604 rho | .71799169 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3310 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7636 Obs per group: min = 4 between = 0.9742 avg = 26.1 overall = 0.9657 max = 28 F(15,126) = 416.07 corr(u_i, Xb) = 0.1441 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7704033 .0271864 28.34 0.000 .7166022 .8242045 llois | --. | -.0209716 .0170635 -1.23 0.221 -.0547398 .0127966 L1. | .0193913 .0128187 1.51 0.133 -.0059766 .0447592 lglobalcds1 | --. | -.0707736 .0246651 -2.87 0.005 -.119585 -.0219622 L1. | .0713455 .0271644 2.63 0.010 .017588 .125103 --. | (dropped) lasset_vol | --. | -.0580356 .0276799 -2.10 0.038 -.1128133 -.0032579 L1. | -.1093784 .0311212 -3.51 0.001 -.1709663 -.0477904 L2. | .0143941 .0296363 0.49 0.628 -.0442551 .0730434 L3. | -.039365 .036781 -1.07 0.287 -.1121535 .0334234 L4. | -.0127679 .028133 -0.45 0.651 -.0684423 .0429065 ldd_ciloan | -.0883116 .0541114 -1.63 0.105 -.1953963 .0187732 linfl_qoq | -.023879 .005514 -4.33 0.000 -.034791 -.012967 lgrowth_qoq | -.2201329 .1669273 -1.32 0.190 -.550477 .1102113 lnom_gdp | .3116791 .0430814 7.23 0.000 .2264224 .3969359 crisis_all | .1417864 .0421742 3.36 0.001 .0583248 .2252479 _cons | -.8822098 .3100822 -2.85 0.005 -1.495853 -.2685664 -------------+---------------------------------------------------------------- sigma_u | .39468566 sigma_e | .24783943 rho | .71720048 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3319 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7593 Obs per group: min = 4 between = 0.9728 avg = 26.1 overall = 0.9641 max = 28 F(12,126) = 355.62 corr(u_i, Xb) = 0.1708 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7600928 .0271365 28.01 0.000 .7063906 .8137951 llois | --. | -.0246811 .0153697 -1.61 0.111 -.0550973 .0057352 L1. | .0118428 .0120577 0.98 0.328 -.012019 .0357046 lglobalcds1 | --. | -.0651639 .0210128 -3.10 0.002 -.1067476 -.0235801 L1. | .0633688 .0243016 2.61 0.010 .0152766 .111461 lasset_vol | --. | -.0544484 .0265976 -2.05 0.043 -.1070842 -.0018126 L1. | -.0824541 .0272244 -3.03 0.003 -.1363303 -.0285779 --. | (dropped) ldd_ciloan | -.0133639 .041645 -0.32 0.749 -.0957782 .0690504 linfl_qoq | -.0239916 .0057231 -4.19 0.000 -.0353174 -.0126658 lgrowth_qoq | -.2254759 .1705747 -1.32 0.189 -.5630382 .1120863 lnom_gdp | .3172327 .0413696 7.67 0.000 .2353634 .399102 crisis_all | .1555154 .0385325 4.04 0.000 .0792607 .2317701 _cons | -.8901915 .3040552 -2.93 0.004 -1.491908 -.2884752 -------------+---------------------------------------------------------------- sigma_u | .40696938 sigma_e | .25181538 rho | .72313852 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3319 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7593 Obs per group: min = 4 between = 0.9728 avg = 26.1 overall = 0.9641 max = 28 F(12,126) = 355.62 corr(u_i, Xb) = 0.1708 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7600928 .0271365 28.01 0.000 .7063906 .8137951 llois | --. | -.0246811 .0153697 -1.61 0.111 -.0550973 .0057352 L1. | .0118428 .0120577 0.98 0.328 -.012019 .0357046 lglobalcds1 | --. | -.0651639 .0210128 -3.10 0.002 -.1067476 -.0235801 L1. | .0633688 .0243016 2.61 0.010 .0152766 .111461 lasset_vol | --. | -.0544484 .0265976 -2.05 0.043 -.1070842 -.0018126 L1. | -.0824541 .0272244 -3.03 0.003 -.1363303 -.0285779 ldd_ciloan | -.0133639 .041645 -0.32 0.749 -.0957782 .0690504 linfl_qoq | -.0239916 .0057231 -4.19 0.000 -.0353174 -.0126658 lgrowth_qoq | -.2254759 .1705747 -1.32 0.189 -.5630382 .1120863 lnom_gdp | .3172327 .0413696 7.67 0.000 .2353634 .399102 crisis_all | .1555154 .0385325 4.04 0.000 .0792607 .2317701 _cons | -.8901915 .3040552 -2.93 0.004 -1.491908 -.2884752 -------------+---------------------------------------------------------------- sigma_u | .40696938 sigma_e | .25181538 rho | .72313852 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3316 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7573 Obs per group: min = 4 between = 0.9729 avg = 26.1 overall = 0.9641 max = 28 F(13,126) = 288.97 corr(u_i, Xb) = 0.1919 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .757317 .0288951 26.21 0.000 .7001344 .8144997 llois | --. | -.0258368 .0158817 -1.63 0.106 -.0572661 .0055926 L1. | .013265 .0124699 1.06 0.289 -.0114126 .0379426 lglobalcds1 | --. | -.0652832 .0222334 -2.94 0.004 -.1092825 -.0212839 L1. | .0648702 .025957 2.50 0.014 .0135021 .1162383 lasset_vol | --. | -.053517 .0275625 -1.94 0.054 -.1080624 .0010285 L1. | -.0818478 .0274772 -2.98 0.003 -.1362243 -.0274713 L2. | -.0089336 .0236166 -0.38 0.706 -.0556701 .0378029 ldd_ciloan | -.0192758 .0407748 -0.47 0.637 -.0999679 .0614162 linfl_qoq | -.0242039 .0057262 -4.23 0.000 -.0355358 -.0128719 lgrowth_qoq | -.236711 .1744619 -1.36 0.177 -.5819659 .108544 lnom_gdp | .3157696 .0420548 7.51 0.000 .2325444 .3989948 crisis_all | .1575436 .0414896 3.80 0.000 .075437 .2396502 _cons | -.8476704 .3142874 -2.70 0.008 -1.469636 -.225705 -------------+---------------------------------------------------------------- sigma_u | .40840197 sigma_e | .2512703 rho | .72540749 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3313 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7639 Obs per group: min = 4 between = 0.9741 avg = 26.1 overall = 0.9656 max = 28 F(14,126) = 419.67 corr(u_i, Xb) = 0.1401 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7703793 .0269965 28.54 0.000 .7169539 .8238047 llois | --. | -.0180493 .0165102 -1.09 0.276 -.0507225 .014624 L1. | .0201043 .0127969 1.57 0.119 -.0052204 .045429 lglobalcds1 | --. | -.0753831 .023231 -3.24 0.002 -.1213565 -.0294097 L1. | .074187 .0270391 2.74 0.007 .0206774 .1276965 lasset_vol | --. | -.0563101 .0279095 -2.02 0.046 -.1115423 -.001078 L1. | -.1112469 .0320951 -3.47 0.001 -.1747622 -.0477316 L2. | .0153087 .0291023 0.53 0.600 -.0422838 .0729012 L3. | -.049859 .0277929 -1.79 0.075 -.1048604 .0051423 ldd_ciloan | -.0826057 .0518279 -1.59 0.113 -.1851715 .0199602 linfl_qoq | -.0237711 .0054514 -4.36 0.000 -.0345593 -.012983 lgrowth_qoq | -.2197253 .1666034 -1.32 0.190 -.5494285 .1099779 lnom_gdp | .3125178 .0420796 7.43 0.000 .2292435 .3957921 crisis_all | .1396923 .0415894 3.36 0.001 .0573881 .2219966 _cons | -.8973054 .2977652 -3.01 0.003 -1.486574 -.3080368 -------------+---------------------------------------------------------------- sigma_u | .39522811 sigma_e | .24769604 rho | .71799169 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3310 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7636 Obs per group: min = 4 between = 0.9742 avg = 26.1 overall = 0.9657 max = 28 F(15,126) = 416.07 corr(u_i, Xb) = 0.1441 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7704033 .0271864 28.34 0.000 .7166022 .8242045 llois | --. | -.0209716 .0170635 -1.23 0.221 -.0547398 .0127966 L1. | .0193913 .0128187 1.51 0.133 -.0059766 .0447592 lglobalcds1 | --. | -.0707736 .0246651 -2.87 0.005 -.119585 -.0219622 L1. | .0713455 .0271644 2.63 0.010 .017588 .125103 lasset_vol | --. | -.0580356 .0276799 -2.10 0.038 -.1128133 -.0032579 L1. | -.1093784 .0311212 -3.51 0.001 -.1709663 -.0477904 L2. | .0143941 .0296363 0.49 0.628 -.0442551 .0730434 L3. | -.039365 .036781 -1.07 0.287 -.1121535 .0334234 L4. | -.0127679 .028133 -0.45 0.651 -.0684423 .0429065 ldd_ciloan | -.0883116 .0541114 -1.63 0.105 -.1953963 .0187732 linfl_qoq | -.023879 .005514 -4.33 0.000 -.034791 -.012967 lgrowth_qoq | -.2201329 .1669273 -1.32 0.190 -.550477 .1102113 lnom_gdp | .3116791 .0430814 7.23 0.000 .2264224 .3969359 crisis_all | .1417864 .0421742 3.36 0.001 .0583248 .2252479 _cons | -.8822098 .3100822 -2.85 0.005 -1.495853 -.2685664 -------------+---------------------------------------------------------------- sigma_u | .39468566 sigma_e | .24783943 rho | .71720048 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3198 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7381 Obs per group: min = 3 between = 0.9713 avg = 25.2 overall = 0.9623 max = 27 F(13,126) = 259.41 corr(u_i, Xb) = 0.2454 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7424104 .0304266 24.40 0.000 .682197 .8026238 llois | --. | -.0325274 .0169128 -1.92 0.057 -.0659973 .0009424 L1. | .0138729 .0117051 1.19 0.238 -.0092911 .0370369 lglobalcds1 | --. | -.0517238 .0212954 -2.43 0.017 -.0938668 -.0095808 L1. | .0728029 .0278768 2.61 0.010 .0176355 .1279704 L2. | -.0207465 .0164424 -1.26 0.209 -.0532855 .0117925 lasset_vol | --. | -.0368434 .0280395 -1.31 0.191 -.0923328 .018646 L1. | -.0727702 .0285287 -2.55 0.012 -.1292275 -.0163128 --. | (dropped) ldd_ciloan | -.0101196 .0422561 -0.24 0.811 -.0937432 .073504 linfl_qoq | -.0244338 .0062143 -3.93 0.000 -.0367318 -.0121359 lgrowth_qoq | -.27493 .1793575 -1.53 0.128 -.6298732 .0800132 lnom_gdp | .3206783 .0476821 6.73 0.000 .2263168 .4150398 crisis_all | .1383759 .0371801 3.72 0.000 .0647974 .2119543 _cons | -.7620057 .3653887 -2.09 0.039 -1.485099 -.0389122 -------------+---------------------------------------------------------------- sigma_u | .4266235 sigma_e | .25330481 rho | .73935458 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3198 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7381 Obs per group: min = 3 between = 0.9713 avg = 25.2 overall = 0.9623 max = 27 F(13,126) = 259.41 corr(u_i, Xb) = 0.2454 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7424104 .0304266 24.40 0.000 .682197 .8026238 llois | --. | -.0325274 .0169128 -1.92 0.057 -.0659973 .0009424 L1. | .0138729 .0117051 1.19 0.238 -.0092911 .0370369 lglobalcds1 | --. | -.0517238 .0212954 -2.43 0.017 -.0938668 -.0095808 L1. | .0728029 .0278768 2.61 0.010 .0176355 .1279704 L2. | -.0207465 .0164424 -1.26 0.209 -.0532855 .0117925 lasset_vol | --. | -.0368434 .0280395 -1.31 0.191 -.0923328 .018646 L1. | -.0727702 .0285287 -2.55 0.012 -.1292275 -.0163128 ldd_ciloan | -.0101196 .0422561 -0.24 0.811 -.0937432 .073504 linfl_qoq | -.0244338 .0062143 -3.93 0.000 -.0367318 -.0121359 lgrowth_qoq | -.27493 .1793575 -1.53 0.128 -.6298732 .0800132 lnom_gdp | .3206783 .0476821 6.73 0.000 .2263168 .4150398 crisis_all | .1383759 .0371801 3.72 0.000 .0647974 .2119543 _cons | -.7620057 .3653887 -2.09 0.039 -1.485099 -.0389122 -------------+---------------------------------------------------------------- sigma_u | .4266235 sigma_e | .25330481 rho | .73935458 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3198 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7381 Obs per group: min = 3 between = 0.9713 avg = 25.2 overall = 0.9624 max = 27 F(14,126) = 240.87 corr(u_i, Xb) = 0.2475 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7424478 .0304297 24.40 0.000 .6822284 .8026673 llois | --. | -.0331426 .0169064 -1.96 0.052 -.0666 .0003147 L1. | .011961 .013056 0.92 0.361 -.0138764 .0377983 lglobalcds1 | --. | -.0471956 .0262704 -1.80 0.075 -.099184 .0047927 L1. | .07373 .0275849 2.67 0.009 .0191403 .1283197 L2. | -.0268662 .0215675 -1.25 0.215 -.0695475 .0158152 lasset_vol | --. | -.0327531 .0329562 -0.99 0.322 -.0979725 .0324662 L1. | -.070638 .027896 -2.53 0.013 -.1258433 -.0154326 L2. | .0130116 .0306551 0.42 0.672 -.047654 .0736772 ldd_ciloan | .0011011 .0414539 0.03 0.979 -.080935 .0831372 linfl_qoq | -.0243317 .0061681 -3.94 0.000 -.0365381 -.0121252 lgrowth_qoq | -.2772882 .1804803 -1.54 0.127 -.6344534 .0798771 lnom_gdp | .3201698 .0478103 6.70 0.000 .2255546 .414785 crisis_all | .1308926 .0448263 2.92 0.004 .0421827 .2196025 _cons | -.7611767 .3660503 -2.08 0.040 -1.485579 -.0367739 -------------+---------------------------------------------------------------- sigma_u | .42632405 sigma_e | .25334029 rho | .73902985 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3195 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7450 Obs per group: min = 3 between = 0.9719 avg = 25.2 overall = 0.9632 max = 27 F(15,126) = 354.83 corr(u_i, Xb) = 0.1710 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7560735 .0283531 26.67 0.000 .6999635 .8121836 llois | --. | -.0200663 .0196854 -1.02 0.310 -.0590231 .0188905 L1. | .0212048 .0149141 1.42 0.158 -.0083097 .0507193 lglobalcds1 | --. | -.0704602 .0322775 -2.18 0.031 -.1343364 -.0065839 L1. | .0742144 .0277175 2.68 0.008 .0193622 .1290666 L2. | -.0046513 .0285588 -0.16 0.871 -.0611684 .0518657 lasset_vol | --. | -.0475447 .0363854 -1.31 0.194 -.1195503 .0244608 L1. | -.108632 .0394806 -2.75 0.007 -.1867628 -.0305011 L2. | .0168688 .031019 0.54 0.588 -.044517 .0782545 L3. | -.0481074 .0357718 -1.34 0.181 -.1188987 .0226839 ldd_ciloan | -.073143 .0648013 -1.13 0.261 -.2013828 .0550968 linfl_qoq | -.023587 .0059309 -3.98 0.000 -.035324 -.01185 lgrowth_qoq | -.2513178 .1684054 -1.49 0.138 -.5845872 .0819515 lnom_gdp | .3228805 .0493704 6.54 0.000 .225178 .420583 crisis_all | .1325034 .0455343 2.91 0.004 .0423924 .2226143 _cons | -.8755295 .3460274 -2.53 0.013 -1.560308 -.1907515 -------------+---------------------------------------------------------------- sigma_u | .41488542 sigma_e | .24981912 rho | .73390584 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3192 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7446 Obs per group: min = 3 between = 0.9716 avg = 25.1 overall = 0.9630 max = 27 F(16,126) = 347.65 corr(u_i, Xb) = 0.1624 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7561278 .0286438 26.40 0.000 .6994425 .8128131 llois | --. | -.0202865 .0195159 -1.04 0.301 -.0589079 .0183349 L1. | .0217387 .0155621 1.40 0.165 -.0090583 .0525357 lglobalcds1 | --. | -.0715551 .033283 -2.15 0.033 -.1374211 -.0056891 L1. | .0697816 .0305485 2.28 0.024 .009327 .1302362 L2. | .0025986 .0409563 0.06 0.950 -.0784527 .08365 lasset_vol | --. | -.0535444 .0427134 -1.25 0.212 -.1380729 .0309842 L1. | -.1117586 .0446783 -2.50 0.014 -.2001757 -.0233415 L2. | .0115751 .039468 0.29 0.770 -.0665309 .0896811 L3. | -.0427259 .0372999 -1.15 0.254 -.1165413 .0310895 L4. | -.0111788 .0385172 -0.29 0.772 -.0874031 .0650455 ldd_ciloan | -.0872807 .0873144 -1.00 0.319 -.2600733 .085512 linfl_qoq | -.0235089 .0059355 -3.96 0.000 -.0352551 -.0117627 lgrowth_qoq | -.2497283 .1681143 -1.49 0.140 -.5824216 .082965 lnom_gdp | .3248386 .0477923 6.80 0.000 .2302591 .4194182 crisis_all | .1394975 .0540132 2.58 0.011 .0326069 .2463882 _cons | -.886197 .3400128 -2.61 0.010 -1.559072 -.2133216 -------------+---------------------------------------------------------------- sigma_u | .41617352 sigma_e | .2499743 rho | .73487293 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3077 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7221 Obs per group: min = 2 between = 0.9746 avg = 24.2 overall = 0.9656 max = 26 F(14,126) = 279.64 corr(u_i, Xb) = 0.4196 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .731763 .0312095 23.45 0.000 .6700004 .7935257 llois | --. | -.0229341 .0188924 -1.21 0.227 -.0603216 .0144534 L1. | -.0126493 .0183145 -0.69 0.491 -.0488933 .0235946 lglobalcds1 | --. | -.0598919 .0226348 -2.65 0.009 -.1046855 -.0150983 L1. | .0956116 .0315773 3.03 0.003 .0331211 .1581022 L2. | .0190274 .0234945 0.81 0.420 -.0274675 .0655224 L3. | -.0462696 .0244824 -1.89 0.061 -.0947195 .0021804 lasset_vol | --. | -.0582349 .0280573 -2.08 0.040 -.1137595 -.0027104 L1. | -.0576426 .0290126 -1.99 0.049 -.1150576 -.0002276 --. | (dropped) ldd_ciloan | -.0736651 .05323 -1.38 0.169 -.1790057 .0316755 linfl_qoq | -.026988 .0068974 -3.91 0.000 -.0406378 -.0133382 lgrowth_qoq | -.3010157 .18232 -1.65 0.101 -.6618216 .0597903 lnom_gdp | .2924429 .053498 5.47 0.000 .1865718 .3983139 crisis_all | .1366285 .0372973 3.66 0.000 .0628183 .2104388 _cons | -.347863 .4080885 -0.85 0.396 -1.155458 .4597322 -------------+---------------------------------------------------------------- sigma_u | .43002832 sigma_e | .25065699 rho | .74640527 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3077 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7221 Obs per group: min = 2 between = 0.9746 avg = 24.2 overall = 0.9656 max = 26 F(14,126) = 279.64 corr(u_i, Xb) = 0.4196 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .731763 .0312095 23.45 0.000 .6700004 .7935257 llois | --. | -.0229341 .0188924 -1.21 0.227 -.0603216 .0144534 L1. | -.0126493 .0183145 -0.69 0.491 -.0488933 .0235946 lglobalcds1 | --. | -.0598919 .0226348 -2.65 0.009 -.1046855 -.0150983 L1. | .0956116 .0315773 3.03 0.003 .0331211 .1581022 L2. | .0190274 .0234945 0.81 0.420 -.0274675 .0655224 L3. | -.0462696 .0244824 -1.89 0.061 -.0947195 .0021804 lasset_vol | --. | -.0582349 .0280573 -2.08 0.040 -.1137595 -.0027104 L1. | -.0576426 .0290126 -1.99 0.049 -.1150576 -.0002276 ldd_ciloan | -.0736651 .05323 -1.38 0.169 -.1790057 .0316755 linfl_qoq | -.026988 .0068974 -3.91 0.000 -.0406378 -.0133382 lgrowth_qoq | -.3010157 .18232 -1.65 0.101 -.6618216 .0597903 lnom_gdp | .2924429 .053498 5.47 0.000 .1865718 .3983139 crisis_all | .1366285 .0372973 3.66 0.000 .0628183 .2104388 _cons | -.347863 .4080885 -0.85 0.396 -1.155458 .4597322 -------------+---------------------------------------------------------------- sigma_u | .43002832 sigma_e | .25065699 rho | .74640527 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3077 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7221 Obs per group: min = 2 between = 0.9747 avg = 24.2 overall = 0.9657 max = 26 F(15,126) = 263.82 corr(u_i, Xb) = 0.4220 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7318077 .0312129 23.45 0.000 .6700382 .7935771 llois | --. | -.0235307 .018837 -1.25 0.214 -.0608085 .0137471 L1. | -.0148375 .0193994 -0.76 0.446 -.0532284 .0235534 lglobalcds1 | --. | -.0550512 .0269656 -2.04 0.043 -.1084153 -.0016871 L1. | .0967068 .0313474 3.09 0.003 .0346712 .1587425 L2. | .0126298 .0264012 0.48 0.633 -.0396173 .064877 L3. | -.0465083 .0245229 -1.90 0.060 -.0950383 .0020218 lasset_vol | --. | -.0538915 .0326779 -1.65 0.102 -.1185601 .010777 L1. | -.0553787 .0282655 -1.96 0.052 -.1113152 .0005578 L2. | .0140902 .0306544 0.46 0.647 -.046574 .0747543 ldd_ciloan | -.0619377 .0517222 -1.20 0.233 -.1642945 .0404191 linfl_qoq | -.026878 .0068505 -3.92 0.000 -.040435 -.0133209 lgrowth_qoq | -.3036827 .1836801 -1.65 0.101 -.6671803 .0598148 lnom_gdp | .2918159 .0536272 5.44 0.000 .1856893 .3979425 crisis_all | .1285045 .0450578 2.85 0.005 .0393365 .2176724 _cons | -.3458664 .4090228 -0.85 0.399 -1.155311 .4635778 -------------+---------------------------------------------------------------- sigma_u | .4298411 sigma_e | .25069235 rho | .74618694 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3077 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7223 Obs per group: min = 2 between = 0.9737 avg = 24.2 overall = 0.9648 max = 26 F(16,126) = 279.30 corr(u_i, Xb) = 0.3846 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7329466 .0309407 23.69 0.000 .6717159 .7941773 llois | --. | -.0126073 .0210615 -0.60 0.551 -.0542874 .0290728 L1. | -.006514 .02126 -0.31 0.760 -.0485868 .0355589 lglobalcds1 | --. | -.075417 .0330217 -2.28 0.024 -.140766 -.0100679 L1. | .0980364 .0313311 3.13 0.002 .0360331 .1600396 L2. | .0316281 .0315467 1.00 0.318 -.0308019 .0940581 L3. | -.0451564 .0246061 -1.84 0.069 -.0938511 .0035383 lasset_vol | --. | -.0684835 .0357499 -1.92 0.058 -.1392314 .0022644 L1. | -.0837537 .04064 -2.06 0.041 -.164179 -.0033283 L2. | .0171025 .030893 0.55 0.581 -.0440339 .0782388 L3. | -.0462619 .0356982 -1.30 0.197 -.1169075 .0243837 ldd_ciloan | -.1255622 .0691947 -1.81 0.072 -.2624966 .0113721 linfl_qoq | -.0261461 .0067516 -3.87 0.000 -.0395074 -.0127849 lgrowth_qoq | -.3035084 .1806835 -1.68 0.095 -.6610757 .054059 lnom_gdp | .2995448 .0552725 5.42 0.000 .1901622 .4089274 crisis_all | .1308786 .0454846 2.88 0.005 .0408659 .2208914 _cons | -.4055513 .4126902 -0.98 0.328 -1.222253 .4111504 -------------+---------------------------------------------------------------- sigma_u | .43000863 sigma_e | .25064626 rho | .74640415 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3074 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7218 Obs per group: min = 2 between = 0.9736 avg = 24.2 overall = 0.9647 max = 26 F(17,126) = 273.57 corr(u_i, Xb) = 0.3820 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7328154 .0312111 23.48 0.000 .6710495 .7945814 llois | --. | -.0127603 .0205561 -0.62 0.536 -.0534402 .0279196 L1. | -.0061624 .0228918 -0.27 0.788 -.0514645 .0391397 lglobalcds1 | --. | -.0755362 .0337241 -2.24 0.027 -.1422753 -.0087971 L1. | .0964206 .0352561 2.73 0.007 .0266499 .1661913 L2. | .0332733 .0410853 0.81 0.420 -.0480332 .1145798 L3. | -.0446009 .024847 -1.80 0.075 -.0937725 .0045706 lasset_vol | --. | -.0700637 .0419746 -1.67 0.098 -.1531303 .0130028 L1. | -.0846344 .0456689 -1.85 0.066 -.1750118 .005743 L2. | .0155413 .0398536 0.39 0.697 -.0633277 .0944103 L3. | -.0447118 .0368074 -1.21 0.227 -.1175525 .0281289 L4. | -.0031886 .0387797 -0.08 0.935 -.0799325 .0735554 ldd_ciloan | -.1287995 .0870296 -1.48 0.141 -.3010285 .0434295 linfl_qoq | -.0261019 .0067429 -3.87 0.000 -.0394459 -.0127579 lgrowth_qoq | -.3023202 .1808769 -1.67 0.097 -.6602702 .0556298 lnom_gdp | .3003631 .0539756 5.56 0.000 .1935471 .4071792 crisis_all | .1330407 .0549915 2.42 0.017 .024214 .2418673 _cons | -.411359 .4078723 -1.01 0.315 -1.218526 .3958082 -------------+---------------------------------------------------------------- sigma_u | .4304596 sigma_e | .25081212 rho | .7465505 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 2955 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.6994 Obs per group: min = 1 between = 0.9761 avg = 23.3 overall = 0.9669 max = 25 F(15,126) = 231.20 corr(u_i, Xb) = 0.5753 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7093194 .0358903 19.76 0.000 .6382936 .7803452 llois | --. | -.0270355 .0194825 -1.39 0.168 -.0655908 .0115198 L1. | -.0028031 .0169637 -0.17 0.869 -.0363737 .0307675 lglobalcds1 | --. | .037394 .0326145 1.15 0.254 -.0271491 .1019371 L1. | .0168602 .0347018 0.49 0.628 -.0518136 .085534 L2. | .0055968 .0224816 0.25 0.804 -.0388937 .0500874 L3. | .0306015 .0328971 0.93 0.354 -.0345008 .0957039 L4. | -.0858639 .0301257 -2.85 0.005 -.1454818 -.0262459 lasset_vol | --. | -.0731817 .0356614 -2.05 0.042 -.1437547 -.0026088 L1. | -.0395488 .0297202 -1.33 0.186 -.0983641 .0192666 --. | (dropped) ldd_ciloan | -.1840261 .0625268 -2.94 0.004 -.3077647 -.0602874 linfl_qoq | -.0277565 .0070698 -3.93 0.000 -.0417475 -.0137655 lgrowth_qoq | -.3022767 .186061 -1.62 0.107 -.6704859 .0659324 lnom_gdp | .2722412 .05694 4.78 0.000 .1595585 .3849238 crisis_all | .0346611 .0427792 0.81 0.419 -.0499978 .1193199 _cons | .0667277 .4651606 0.14 0.886 -.8538114 .9872669 -------------+---------------------------------------------------------------- sigma_u | .46610948 sigma_e | .25020246 rho | .77631164 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 2955 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.6994 Obs per group: min = 1 between = 0.9761 avg = 23.3 overall = 0.9669 max = 25 F(15,126) = 231.20 corr(u_i, Xb) = 0.5753 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7093194 .0358903 19.76 0.000 .6382936 .7803452 llois | --. | -.0270355 .0194825 -1.39 0.168 -.0655908 .0115198 L1. | -.0028031 .0169637 -0.17 0.869 -.0363737 .0307675 lglobalcds1 | --. | .037394 .0326145 1.15 0.254 -.0271491 .1019371 L1. | .0168602 .0347018 0.49 0.628 -.0518136 .085534 L2. | .0055968 .0224816 0.25 0.804 -.0388937 .0500874 L3. | .0306015 .0328971 0.93 0.354 -.0345008 .0957039 L4. | -.0858639 .0301257 -2.85 0.005 -.1454818 -.0262459 lasset_vol | --. | -.0731817 .0356614 -2.05 0.042 -.1437547 -.0026088 L1. | -.0395488 .0297202 -1.33 0.186 -.0983641 .0192666 ldd_ciloan | -.1840261 .0625268 -2.94 0.004 -.3077647 -.0602874 linfl_qoq | -.0277565 .0070698 -3.93 0.000 -.0417475 -.0137655 lgrowth_qoq | -.3022767 .186061 -1.62 0.107 -.6704859 .0659324 lnom_gdp | .2722412 .05694 4.78 0.000 .1595585 .3849238 crisis_all | .0346611 .0427792 0.81 0.419 -.0499978 .1193199 _cons | .0667277 .4651606 0.14 0.886 -.8538114 .9872669 -------------+---------------------------------------------------------------- sigma_u | .46610948 sigma_e | .25020246 rho | .77631164 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 2955 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.6996 Obs per group: min = 1 between = 0.9773 avg = 23.3 overall = 0.9680 max = 25 F(16,126) = 218.16 corr(u_i, Xb) = 0.6063 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7090401 .0358364 19.79 0.000 .638121 .7799593 llois | --. | -.0254141 .0196518 -1.29 0.198 -.0643045 .0134763 L1. | -.0084958 .0184139 -0.46 0.645 -.0449363 .0279448 lglobalcds1 | --. | .0622573 .0364158 1.71 0.090 -.0098085 .1343232 L1. | .0092887 .0347276 0.27 0.790 -.0594361 .0780135 L2. | -.0119018 .0252022 -0.47 0.638 -.0617762 .0379726 L3. | .0397179 .0325108 1.22 0.224 -.02462 .1040558 L4. | -.0978488 .0299126 -3.27 0.001 -.157045 -.0386526 lasset_vol | --. | -.0665303 .0367244 -1.81 0.072 -.1392068 .0061462 L1. | -.0320382 .0295656 -1.08 0.281 -.0905476 .0264712 L2. | .0416169 .0312478 1.33 0.185 -.0202215 .1034554 ldd_ciloan | -.1603223 .0619655 -2.59 0.011 -.2829501 -.0376945 linfl_qoq | -.027839 .0070459 -3.95 0.000 -.0417825 -.0138955 lgrowth_qoq | -.3086406 .1906599 -1.62 0.108 -.685951 .0686698 lnom_gdp | .2635487 .0571238 4.61 0.000 .1505023 .3765951 crisis_all | -.0044666 .0510199 -0.09 0.930 -.1054334 .0965003 _cons | .1412994 .4731859 0.30 0.766 -.7951215 1.07772 -------------+---------------------------------------------------------------- sigma_u | .4679418 sigma_e | .25019076 rho | .77768747 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 2955 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.6998 Obs per group: min = 1 between = 0.9766 avg = 23.3 overall = 0.9674 max = 25 F(17,126) = 209.41 corr(u_i, Xb) = 0.5847 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7101677 .0356184 19.94 0.000 .63968 .7806553 llois | --. | -.0117408 .0222847 -0.53 0.599 -.0558416 .03236 L1. | -.0002239 .0204078 -0.01 0.991 -.0406103 .0401626 lglobalcds1 | --. | .0450973 .0392564 1.15 0.253 -.03259 .1227846 L1. | .0070581 .0349354 0.20 0.840 -.0620779 .0761941 L2. | .0077705 .0302312 0.26 0.798 -.0520562 .0675971 L3. | .0443898 .0331134 1.34 0.182 -.0211405 .1099202 L4. | -.1021481 .0303398 -3.37 0.001 -.1621896 -.0421065 lasset_vol | --. | -.0840242 .0407688 -2.06 0.041 -.1647044 -.0033441 L1. | -.0612021 .040837 -1.50 0.136 -.1420174 .0196132 L2. | .0482949 .0318478 1.52 0.132 -.014731 .1113208 L3. | -.0481323 .0363273 -1.32 0.188 -.120023 .0237584 ldd_ciloan | -.2258556 .0793488 -2.85 0.005 -.3828845 -.0688266 linfl_qoq | -.0272331 .0069489 -3.92 0.000 -.0409848 -.0134815 lgrowth_qoq | -.3087539 .1879129 -1.64 0.103 -.6806281 .0631203 lnom_gdp | .2688699 .0580002 4.64 0.000 .1540892 .3836506 crisis_all | -.0097695 .0506224 -0.19 0.847 -.1099496 .0904107 _cons | .102815 .4741555 0.22 0.829 -.8355248 1.041155 -------------+---------------------------------------------------------------- sigma_u | .4649969 sigma_e | .250138 rho | .77557027 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 2955 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.6998 Obs per group: min = 1 between = 0.9767 avg = 23.3 overall = 0.9675 max = 25 F(18,126) = 206.95 corr(u_i, Xb) = 0.5874 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7101178 .0357782 19.85 0.000 .6393139 .7809217 llois | --. | -.0115947 .0220981 -0.52 0.601 -.0553262 .0321367 L1. | -.0006609 .022192 -0.03 0.976 -.0445783 .0432564 lglobalcds1 | --. | .0454681 .0402993 1.13 0.261 -.034283 .1252193 L1. | .0083262 .038166 0.22 0.828 -.0672032 .0838555 L2. | .0062908 .0400081 0.16 0.875 -.0728841 .0854658 L3. | .0439347 .0333601 1.32 0.190 -.0220839 .1099533 L4. | -.1022622 .0303355 -3.37 0.001 -.1622952 -.0422292 lasset_vol | --. | -.0825834 .045998 -1.80 0.075 -.1736121 .0084453 L1. | -.0603531 .0460444 -1.31 0.192 -.1514736 .0307674 L2. | .0496958 .0406458 1.22 0.224 -.030741 .1301326 L3. | -.0494494 .0373908 -1.32 0.188 -.1234447 .024546 L4. | .002973 .0384174 0.08 0.938 -.0730539 .0789999 ldd_ciloan | -.223142 .0945164 -2.36 0.020 -.4101871 -.0360968 linfl_qoq | -.0272675 .0069282 -3.94 0.000 -.0409782 -.0135569 lgrowth_qoq | -.3092764 .1888446 -1.64 0.104 -.6829943 .0644415 lnom_gdp | .2681352 .0563649 4.76 0.000 .1565907 .3796797 crisis_all | -.0117794 .0599922 -0.20 0.845 -.1305022 .1069435 _cons | .108808 .4696556 0.23 0.817 -.8206267 1.038243 -------------+---------------------------------------------------------------- sigma_u | .46518748 sigma_e | .25018207 rho | .77565158 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3316 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7578 Obs per group: min = 4 between = 0.9755 avg = 26.1 overall = 0.9666 max = 28 F(13,126) = 310.99 corr(u_i, Xb) = 0.2819 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7576029 .0288489 26.26 0.000 .7005118 .814694 llois | --. | -.0478514 .017971 -2.66 0.009 -.0834154 -.0122874 L1. | .0274772 .0128956 2.13 0.035 .0019573 .0529972 L2. | -.0307705 .0101357 -3.04 0.003 -.0508288 -.0107122 lglobalcds1 | --. | -.0797241 .0230791 -3.45 0.001 -.125397 -.0340511 L1. | .0952499 .029144 3.27 0.001 .0375749 .1529249 --. | (dropped) lasset_vol | --. | -.0317993 .0255431 -1.24 0.215 -.0823484 .0187498 L1. | -.0925808 .0276471 -3.35 0.001 -.1472936 -.0378681 --. | (dropped) ldd_ciloan | -.0382049 .0419026 -0.91 0.364 -.1211289 .0447191 linfl_qoq | -.0254854 .0059513 -4.28 0.000 -.0372629 -.0137079 lgrowth_qoq | -.2446481 .1746035 -1.40 0.164 -.5901832 .1008871 lnom_gdp | .2958084 .0425538 6.95 0.000 .2115957 .3800212 crisis_all | .1951492 .0457616 4.26 0.000 .1045883 .2857102 _cons | -.6148491 .3357798 -1.83 0.069 -1.279347 .0496493 -------------+---------------------------------------------------------------- sigma_u | .39765767 sigma_e | .25102397 rho | .71505966 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3316 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7578 Obs per group: min = 4 between = 0.9755 avg = 26.1 overall = 0.9666 max = 28 F(13,126) = 310.99 corr(u_i, Xb) = 0.2819 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7576029 .0288489 26.26 0.000 .7005118 .814694 llois | --. | -.0478514 .017971 -2.66 0.009 -.0834154 -.0122874 L1. | .0274772 .0128956 2.13 0.035 .0019573 .0529972 L2. | -.0307705 .0101357 -3.04 0.003 -.0508288 -.0107122 lglobalcds1 | --. | -.0797241 .0230791 -3.45 0.001 -.125397 -.0340511 L1. | .0952499 .029144 3.27 0.001 .0375749 .1529249 --. | (dropped) lasset_vol | --. | -.0317993 .0255431 -1.24 0.215 -.0823484 .0187498 L1. | -.0925808 .0276471 -3.35 0.001 -.1472936 -.0378681 ldd_ciloan | -.0382049 .0419026 -0.91 0.364 -.1211289 .0447191 linfl_qoq | -.0254854 .0059513 -4.28 0.000 -.0372629 -.0137079 lgrowth_qoq | -.2446481 .1746035 -1.40 0.164 -.5901832 .1008871 lnom_gdp | .2958084 .0425538 6.95 0.000 .2115957 .3800212 crisis_all | .1951492 .0457616 4.26 0.000 .1045883 .2857102 _cons | -.6148491 .3357798 -1.83 0.069 -1.279347 .0496493 -------------+---------------------------------------------------------------- sigma_u | .39765767 sigma_e | .25102397 rho | .71505966 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3316 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7579 Obs per group: min = 4 between = 0.9759 avg = 26.1 overall = 0.9669 max = 28 F(14,126) = 289.26 corr(u_i, Xb) = 0.2954 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7576783 .0288116 26.30 0.000 .7006609 .8146956 llois | --. | -.0522068 .0180962 -2.88 0.005 -.0880186 -.016395 L1. | .0267975 .0129088 2.08 0.040 .0012514 .0523436 L2. | -.0436197 .0133492 -3.27 0.001 -.0700373 -.0172021 lglobalcds1 | --. | -.0805853 .0229639 -3.51 0.001 -.1260301 -.0351404 L1. | .0998668 .0288892 3.46 0.001 .042696 .1570376 --. | (dropped) lasset_vol | --. | -.0175667 .0299873 -0.59 0.559 -.0769107 .0417774 L1. | -.0999933 .0295358 -3.39 0.001 -.1584439 -.0415428 L2. | .0459892 .0308192 1.49 0.138 -.0150011 .1069796 ldd_ciloan | -.004283 .0404242 -0.11 0.916 -.0842812 .0757152 linfl_qoq | -.0250228 .0058911 -4.25 0.000 -.036681 -.0133646 lgrowth_qoq | -.2485213 .1754974 -1.42 0.159 -.5958256 .0987829 lnom_gdp | .2928079 .0425283 6.89 0.000 .2086455 .3769702 crisis_all | .1979584 .0456041 4.34 0.000 .1077093 .2882075 _cons | -.5934919 .337779 -1.76 0.081 -1.261947 .0749627 -------------+---------------------------------------------------------------- sigma_u | .3962432 sigma_e | .25098278 rho | .71367246 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3313 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7643 Obs per group: min = 4 between = 0.9776 avg = 26.1 overall = 0.9689 max = 28 F(15,126) = 402.13 corr(u_i, Xb) = 0.2782 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7693856 .0268375 28.67 0.000 .716275 .8224961 llois | --. | -.0537684 .020816 -2.58 0.011 -.0949627 -.012574 L1. | .0281346 .0128508 2.19 0.030 .0027032 .053566 L2. | -.0461385 .0150974 -3.06 0.003 -.0760158 -.0162613 lglobalcds1 | --. | -.0809332 .0233194 -3.47 0.001 -.1270816 -.0347849 L1. | .0994514 .0287888 3.45 0.001 .0424793 .1564236 --. | (dropped) lasset_vol | --. | -.0128644 .0323453 -0.40 0.692 -.0768749 .051146 L1. | -.1055586 .0319046 -3.31 0.001 -.1686969 -.0424204 L2. | .0473486 .0309616 1.53 0.129 -.0139235 .1086207 L3. | .0064315 .0327488 0.20 0.845 -.0583775 .0712405 ldd_ciloan | -.0000713 .0554056 -0.00 0.999 -.1097173 .1095747 linfl_qoq | -.0252448 .0057567 -4.39 0.000 -.0366372 -.0138525 lgrowth_qoq | -.223381 .16668 -1.34 0.183 -.5532359 .1064738 lnom_gdp | .2845354 .0440834 6.45 0.000 .1972956 .3717752 crisis_all | .2004886 .048486 4.13 0.000 .1045361 .2964411 _cons | -.6167271 .321849 -1.92 0.058 -1.253657 .0202026 -------------+---------------------------------------------------------------- sigma_u | .37970287 sigma_e | .24752925 rho | .70176578 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3310 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7640 Obs per group: min = 4 between = 0.9779 avg = 26.1 overall = 0.9691 max = 28 F(16,126) = 394.73 corr(u_i, Xb) = 0.2902 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7691402 .0270789 28.40 0.000 .7155519 .8227285 llois | --. | -.0543878 .0209849 -2.59 0.011 -.0959164 -.0128593 L1. | .029684 .0130474 2.28 0.025 .0038635 .0555044 L2. | -.0511472 .0182292 -2.81 0.006 -.0872222 -.0150723 lglobalcds1 | --. | -.086413 .025807 -3.35 0.001 -.1374843 -.0353417 L1. | .1051779 .0304364 3.46 0.001 .0449451 .1654106 --. | (dropped) lasset_vol | --. | -.0063586 .033779 -0.19 0.851 -.0732062 .0604891 L1. | -.1069792 .0311348 -3.44 0.001 -.168594 -.0453645 L2. | .0519775 .0344694 1.51 0.134 -.0162364 .1201914 L3. | .0013611 .036009 0.04 0.970 -.0698997 .0726218 L4. | .0136435 .0323512 0.42 0.674 -.0503786 .0776656 ldd_ciloan | .0152416 .0651932 0.23 0.816 -.1137739 .144257 linfl_qoq | -.0252832 .0057492 -4.40 0.000 -.0366607 -.0139057 lgrowth_qoq | -.2229321 .1661324 -1.34 0.182 -.5517033 .105839 lnom_gdp | .2824166 .0419373 6.73 0.000 .1994238 .3654093 crisis_all | .2047416 .0487821 4.20 0.000 .1082033 .30128 _cons | -.6029756 .3132942 -1.92 0.057 -1.222976 .0170243 -------------+---------------------------------------------------------------- sigma_u | .37899822 sigma_e | .24767335 rho | .70074364 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3316 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7578 Obs per group: min = 4 between = 0.9755 avg = 26.1 overall = 0.9666 max = 28 F(13,126) = 310.99 corr(u_i, Xb) = 0.2819 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7576029 .0288489 26.26 0.000 .7005118 .814694 llois | --. | -.0478514 .017971 -2.66 0.009 -.0834154 -.0122874 L1. | .0274772 .0128956 2.13 0.035 .0019573 .0529972 L2. | -.0307705 .0101357 -3.04 0.003 -.0508288 -.0107122 lglobalcds1 | --. | -.0797241 .0230791 -3.45 0.001 -.125397 -.0340511 L1. | .0952499 .029144 3.27 0.001 .0375749 .1529249 lasset_vol | --. | -.0317993 .0255431 -1.24 0.215 -.0823484 .0187498 L1. | -.0925808 .0276471 -3.35 0.001 -.1472936 -.0378681 --. | (dropped) ldd_ciloan | -.0382049 .0419026 -0.91 0.364 -.1211289 .0447191 linfl_qoq | -.0254854 .0059513 -4.28 0.000 -.0372629 -.0137079 lgrowth_qoq | -.2446481 .1746035 -1.40 0.164 -.5901832 .1008871 lnom_gdp | .2958084 .0425538 6.95 0.000 .2115957 .3800212 crisis_all | .1951492 .0457616 4.26 0.000 .1045883 .2857102 _cons | -.6148491 .3357798 -1.83 0.069 -1.279347 .0496493 -------------+---------------------------------------------------------------- sigma_u | .39765767 sigma_e | .25102397 rho | .71505966 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3316 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7578 Obs per group: min = 4 between = 0.9755 avg = 26.1 overall = 0.9666 max = 28 F(13,126) = 310.99 corr(u_i, Xb) = 0.2819 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7576029 .0288489 26.26 0.000 .7005118 .814694 llois | --. | -.0478514 .017971 -2.66 0.009 -.0834154 -.0122874 L1. | .0274772 .0128956 2.13 0.035 .0019573 .0529972 L2. | -.0307705 .0101357 -3.04 0.003 -.0508288 -.0107122 lglobalcds1 | --. | -.0797241 .0230791 -3.45 0.001 -.125397 -.0340511 L1. | .0952499 .029144 3.27 0.001 .0375749 .1529249 lasset_vol | --. | -.0317993 .0255431 -1.24 0.215 -.0823484 .0187498 L1. | -.0925808 .0276471 -3.35 0.001 -.1472936 -.0378681 ldd_ciloan | -.0382049 .0419026 -0.91 0.364 -.1211289 .0447191 linfl_qoq | -.0254854 .0059513 -4.28 0.000 -.0372629 -.0137079 lgrowth_qoq | -.2446481 .1746035 -1.40 0.164 -.5901832 .1008871 lnom_gdp | .2958084 .0425538 6.95 0.000 .2115957 .3800212 crisis_all | .1951492 .0457616 4.26 0.000 .1045883 .2857102 _cons | -.6148491 .3357798 -1.83 0.069 -1.279347 .0496493 -------------+---------------------------------------------------------------- sigma_u | .39765767 sigma_e | .25102397 rho | .71505966 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3316 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7579 Obs per group: min = 4 between = 0.9759 avg = 26.1 overall = 0.9669 max = 28 F(14,126) = 289.26 corr(u_i, Xb) = 0.2954 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7576783 .0288116 26.30 0.000 .7006609 .8146956 llois | --. | -.0522068 .0180962 -2.88 0.005 -.0880186 -.016395 L1. | .0267975 .0129088 2.08 0.040 .0012514 .0523436 L2. | -.0436197 .0133492 -3.27 0.001 -.0700373 -.0172021 lglobalcds1 | --. | -.0805853 .0229639 -3.51 0.001 -.1260301 -.0351404 L1. | .0998668 .0288892 3.46 0.001 .042696 .1570376 lasset_vol | --. | -.0175667 .0299873 -0.59 0.559 -.0769107 .0417774 L1. | -.0999933 .0295358 -3.39 0.001 -.1584439 -.0415428 L2. | .0459892 .0308192 1.49 0.138 -.0150011 .1069796 ldd_ciloan | -.004283 .0404242 -0.11 0.916 -.0842812 .0757152 linfl_qoq | -.0250228 .0058911 -4.25 0.000 -.036681 -.0133646 lgrowth_qoq | -.2485213 .1754974 -1.42 0.159 -.5958256 .0987829 lnom_gdp | .2928079 .0425283 6.89 0.000 .2086455 .3769702 crisis_all | .1979584 .0456041 4.34 0.000 .1077093 .2882075 _cons | -.5934919 .337779 -1.76 0.081 -1.261947 .0749627 -------------+---------------------------------------------------------------- sigma_u | .3962432 sigma_e | .25098278 rho | .71367246 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3313 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7643 Obs per group: min = 4 between = 0.9776 avg = 26.1 overall = 0.9689 max = 28 F(15,126) = 402.13 corr(u_i, Xb) = 0.2782 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7693856 .0268375 28.67 0.000 .716275 .8224961 llois | --. | -.0537684 .020816 -2.58 0.011 -.0949627 -.012574 L1. | .0281346 .0128508 2.19 0.030 .0027032 .053566 L2. | -.0461385 .0150974 -3.06 0.003 -.0760158 -.0162613 lglobalcds1 | --. | -.0809332 .0233194 -3.47 0.001 -.1270816 -.0347849 L1. | .0994514 .0287888 3.45 0.001 .0424793 .1564236 lasset_vol | --. | -.0128644 .0323453 -0.40 0.692 -.0768749 .051146 L1. | -.1055586 .0319046 -3.31 0.001 -.1686969 -.0424204 L2. | .0473486 .0309616 1.53 0.129 -.0139235 .1086207 L3. | .0064315 .0327488 0.20 0.845 -.0583775 .0712405 ldd_ciloan | -.0000713 .0554056 -0.00 0.999 -.1097173 .1095747 linfl_qoq | -.0252448 .0057567 -4.39 0.000 -.0366372 -.0138525 lgrowth_qoq | -.223381 .16668 -1.34 0.183 -.5532359 .1064738 lnom_gdp | .2845354 .0440834 6.45 0.000 .1972956 .3717752 crisis_all | .2004886 .048486 4.13 0.000 .1045361 .2964411 _cons | -.6167271 .321849 -1.92 0.058 -1.253657 .0202026 -------------+---------------------------------------------------------------- sigma_u | .37970287 sigma_e | .24752925 rho | .70176578 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3310 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7640 Obs per group: min = 4 between = 0.9779 avg = 26.1 overall = 0.9691 max = 28 F(16,126) = 394.73 corr(u_i, Xb) = 0.2902 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7691402 .0270789 28.40 0.000 .7155519 .8227285 llois | --. | -.0543878 .0209849 -2.59 0.011 -.0959164 -.0128593 L1. | .029684 .0130474 2.28 0.025 .0038635 .0555044 L2. | -.0511472 .0182292 -2.81 0.006 -.0872222 -.0150723 lglobalcds1 | --. | -.086413 .025807 -3.35 0.001 -.1374843 -.0353417 L1. | .1051779 .0304364 3.46 0.001 .0449451 .1654106 lasset_vol | --. | -.0063586 .033779 -0.19 0.851 -.0732062 .0604891 L1. | -.1069792 .0311348 -3.44 0.001 -.168594 -.0453645 L2. | .0519775 .0344694 1.51 0.134 -.0162364 .1201914 L3. | .0013611 .036009 0.04 0.970 -.0698997 .0726218 L4. | .0136435 .0323512 0.42 0.674 -.0503786 .0776656 ldd_ciloan | .0152416 .0651932 0.23 0.816 -.1137739 .144257 linfl_qoq | -.0252832 .0057492 -4.40 0.000 -.0366607 -.0139057 lgrowth_qoq | -.2229321 .1661324 -1.34 0.182 -.5517033 .105839 lnom_gdp | .2824166 .0419373 6.73 0.000 .1994238 .3654093 crisis_all | .2047416 .0487821 4.20 0.000 .1082033 .30128 _cons | -.6029756 .3132942 -1.92 0.057 -1.222976 .0170243 -------------+---------------------------------------------------------------- sigma_u | .37899822 sigma_e | .24767335 rho | .70074364 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3198 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7385 Obs per group: min = 3 between = 0.9720 avg = 25.2 overall = 0.9630 max = 27 F(14,126) = 258.77 corr(u_i, Xb) = 0.2668 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7427667 .030345 24.48 0.000 .6827149 .8028186 llois | --. | -.0469459 .0178862 -2.62 0.010 -.0823421 -.0115496 L1. | .0322778 .0155611 2.07 0.040 .0014828 .0630728 L2. | -.0398959 .0183179 -2.18 0.031 -.0761466 -.0036452 lglobalcds1 | --. | -.0953132 .0328549 -2.90 0.004 -.1603321 -.0302943 L1. | .0913063 .0294401 3.10 0.002 .0330452 .1495674 L2. | .0235894 .0290799 0.81 0.419 -.0339589 .0811378 lasset_vol | --. | -.0326148 .0276002 -1.18 0.240 -.0872348 .0220051 L1. | -.106971 .0350995 -3.05 0.003 -.1764319 -.03751 --. | (dropped) ldd_ciloan | -.039004 .0430634 -0.91 0.367 -.1242253 .0462172 linfl_qoq | -.0244723 .0063419 -3.86 0.000 -.0370228 -.0119218 lgrowth_qoq | -.2715949 .1735578 -1.56 0.120 -.6150607 .0718708 lnom_gdp | .3154037 .0472702 6.67 0.000 .2218574 .40895 crisis_all | .2195463 .0611404 3.59 0.000 .0985512 .3405414 _cons | -.6690538 .3645224 -1.84 0.069 -1.390433 .0523253 -------------+---------------------------------------------------------------- sigma_u | .42378828 sigma_e | .25313803 rho | .73703183 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3198 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7385 Obs per group: min = 3 between = 0.9720 avg = 25.2 overall = 0.9630 max = 27 F(14,126) = 258.77 corr(u_i, Xb) = 0.2668 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7427667 .030345 24.48 0.000 .6827149 .8028186 llois | --. | -.0469459 .0178862 -2.62 0.010 -.0823421 -.0115496 L1. | .0322778 .0155611 2.07 0.040 .0014828 .0630728 L2. | -.0398959 .0183179 -2.18 0.031 -.0761466 -.0036452 lglobalcds1 | --. | -.0953132 .0328549 -2.90 0.004 -.1603321 -.0302943 L1. | .0913063 .0294401 3.10 0.002 .0330452 .1495674 L2. | .0235894 .0290799 0.81 0.419 -.0339589 .0811378 lasset_vol | --. | -.0326148 .0276002 -1.18 0.240 -.0872348 .0220051 L1. | -.106971 .0350995 -3.05 0.003 -.1764319 -.03751 ldd_ciloan | -.039004 .0430634 -0.91 0.367 -.1242253 .0462172 linfl_qoq | -.0244723 .0063419 -3.86 0.000 -.0370228 -.0119218 lgrowth_qoq | -.2715949 .1735578 -1.56 0.120 -.6150607 .0718708 lnom_gdp | .3154037 .0472702 6.67 0.000 .2218574 .40895 crisis_all | .2195463 .0611404 3.59 0.000 .0985512 .3405414 _cons | -.6690538 .3645224 -1.84 0.069 -1.390433 .0523253 -------------+---------------------------------------------------------------- sigma_u | .42378828 sigma_e | .25313803 rho | .73703183 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3198 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7386 Obs per group: min = 3 between = 0.9723 avg = 25.2 overall = 0.9633 max = 27 F(15,126) = 242.10 corr(u_i, Xb) = 0.2760 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7429294 .0303271 24.50 0.000 .6829129 .8029458 llois | --. | -.0508624 .0179639 -2.83 0.005 -.0864125 -.0153124 L1. | .0292851 .0158937 1.84 0.068 -.0021681 .0607382 L2. | -.0456894 .0189089 -2.42 0.017 -.0831095 -.0082693 lglobalcds1 | --. | -.0882255 .034074 -2.59 0.011 -.155657 -.020794 L1. | .0967402 .0290533 3.33 0.001 .0392446 .1542359 L2. | .0118942 .0300369 0.40 0.693 -.047548 .0713364 lasset_vol | --. | -.0198806 .0324217 -0.61 0.541 -.0840423 .044281 L1. | -.1056194 .0348812 -3.03 0.003 -.1746482 -.0365906 L2. | .0385553 .0315399 1.22 0.224 -.0238613 .1009719 ldd_ciloan | -.0099499 .041882 -0.24 0.813 -.0928333 .0729334 linfl_qoq | -.0241751 .0062714 -3.85 0.000 -.0365861 -.0117641 lgrowth_qoq | -.2780981 .1760441 -1.58 0.117 -.6264843 .070288 lnom_gdp | .313131 .0473618 6.61 0.000 .2194033 .4068586 crisis_all | .2091594 .0624465 3.35 0.001 .0855796 .3327392 _cons | -.6530992 .3670721 -1.78 0.078 -1.379524 .0733257 -------------+---------------------------------------------------------------- sigma_u | .42256344 sigma_e | .25313154 rho | .7359183 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3195 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7454 Obs per group: min = 3 between = 0.9740 avg = 25.2 overall = 0.9652 max = 27 F(16,126) = 334.64 corr(u_i, Xb) = 0.2470 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .755451 .0282877 26.71 0.000 .6994704 .8114316 llois | --. | -.0514775 .021701 -2.37 0.019 -.0944233 -.0085318 L1. | .0309222 .0160489 1.93 0.056 -.0008381 .0626825 L2. | -.0483252 .0182005 -2.66 0.009 -.0843433 -.012307 lglobalcds1 | --. | -.0908003 .0350664 -2.59 0.011 -.1601956 -.021405 L1. | .0966291 .029084 3.32 0.001 .0390728 .1541854 L2. | .0136806 .0313998 0.44 0.664 -.0484588 .07582 lasset_vol | --. | -.0174683 .0355578 -0.49 0.624 -.087836 .0528995 L1. | -.1129642 .0398752 -2.83 0.005 -.191876 -.0340524 L2. | .0403593 .0306164 1.32 0.190 -.0202296 .1009483 L3. | .0035336 .0362428 0.10 0.922 -.0681898 .0752571 ldd_ciloan | -.0103131 .0624431 -0.17 0.869 -.1338861 .1132599 linfl_qoq | -.0242443 .006117 -3.96 0.000 -.0363497 -.0121389 lgrowth_qoq | -.2519763 .1666578 -1.51 0.133 -.5817871 .0778345 lnom_gdp | .3067703 .0491168 6.25 0.000 .2095696 .4039711 crisis_all | .2129431 .0615681 3.46 0.001 .0911017 .3347845 _cons | -.6980721 .3505453 -1.99 0.049 -1.391791 -.0043532 -------------+---------------------------------------------------------------- sigma_u | .40621805 sigma_e | .24968408 rho | .72579414 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3192 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7450 Obs per group: min = 3 between = 0.9743 avg = 25.1 overall = 0.9655 max = 27 F(17,126) = 329.80 corr(u_i, Xb) = 0.2616 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7551553 .0286004 26.40 0.000 .6985561 .8117546 llois | --. | -.0530722 .0232877 -2.28 0.024 -.0991578 -.0069867 L1. | .0308848 .0160234 1.93 0.056 -.0008251 .0625948 L2. | -.0513191 .0199095 -2.58 0.011 -.0907193 -.0119188 lglobalcds1 | --. | -.090933 .0349711 -2.60 0.010 -.1601397 -.0217263 L1. | .10208 .0340334 3.00 0.003 .0347289 .1694311 L2. | .0079933 .0410016 0.19 0.846 -.0731476 .0891342 lasset_vol | --. | -.0099587 .0449937 -0.22 0.825 -.0989998 .0790824 L1. | -.110322 .0446679 -2.47 0.015 -.1987184 -.0219255 L2. | .0469138 .0426621 1.10 0.274 -.0375132 .1313409 L3. | .0016538 .0366863 0.05 0.964 -.0709473 .0742549 L4. | .0107071 .0414025 0.26 0.796 -.0712272 .0926413 ldd_ciloan | .0071593 .0945206 0.08 0.940 -.1798942 .1942127 linfl_qoq | -.0243476 .0060916 -4.00 0.000 -.0364027 -.0122924 lgrowth_qoq | -.2527709 .1673751 -1.51 0.133 -.5840013 .0784596 lnom_gdp | .3040029 .0461496 6.59 0.000 .2126742 .3953316 crisis_all | .2113142 .0627505 3.37 0.001 .0871327 .3354956 _cons | -.6776027 .3377847 -2.01 0.047 -1.346069 -.0091366 -------------+---------------------------------------------------------------- sigma_u | .40516534 sigma_e | .24984032 rho | .72451045 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3077 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7226 Obs per group: min = 2 between = 0.9756 avg = 24.2 overall = 0.9665 max = 26 F(15,126) = 281.63 corr(u_i, Xb) = 0.4460 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7323141 .0311104 23.54 0.000 .6707476 .7938807 llois | --. | -.0363076 .0193098 -1.88 0.062 -.0745211 .0019059 L1. | .0039627 .0200011 0.20 0.843 -.0356188 .0435442 L2. | -.0424491 .0188349 -2.25 0.026 -.0797228 -.0051755 lglobalcds1 | --. | -.1081312 .0353534 -3.06 0.003 -.1780947 -.0381678 L1. | .1175414 .0339247 3.46 0.001 .0504054 .1846774 L2. | .0724484 .0370589 1.95 0.053 -.00089 .1457869 L3. | -.0524952 .0248812 -2.11 0.037 -.1017343 -.0032561 lasset_vol | --. | -.0559523 .0278103 -2.01 0.046 -.1109881 -.0009165 L1. | -.0957552 .0368567 -2.60 0.010 -.1686935 -.0228169 --. | (dropped) ldd_ciloan | -.1155012 .055839 -2.07 0.041 -.226005 -.0049973 linfl_qoq | -.0271444 .0070604 -3.84 0.000 -.0411167 -.013172 lgrowth_qoq | -.2998553 .1763426 -1.70 0.092 -.6488322 .0491216 lnom_gdp | .2855934 .0533152 5.36 0.000 .1800842 .3911027 crisis_all | .2225926 .0615549 3.62 0.000 .1007773 .344408 _cons | -.2282659 .4119476 -0.55 0.580 -1.043498 .5869663 -------------+---------------------------------------------------------------- sigma_u | .42820325 sigma_e | .25045709 rho | .74509499 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3077 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7226 Obs per group: min = 2 between = 0.9756 avg = 24.2 overall = 0.9665 max = 26 F(15,126) = 281.63 corr(u_i, Xb) = 0.4460 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7323141 .0311104 23.54 0.000 .6707476 .7938807 llois | --. | -.0363076 .0193098 -1.88 0.062 -.0745211 .0019059 L1. | .0039627 .0200011 0.20 0.843 -.0356188 .0435442 L2. | -.0424491 .0188349 -2.25 0.026 -.0797228 -.0051755 lglobalcds1 | --. | -.1081312 .0353534 -3.06 0.003 -.1780947 -.0381678 L1. | .1175414 .0339247 3.46 0.001 .0504054 .1846774 L2. | .0724484 .0370589 1.95 0.053 -.00089 .1457869 L3. | -.0524952 .0248812 -2.11 0.037 -.1017343 -.0032561 lasset_vol | --. | -.0559523 .0278103 -2.01 0.046 -.1109881 -.0009165 L1. | -.0957552 .0368567 -2.60 0.010 -.1686935 -.0228169 ldd_ciloan | -.1155012 .055839 -2.07 0.041 -.226005 -.0049973 linfl_qoq | -.0271444 .0070604 -3.84 0.000 -.0411167 -.013172 lgrowth_qoq | -.2998553 .1763426 -1.70 0.092 -.6488322 .0491216 lnom_gdp | .2855934 .0533152 5.36 0.000 .1800842 .3911027 crisis_all | .2225926 .0615549 3.62 0.000 .1007773 .344408 _cons | -.2282659 .4119476 -0.55 0.580 -1.043498 .5869663 -------------+---------------------------------------------------------------- sigma_u | .42820325 sigma_e | .25045709 rho | .74509499 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3077 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7228 Obs per group: min = 2 between = 0.9760 avg = 24.2 overall = 0.9669 max = 26 F(16,126) = 264.42 corr(u_i, Xb) = 0.4573 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7325313 .0310878 23.56 0.000 .6710096 .7940531 llois | --. | -.0401332 .0192224 -2.09 0.039 -.0781737 -.0020927 L1. | .0000129 .0204613 0.00 0.999 -.0404794 .0405052 L2. | -.0489668 .0196108 -2.50 0.014 -.087776 -.0101576 lglobalcds1 | --. | -.1011575 .0360758 -2.80 0.006 -.1725505 -.0297646 L1. | .124162 .0338493 3.67 0.000 .0571753 .1911488 L2. | .0616453 .0369782 1.67 0.098 -.0115334 .134824 L3. | -.0541601 .0250474 -2.16 0.032 -.1037282 -.0045921 lasset_vol | --. | -.0426987 .0321962 -1.33 0.187 -.1064141 .0210167 L1. | -.0948816 .0367051 -2.58 0.011 -.1675199 -.0222433 L2. | .0418579 .0318718 1.31 0.191 -.0212154 .1049312 ldd_ciloan | -.0870858 .0534707 -1.63 0.106 -.1929028 .0187312 linfl_qoq | -.0268414 .0069893 -3.84 0.000 -.0406731 -.0130098 lgrowth_qoq | -.3076002 .1793849 -1.71 0.089 -.6625977 .0473973 lnom_gdp | .2826793 .0534799 5.29 0.000 .1768442 .3885144 crisis_all | .2116572 .0627052 3.38 0.001 .0875655 .335749 _cons | -.2039717 .4155801 -0.49 0.624 -1.026392 .618449 -------------+---------------------------------------------------------------- sigma_u | .42749732 sigma_e | .25044067 rho | .74449268 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3077 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7228 Obs per group: min = 2 between = 0.9764 avg = 24.2 overall = 0.9672 max = 26 F(17,126) = 263.85 corr(u_i, Xb) = 0.4709 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7322848 .0308311 23.75 0.000 .6712709 .7932987 llois | --. | -.0448038 .021862 -2.05 0.042 -.0880681 -.0015395 L1. | -.0008522 .0213032 -0.04 0.968 -.0430105 .0413062 L2. | -.0537634 .0198522 -2.71 0.008 -.0930503 -.0144765 lglobalcds1 | --. | -.0999981 .0367655 -2.72 0.007 -.1727559 -.0272403 L1. | .1264809 .0346381 3.65 0.000 .0579331 .1950287 L2. | .0611519 .0371653 1.65 0.102 -.0123972 .134701 L3. | -.0552864 .0257694 -2.15 0.034 -.1062833 -.0042896 lasset_vol | --. | -.0375356 .0349427 -1.07 0.285 -.1066862 .031615 L1. | -.0908432 .04139 -2.19 0.030 -.1727527 -.0089337 L2. | .0437384 .0309 1.42 0.159 -.0174118 .1048886 L3. | .012893 .0373136 0.35 0.730 -.0609495 .0867355 ldd_ciloan | -.0718173 .0651011 -1.10 0.272 -.2006504 .0570157 linfl_qoq | -.0270418 .0070177 -3.85 0.000 -.0409296 -.013154 lgrowth_qoq | -.3080325 .1796638 -1.71 0.089 -.663582 .0475169 lnom_gdp | .2796303 .056471 4.95 0.000 .1678758 .3913848 crisis_all | .2191409 .0619202 3.54 0.001 .0966026 .3416793 _cons | -.1734383 .4323851 -0.40 0.689 -1.029116 .6822391 -------------+---------------------------------------------------------------- sigma_u | .42754006 sigma_e | .25047928 rho | .74447207 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3074 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7224 Obs per group: min = 2 between = 0.9779 avg = 24.2 overall = 0.9687 max = 26 F(18,126) = 259.98 corr(u_i, Xb) = 0.5225 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .731448 .0310644 23.55 0.000 .6699725 .7929235 llois | --. | -.0493484 .023263 -2.12 0.036 -.0953851 -.0033116 L1. | -.0047979 .022803 -0.21 0.834 -.0499244 .0403286 L2. | -.0657341 .0227607 -2.89 0.005 -.1107768 -.0206914 lglobalcds1 | --. | -.1033257 .0361246 -2.86 0.005 -.1748151 -.0318362 L1. | .1479375 .0433599 3.41 0.001 .0621296 .2337454 L2. | .052221 .0417576 1.25 0.213 -.0304162 .1348581 L3. | -.0638957 .0273039 -2.34 0.021 -.1179293 -.009862 lasset_vol | --. | -.015162 .0456189 -0.33 0.740 -.1054404 .0751165 L1. | -.0837842 .0456338 -1.84 0.069 -.1740921 .0065237 L2. | .0656302 .0455306 1.44 0.152 -.0244736 .1557339 L3. | .0110793 .0373385 0.30 0.767 -.0628124 .084971 L4. | .0331251 .043788 0.76 0.451 -.0535301 .1197803 ldd_ciloan | -.0273769 .0930227 -0.29 0.769 -.211466 .1567122 linfl_qoq | -.0275994 .0070331 -3.92 0.000 -.0415178 -.013681 lgrowth_qoq | -.3144108 .1825896 -1.72 0.088 -.6757504 .0469287 lnom_gdp | .2677648 .0546312 4.90 0.000 .1596513 .3758782 crisis_all | .2176875 .0622839 3.50 0.001 .0944294 .3409456 _cons | -.0637328 .4325515 -0.15 0.883 -.9197394 .7922739 -------------+---------------------------------------------------------------- sigma_u | .42833281 sigma_e | .25060368 rho | .74498763 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 2955 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7001 Obs per group: min = 1 between = 0.9775 avg = 23.3 overall = 0.9682 max = 25 F(16,126) = 220.04 corr(u_i, Xb) = 0.6080 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7098337 .0357758 19.84 0.000 .6390346 .7806329 llois | --. | -.0404567 .0199299 -2.03 0.044 -.0798974 -.0010159 L1. | .0149734 .0192841 0.78 0.439 -.0231892 .0531359 L2. | -.0445252 .0190254 -2.34 0.021 -.0821759 -.0068746 lglobalcds1 | --. | -.0088385 .0367469 -0.24 0.810 -.0815595 .0638826 L1. | .0359361 .0346 1.04 0.301 -.0325362 .1044085 L2. | .0616064 .0356258 1.73 0.086 -.008896 .1321087 L3. | .0277727 .0326766 0.85 0.397 -.0368933 .0924386 L4. | -.0902592 .0307232 -2.94 0.004 -.1510596 -.0294588 lasset_vol | --. | -.0724528 .0355797 -2.04 0.044 -.1428641 -.0020416 L1. | -.0789515 .0363122 -2.17 0.032 -.1508123 -.0070908 --. | (dropped) ldd_ciloan | -.2327069 .0682826 -3.41 0.001 -.3678361 -.0975776 linfl_qoq | -.0280563 .0072679 -3.86 0.000 -.0424392 -.0136734 lgrowth_qoq | -.3001529 .1796069 -1.67 0.097 -.6555896 .0552839 lnom_gdp | .2624088 .0571088 4.59 0.000 .1493921 .3754255 crisis_all | .1194002 .0574757 2.08 0.040 .0056576 .2331429 _cons | .2187768 .4754401 0.46 0.646 -.7221051 1.159659 -------------+---------------------------------------------------------------- sigma_u | .46694852 sigma_e | .24996893 rho | .77725914 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 2955 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7001 Obs per group: min = 1 between = 0.9775 avg = 23.3 overall = 0.9682 max = 25 F(16,126) = 220.04 corr(u_i, Xb) = 0.6080 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7098337 .0357758 19.84 0.000 .6390346 .7806329 llois | --. | -.0404567 .0199299 -2.03 0.044 -.0798974 -.0010159 L1. | .0149734 .0192841 0.78 0.439 -.0231892 .0531359 L2. | -.0445252 .0190254 -2.34 0.021 -.0821759 -.0068746 lglobalcds1 | --. | -.0088385 .0367469 -0.24 0.810 -.0815595 .0638826 L1. | .0359361 .0346 1.04 0.301 -.0325362 .1044085 L2. | .0616064 .0356258 1.73 0.086 -.008896 .1321087 L3. | .0277727 .0326766 0.85 0.397 -.0368933 .0924386 L4. | -.0902592 .0307232 -2.94 0.004 -.1510596 -.0294588 lasset_vol | --. | -.0724528 .0355797 -2.04 0.044 -.1428641 -.0020416 L1. | -.0789515 .0363122 -2.17 0.032 -.1508123 -.0070908 ldd_ciloan | -.2327069 .0682826 -3.41 0.001 -.3678361 -.0975776 linfl_qoq | -.0280563 .0072679 -3.86 0.000 -.0424392 -.0136734 lgrowth_qoq | -.3001529 .1796069 -1.67 0.097 -.6555896 .0552839 lnom_gdp | .2624088 .0571088 4.59 0.000 .1493921 .3754255 crisis_all | .1194002 .0574757 2.08 0.040 .0056576 .2331429 _cons | .2187768 .4754401 0.46 0.646 -.7221051 1.159659 -------------+---------------------------------------------------------------- sigma_u | .46694852 sigma_e | .24996893 rho | .77725914 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 2955 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7006 Obs per group: min = 1 between = 0.9802 avg = 23.3 overall = 0.9707 max = 25 F(17,126) = 211.23 corr(u_i, Xb) = 0.6762 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7094322 .0356113 19.92 0.000 .6389584 .7799059 llois | --. | -.0414394 .0199111 -2.08 0.039 -.080843 -.0020359 L1. | .0091026 .0196943 0.46 0.645 -.0298718 .0480771 L2. | -.0586692 .0205749 -2.85 0.005 -.0993863 -.0179522 lglobalcds1 | --. | .02678 .037909 0.71 0.481 -.0482408 .1018007 L1. | .0266767 .0345515 0.77 0.442 -.0416998 .0950531 L2. | .0439944 .0350229 1.26 0.211 -.0253149 .1133037 L3. | .0453187 .0327495 1.38 0.169 -.0194916 .110129 L4. | -.115904 .0320255 -3.62 0.000 -.1792816 -.0525264 lasset_vol | --. | -.0587638 .0361469 -1.63 0.107 -.1302975 .0127699 L1. | -.0762726 .0361346 -2.11 0.037 -.1477818 -.0047634 L2. | .0842016 .0340117 2.48 0.015 .0168935 .1515096 ldd_ciloan | -.2002123 .0659848 -3.03 0.003 -.3307943 -.0696302 linfl_qoq | -.0283185 .0072807 -3.89 0.000 -.0427268 -.0139102 lgrowth_qoq | -.312354 .1862588 -1.68 0.096 -.6809546 .0562467 lnom_gdp | .2416985 .0575964 4.20 0.000 .127717 .35568 crisis_all | .0671537 .0585754 1.15 0.254 -.0487652 .1830727 _cons | .4179545 .4942619 0.85 0.399 -.5601754 1.396084 -------------+---------------------------------------------------------------- sigma_u | .47320957 sigma_e | .24981111 rho | .78205231 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 2955 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7006 Obs per group: min = 1 between = 0.9811 avg = 23.3 overall = 0.9714 max = 25 F(18,126) = 200.91 corr(u_i, Xb) = 0.6968 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7088888 .035394 20.03 0.000 .6388452 .7789324 llois | --. | -.0514264 .0226039 -2.28 0.025 -.0961589 -.006694 L1. | .0075233 .0204994 0.37 0.714 -.0330444 .048091 L2. | -.0682617 .0211588 -3.23 0.002 -.1101344 -.026389 lglobalcds1 | --. | .0302249 .0392095 0.77 0.442 -.0473695 .1078192 L1. | .0307214 .0349376 0.88 0.381 -.0384191 .0998619 L2. | .0425345 .0353186 1.20 0.231 -.02736 .112429 L3. | .0437173 .0330213 1.32 0.188 -.0216308 .1090654 L4. | -.1165397 .0320837 -3.63 0.000 -.1800324 -.0530469 lasset_vol | --. | -.0480687 .0388095 -1.24 0.218 -.1248715 .0287342 L1. | -.0677921 .0412305 -1.64 0.103 -.149386 .0138017 L2. | .0875663 .0332581 2.63 0.010 .0217495 .153383 L3. | .0259326 .0379034 0.68 0.495 -.0490772 .1009423 ldd_ciloan | -.1714265 .0737349 -2.32 0.022 -.3173458 -.0255072 linfl_qoq | -.0287233 .0073492 -3.91 0.000 -.0432672 -.0141794 lgrowth_qoq | -.3129001 .1869624 -1.67 0.097 -.6828932 .0570931 lnom_gdp | .235259 .0607763 3.87 0.000 .1149846 .3555335 crisis_all | .0817208 .0568633 1.44 0.153 -.03081 .1942515 _cons | .4839222 .5154783 0.94 0.350 -.5361941 1.504039 -------------+---------------------------------------------------------------- sigma_u | .47667305 sigma_e | .24983863 rho | .7844908 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 2955 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7009 Obs per group: min = 1 between = 0.9839 avg = 23.3 overall = 0.9740 max = 25 F(19,126) = 201.71 corr(u_i, Xb) = 0.7622 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7076221 .0355118 19.93 0.000 .6373452 .7778989 llois | --. | -.0604582 .0236974 -2.55 0.012 -.1073546 -.0135618 L1. | .0019866 .0220296 0.09 0.928 -.0416093 .0455826 L2. | -.0882865 .0248495 -3.55 0.001 -.137463 -.0391101 lglobalcds1 | --. | .0324885 .0395241 0.82 0.413 -.0457286 .1107055 L1. | .0603198 .0407404 1.48 0.141 -.0203042 .1409438 L2. | .0262954 .0403349 0.65 0.516 -.0535262 .106117 L3. | .0353877 .0331109 1.07 0.287 -.0301378 .1009133 L4. | -.1228003 .0328224 -3.74 0.000 -.1877549 -.0578458 lasset_vol | --. | -.0117772 .0472811 -0.25 0.804 -.1053451 .0817908 L1. | -.0545561 .0461948 -1.18 0.240 -.1459742 .036862 L2. | .1241171 .0493771 2.51 0.013 .0264012 .2218329 L3. | .0241268 .037903 0.64 0.526 -.0508822 .0991358 L4. | .0531191 .044163 1.20 0.231 -.0342782 .1405163 ldd_ciloan | -.1069755 .0958856 -1.12 0.267 -.2967303 .0827793 linfl_qoq | -.0297747 .0074017 -4.02 0.000 -.0444225 -.015127 lgrowth_qoq | -.3234528 .1915648 -1.69 0.094 -.7025538 .0556483 lnom_gdp | .2122715 .059191 3.59 0.000 .0951342 .3294088 crisis_all | .072649 .0589714 1.23 0.220 -.0440537 .1893516 _cons | .7027992 .528562 1.33 0.186 -.3432094 1.748808 -------------+---------------------------------------------------------------- sigma_u | .48997903 sigma_e | .24977437 rho | .79373849 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3313 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7643 Obs per group: min = 4 between = 0.9775 avg = 26.1 overall = 0.9687 max = 28 F(14,126) = 383.90 corr(u_i, Xb) = 0.2678 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7700218 .0272045 28.30 0.000 .716185 .8238586 llois | --. | -.0363974 .0195941 -1.86 0.066 -.0751735 .0023787 L1. | .0191368 .0152102 1.26 0.211 -.0109637 .0492373 L2. | -.0133609 .0145142 -0.92 0.359 -.042084 .0153623 L3. | -.0168668 .010465 -1.61 0.110 -.0375766 .0038431 lglobalcds1 | --. | -.0803167 .0231578 -3.47 0.001 -.1261454 -.0344881 L1. | .0955712 .0293568 3.26 0.001 .0374749 .1536676 --. | (dropped) lasset_vol | --. | -.0429147 .025623 -1.67 0.096 -.0936217 .0077924 L1. | -.0874346 .026154 -3.34 0.001 -.1391925 -.0356766 --. | (dropped) ldd_ciloan | -.0569333 .0437219 -1.30 0.195 -.1434577 .0295912 linfl_qoq | -.0257844 .0057151 -4.51 0.000 -.0370944 -.0144744 lgrowth_qoq | -.2230637 .1678944 -1.33 0.186 -.5553219 .1091944 lnom_gdp | .2859457 .0428878 6.67 0.000 .2010721 .3708193 crisis_all | .1757751 .0470562 3.74 0.000 .0826522 .2688981 _cons | -.6219255 .3270669 -1.90 0.060 -1.269181 .0253304 -------------+---------------------------------------------------------------- sigma_u | .37978416 sigma_e | .2474924 rho | .70191768 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3313 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7643 Obs per group: min = 4 between = 0.9775 avg = 26.1 overall = 0.9687 max = 28 F(14,126) = 383.90 corr(u_i, Xb) = 0.2678 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7700218 .0272045 28.30 0.000 .716185 .8238586 llois | --. | -.0363974 .0195941 -1.86 0.066 -.0751735 .0023787 L1. | .0191368 .0152102 1.26 0.211 -.0109637 .0492373 L2. | -.0133609 .0145142 -0.92 0.359 -.042084 .0153623 L3. | -.0168668 .010465 -1.61 0.110 -.0375766 .0038431 lglobalcds1 | --. | -.0803167 .0231578 -3.47 0.001 -.1261454 -.0344881 L1. | .0955712 .0293568 3.26 0.001 .0374749 .1536676 --. | (dropped) lasset_vol | --. | -.0429147 .025623 -1.67 0.096 -.0936217 .0077924 L1. | -.0874346 .026154 -3.34 0.001 -.1391925 -.0356766 ldd_ciloan | -.0569333 .0437219 -1.30 0.195 -.1434577 .0295912 linfl_qoq | -.0257844 .0057151 -4.51 0.000 -.0370944 -.0144744 lgrowth_qoq | -.2230637 .1678944 -1.33 0.186 -.5553219 .1091944 lnom_gdp | .2859457 .0428878 6.67 0.000 .2010721 .3708193 crisis_all | .1757751 .0470562 3.74 0.000 .0826522 .2688981 _cons | -.6219255 .3270669 -1.90 0.060 -1.269181 .0253304 -------------+---------------------------------------------------------------- sigma_u | .37978416 sigma_e | .2474924 rho | .70191768 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3313 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7644 Obs per group: min = 4 between = 0.9778 avg = 26.1 overall = 0.9690 max = 28 F(15,126) = 358.56 corr(u_i, Xb) = 0.2791 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .770037 .0271603 28.35 0.000 .7162876 .8237865 llois | --. | -.0416278 .0200023 -2.08 0.039 -.0812118 -.0020438 L1. | .0196884 .0152401 1.29 0.199 -.0104713 .0498482 L2. | -.0270968 .0184825 -1.47 0.145 -.0636731 .0094794 L3. | -.0148332 .010724 -1.38 0.169 -.0360556 .0063892 lglobalcds1 | --. | -.0811128 .0230288 -3.52 0.001 -.1266861 -.0355395 L1. | .0995974 .0290416 3.43 0.001 .042125 .1570698 --. | (dropped) lasset_vol | --. | -.0284507 .0309927 -0.92 0.360 -.0897843 .032883 L1. | -.0956559 .0286589 -3.34 0.001 -.152371 -.0389409 L2. | .0417301 .0316706 1.32 0.190 -.0209451 .1044054 ldd_ciloan | -.0245243 .0441843 -0.56 0.580 -.1119637 .0629151 linfl_qoq | -.0253453 .005679 -4.46 0.000 -.0365839 -.0141066 lgrowth_qoq | -.2261926 .1684785 -1.34 0.182 -.5596065 .1072213 lnom_gdp | .2835901 .0427823 6.63 0.000 .1989251 .3682551 crisis_all | .1804603 .046879 3.85 0.000 .0876881 .2732324 _cons | -.6061738 .3283012 -1.85 0.067 -1.255872 .0435247 -------------+---------------------------------------------------------------- sigma_u | .37861851 sigma_e | .2474652 rho | .70067586 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3313 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7645 Obs per group: min = 4 between = 0.9792 avg = 26.1 overall = 0.9704 max = 28 F(16,126) = 382.28 corr(u_i, Xb) = 0.3410 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7693533 .0268153 28.69 0.000 .7162866 .8224201 llois | --. | -.0522804 .0208072 -2.51 0.013 -.0934572 -.0111036 L1. | .0159081 .0169065 0.94 0.349 -.0175493 .0493655 L2. | -.0348417 .016903 -2.06 0.041 -.0682921 -.0013912 L3. | -.0216154 .0143341 -1.51 0.134 -.0499821 .0067513 lglobalcds1 | --. | -.078463 .0232869 -3.37 0.001 -.1245471 -.032379 L1. | .1034563 .0291349 3.55 0.001 .0457992 .1611133 --. | (dropped) lasset_vol | --. | -.0176819 .0321121 -0.55 0.583 -.0812308 .0458669 L1. | -.0780673 .0368399 -2.12 0.036 -.1509724 -.0051622 L2. | .0390319 .0328567 1.19 0.237 -.0259906 .1040544 L3. | .0420843 .0442338 0.95 0.343 -.0454531 .1296217 ldd_ciloan | .0232671 .0567729 0.41 0.683 -.0890848 .1356191 linfl_qoq | -.0261833 .0058852 -4.45 0.000 -.03783 -.0145366 lgrowth_qoq | -.2248304 .1693903 -1.33 0.187 -.5600489 .1103881 lnom_gdp | .2715899 .0476219 5.70 0.000 .1773475 .3658322 crisis_all | .2009625 .0485086 4.14 0.000 .1049654 .2969596 _cons | -.4964218 .350428 -1.42 0.159 -1.189908 .1970648 -------------+---------------------------------------------------------------- sigma_u | .37437936 sigma_e | .24746654 rho | .69592943 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3310 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7644 Obs per group: min = 4 between = 0.9817 avg = 26.1 overall = 0.9726 max = 28 F(17,126) = 374.43 corr(u_i, Xb) = 0.4454 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7684058 .0268984 28.57 0.000 .7151745 .821637 llois | --. | -.0539839 .0209218 -2.58 0.011 -.0953876 -.0125802 L1. | .0124901 .0175701 0.71 0.478 -.0222805 .0472607 L2. | -.0475947 .0181694 -2.62 0.010 -.0835514 -.0116381 L3. | -.0401547 .0193973 -2.07 0.040 -.0785415 -.0017679 lglobalcds1 | --. | -.1009808 .027305 -3.70 0.000 -.1550166 -.0469449 L1. | .1326292 .0342622 3.87 0.000 .0648253 .2004332 --. | (dropped) lasset_vol | --. | .0074321 .0350842 0.21 0.833 -.0619984 .0768627 L1. | -.0607915 .0418896 -1.45 0.149 -.1436899 .0221069 L2. | .0523562 .0344417 1.52 0.131 -.0158029 .1205154 L3. | .0498534 .0445823 1.12 0.266 -.0383736 .1380803 L4. | .0612028 .0429629 1.42 0.157 -.0238194 .146225 ldd_ciloan | .1115152 .0811576 1.37 0.172 -.0490934 .2721237 linfl_qoq | -.0271695 .0059075 -4.60 0.000 -.0388604 -.0154787 lgrowth_qoq | -.2246965 .1696023 -1.32 0.188 -.5603344 .1109415 lnom_gdp | .2509649 .044928 5.59 0.000 .1620537 .3398761 crisis_all | .2206092 .0498646 4.42 0.000 .1219286 .3192898 _cons | -.3307737 .3474712 -0.95 0.343 -1.018409 .3568617 -------------+---------------------------------------------------------------- sigma_u | .37006452 sigma_e | .24748705 rho | .69096576 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3313 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7643 Obs per group: min = 4 between = 0.9775 avg = 26.1 overall = 0.9687 max = 28 F(14,126) = 383.90 corr(u_i, Xb) = 0.2678 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7700218 .0272045 28.30 0.000 .716185 .8238586 llois | --. | -.0363974 .0195941 -1.86 0.066 -.0751735 .0023787 L1. | .0191368 .0152102 1.26 0.211 -.0109637 .0492373 L2. | -.0133609 .0145142 -0.92 0.359 -.042084 .0153623 L3. | -.0168668 .010465 -1.61 0.110 -.0375766 .0038431 lglobalcds1 | --. | -.0803167 .0231578 -3.47 0.001 -.1261454 -.0344881 L1. | .0955712 .0293568 3.26 0.001 .0374749 .1536676 lasset_vol | --. | -.0429147 .025623 -1.67 0.096 -.0936217 .0077924 L1. | -.0874346 .026154 -3.34 0.001 -.1391925 -.0356766 --. | (dropped) ldd_ciloan | -.0569333 .0437219 -1.30 0.195 -.1434577 .0295912 linfl_qoq | -.0257844 .0057151 -4.51 0.000 -.0370944 -.0144744 lgrowth_qoq | -.2230637 .1678944 -1.33 0.186 -.5553219 .1091944 lnom_gdp | .2859457 .0428878 6.67 0.000 .2010721 .3708193 crisis_all | .1757751 .0470562 3.74 0.000 .0826522 .2688981 _cons | -.6219255 .3270669 -1.90 0.060 -1.269181 .0253304 -------------+---------------------------------------------------------------- sigma_u | .37978416 sigma_e | .2474924 rho | .70191768 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3313 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7643 Obs per group: min = 4 between = 0.9775 avg = 26.1 overall = 0.9687 max = 28 F(14,126) = 383.90 corr(u_i, Xb) = 0.2678 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7700218 .0272045 28.30 0.000 .716185 .8238586 llois | --. | -.0363974 .0195941 -1.86 0.066 -.0751735 .0023787 L1. | .0191368 .0152102 1.26 0.211 -.0109637 .0492373 L2. | -.0133609 .0145142 -0.92 0.359 -.042084 .0153623 L3. | -.0168668 .010465 -1.61 0.110 -.0375766 .0038431 lglobalcds1 | --. | -.0803167 .0231578 -3.47 0.001 -.1261454 -.0344881 L1. | .0955712 .0293568 3.26 0.001 .0374749 .1536676 lasset_vol | --. | -.0429147 .025623 -1.67 0.096 -.0936217 .0077924 L1. | -.0874346 .026154 -3.34 0.001 -.1391925 -.0356766 ldd_ciloan | -.0569333 .0437219 -1.30 0.195 -.1434577 .0295912 linfl_qoq | -.0257844 .0057151 -4.51 0.000 -.0370944 -.0144744 lgrowth_qoq | -.2230637 .1678944 -1.33 0.186 -.5553219 .1091944 lnom_gdp | .2859457 .0428878 6.67 0.000 .2010721 .3708193 crisis_all | .1757751 .0470562 3.74 0.000 .0826522 .2688981 _cons | -.6219255 .3270669 -1.90 0.060 -1.269181 .0253304 -------------+---------------------------------------------------------------- sigma_u | .37978416 sigma_e | .2474924 rho | .70191768 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3313 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7644 Obs per group: min = 4 between = 0.9778 avg = 26.1 overall = 0.9690 max = 28 F(15,126) = 358.56 corr(u_i, Xb) = 0.2791 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .770037 .0271603 28.35 0.000 .7162876 .8237865 llois | --. | -.0416278 .0200023 -2.08 0.039 -.0812118 -.0020438 L1. | .0196884 .0152401 1.29 0.199 -.0104713 .0498482 L2. | -.0270968 .0184825 -1.47 0.145 -.0636731 .0094794 L3. | -.0148332 .010724 -1.38 0.169 -.0360556 .0063892 lglobalcds1 | --. | -.0811128 .0230288 -3.52 0.001 -.1266861 -.0355395 L1. | .0995974 .0290416 3.43 0.001 .042125 .1570698 lasset_vol | --. | -.0284507 .0309927 -0.92 0.360 -.0897843 .032883 L1. | -.0956559 .0286589 -3.34 0.001 -.152371 -.0389409 L2. | .0417301 .0316706 1.32 0.190 -.0209451 .1044054 ldd_ciloan | -.0245243 .0441843 -0.56 0.580 -.1119637 .0629151 linfl_qoq | -.0253453 .005679 -4.46 0.000 -.0365839 -.0141066 lgrowth_qoq | -.2261926 .1684785 -1.34 0.182 -.5596065 .1072213 lnom_gdp | .2835901 .0427823 6.63 0.000 .1989251 .3682551 crisis_all | .1804603 .046879 3.85 0.000 .0876881 .2732324 _cons | -.6061738 .3283012 -1.85 0.067 -1.255872 .0435247 -------------+---------------------------------------------------------------- sigma_u | .37861851 sigma_e | .2474652 rho | .70067586 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3313 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7645 Obs per group: min = 4 between = 0.9792 avg = 26.1 overall = 0.9704 max = 28 F(16,126) = 382.28 corr(u_i, Xb) = 0.3410 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7693533 .0268153 28.69 0.000 .7162866 .8224201 llois | --. | -.0522804 .0208072 -2.51 0.013 -.0934572 -.0111036 L1. | .0159081 .0169065 0.94 0.349 -.0175493 .0493655 L2. | -.0348417 .016903 -2.06 0.041 -.0682921 -.0013912 L3. | -.0216154 .0143341 -1.51 0.134 -.0499821 .0067513 lglobalcds1 | --. | -.078463 .0232869 -3.37 0.001 -.1245471 -.032379 L1. | .1034563 .0291349 3.55 0.001 .0457992 .1611133 lasset_vol | --. | -.0176819 .0321121 -0.55 0.583 -.0812308 .0458669 L1. | -.0780673 .0368399 -2.12 0.036 -.1509724 -.0051622 L2. | .0390319 .0328567 1.19 0.237 -.0259906 .1040544 L3. | .0420843 .0442338 0.95 0.343 -.0454531 .1296217 ldd_ciloan | .0232671 .0567729 0.41 0.683 -.0890848 .1356191 linfl_qoq | -.0261833 .0058852 -4.45 0.000 -.03783 -.0145366 lgrowth_qoq | -.2248304 .1693903 -1.33 0.187 -.5600489 .1103881 lnom_gdp | .2715899 .0476219 5.70 0.000 .1773475 .3658322 crisis_all | .2009625 .0485086 4.14 0.000 .1049654 .2969596 _cons | -.4964218 .350428 -1.42 0.159 -1.189908 .1970648 -------------+---------------------------------------------------------------- sigma_u | .37437936 sigma_e | .24746654 rho | .69592943 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3310 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7644 Obs per group: min = 4 between = 0.9817 avg = 26.1 overall = 0.9726 max = 28 F(17,126) = 374.43 corr(u_i, Xb) = 0.4454 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7684058 .0268984 28.57 0.000 .7151745 .821637 llois | --. | -.0539839 .0209218 -2.58 0.011 -.0953876 -.0125802 L1. | .0124901 .0175701 0.71 0.478 -.0222805 .0472607 L2. | -.0475947 .0181694 -2.62 0.010 -.0835514 -.0116381 L3. | -.0401547 .0193973 -2.07 0.040 -.0785415 -.0017679 lglobalcds1 | --. | -.1009808 .027305 -3.70 0.000 -.1550166 -.0469449 L1. | .1326292 .0342622 3.87 0.000 .0648253 .2004332 lasset_vol | --. | .0074321 .0350842 0.21 0.833 -.0619984 .0768627 L1. | -.0607915 .0418896 -1.45 0.149 -.1436899 .0221069 L2. | .0523562 .0344417 1.52 0.131 -.0158029 .1205154 L3. | .0498534 .0445823 1.12 0.266 -.0383736 .1380803 L4. | .0612028 .0429629 1.42 0.157 -.0238194 .146225 ldd_ciloan | .1115152 .0811576 1.37 0.172 -.0490934 .2721237 linfl_qoq | -.0271695 .0059075 -4.60 0.000 -.0388604 -.0154787 lgrowth_qoq | -.2246965 .1696023 -1.32 0.188 -.5603344 .1109415 lnom_gdp | .2509649 .044928 5.59 0.000 .1620537 .3398761 crisis_all | .2206092 .0498646 4.42 0.000 .1219286 .3192898 _cons | -.3307737 .3474712 -0.95 0.343 -1.018409 .3568617 -------------+---------------------------------------------------------------- sigma_u | .37006452 sigma_e | .24748705 rho | .69096576 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3195 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7457 Obs per group: min = 3 between = 0.9738 avg = 25.2 overall = 0.9651 max = 27 F(15,126) = 342.10 corr(u_i, Xb) = 0.2329 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7565221 .0285101 26.54 0.000 .7001014 .8129428 llois | --. | -.0278289 .0195918 -1.42 0.158 -.0666005 .0109427 L1. | .0243407 .0160391 1.52 0.132 -.0074002 .0560815 L2. | -.0273518 .0188028 -1.45 0.148 -.0645619 .0098583 L3. | -.0289519 .011085 -2.61 0.010 -.0508887 -.007015 lglobalcds1 | --. | -.1239519 .0342317 -3.62 0.000 -.1916954 -.0562084 L1. | .0911082 .0296118 3.08 0.003 .0325074 .149709 L2. | .0606077 .0311855 1.94 0.054 -.0011075 .1223228 lasset_vol | --. | -.0598815 .0277437 -2.16 0.033 -.1147855 -.0049774 L1. | -.1162009 .0340445 -3.41 0.001 -.183574 -.0488279 --. | (dropped) ldd_ciloan | -.0756986 .0466949 -1.62 0.107 -.1681064 .0167092 linfl_qoq | -.0241998 .0059851 -4.04 0.000 -.0360442 -.0123554 lgrowth_qoq | -.2440469 .1638967 -1.49 0.139 -.5683938 .0802999 lnom_gdp | .3086004 .0472205 6.54 0.000 .2151524 .4020485 crisis_all | .2337233 .0617631 3.78 0.000 .1114959 .3559507 _cons | -.702836 .3469061 -2.03 0.045 -1.389353 -.0163191 -------------+---------------------------------------------------------------- sigma_u | .40622355 sigma_e | .24949991 rho | .72609314 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3195 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7457 Obs per group: min = 3 between = 0.9738 avg = 25.2 overall = 0.9651 max = 27 F(15,126) = 342.10 corr(u_i, Xb) = 0.2329 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7565221 .0285101 26.54 0.000 .7001014 .8129428 llois | --. | -.0278289 .0195918 -1.42 0.158 -.0666005 .0109427 L1. | .0243407 .0160391 1.52 0.132 -.0074002 .0560815 L2. | -.0273518 .0188028 -1.45 0.148 -.0645619 .0098583 L3. | -.0289519 .011085 -2.61 0.010 -.0508887 -.007015 lglobalcds1 | --. | -.1239519 .0342317 -3.62 0.000 -.1916954 -.0562084 L1. | .0911082 .0296118 3.08 0.003 .0325074 .149709 L2. | .0606077 .0311855 1.94 0.054 -.0011075 .1223228 lasset_vol | --. | -.0598815 .0277437 -2.16 0.033 -.1147855 -.0049774 L1. | -.1162009 .0340445 -3.41 0.001 -.183574 -.0488279 ldd_ciloan | -.0756986 .0466949 -1.62 0.107 -.1681064 .0167092 linfl_qoq | -.0241998 .0059851 -4.04 0.000 -.0360442 -.0123554 lgrowth_qoq | -.2440469 .1638967 -1.49 0.139 -.5683938 .0802999 lnom_gdp | .3086004 .0472205 6.54 0.000 .2151524 .4020485 crisis_all | .2337233 .0617631 3.78 0.000 .1114959 .3559507 _cons | -.702836 .3469061 -2.03 0.045 -1.389353 -.0163191 -------------+---------------------------------------------------------------- sigma_u | .40622355 sigma_e | .24949991 rho | .72609314 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3195 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7457 Obs per group: min = 3 between = 0.9738 avg = 25.2 overall = 0.9651 max = 27 F(16,126) = 321.02 corr(u_i, Xb) = 0.2354 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7565039 .0285162 26.53 0.000 .7000712 .8129366 llois | --. | -.0298199 .0202522 -1.47 0.143 -.0698983 .0102586 L1. | .0240784 .0161159 1.49 0.138 -.0078144 .0559713 L2. | -.0295938 .0199537 -1.48 0.141 -.0690816 .009894 L3. | -.0274159 .0119928 -2.29 0.024 -.0511493 -.0036826 lglobalcds1 | --. | -.1207551 .0373038 -3.24 0.002 -.1945781 -.046932 L1. | .092496 .0288399 3.21 0.002 .0354227 .1495692 L2. | .0557312 .0337688 1.65 0.101 -.0110962 .1225585 lasset_vol | --. | -.0550821 .0355077 -1.55 0.123 -.1253508 .0151866 L1. | -.1158191 .0338812 -3.42 0.001 -.1828691 -.0487691 L2. | .0100732 .034284 0.29 0.769 -.0577739 .0779202 ldd_ciloan | -.066489 .049884 -1.33 0.185 -.1652079 .03223 linfl_qoq | -.0241381 .0059808 -4.04 0.000 -.035974 -.0123022 lgrowth_qoq | -.2458072 .164479 -1.49 0.138 -.5713063 .0796919 lnom_gdp | .3080745 .0471812 6.53 0.000 .2147043 .4014448 crisis_all | .230373 .0639848 3.60 0.000 .1037489 .3569971 _cons | -.6996765 .3473087 -2.01 0.046 -1.38699 -.0123627 -------------+---------------------------------------------------------------- sigma_u | .40595244 sigma_e | .24953801 rho | .72576672 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3195 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7458 Obs per group: min = 3 between = 0.9756 avg = 25.2 overall = 0.9667 max = 27 F(17,126) = 317.42 corr(u_i, Xb) = 0.3012 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7557399 .0282763 26.73 0.000 .6997819 .8116979 llois | --. | -.044809 .021791 -2.06 0.042 -.0879326 -.0016853 L1. | .0190734 .0174359 1.09 0.276 -.0154317 .0535786 L2. | -.0440807 .0184178 -2.39 0.018 -.0805289 -.0076325 L3. | -.0393388 .0151418 -2.60 0.010 -.069304 -.0093735 lglobalcds1 | --. | -.1256581 .0368831 -3.41 0.001 -.1986486 -.0526676 L1. | .0997273 .0293702 3.40 0.001 .0416046 .1578501 L2. | .0652282 .0327447 1.99 0.049 .0004273 .1300291 lasset_vol | --. | -.0447406 .0361311 -1.24 0.218 -.1162431 .0267619 L1. | -.0940688 .0407918 -2.31 0.023 -.1747947 -.013343 L2. | .0052326 .0355397 0.15 0.883 -.0650995 .0755647 L3. | .0621489 .0452375 1.37 0.172 -.0273748 .1516726 ldd_ciloan | -.0044992 .0623727 -0.07 0.943 -.127933 .1189345 linfl_qoq | -.0250227 .0061503 -4.07 0.000 -.037194 -.0128515 lgrowth_qoq | -.243248 .1649949 -1.47 0.143 -.5697681 .0832721 lnom_gdp | .2945958 .0507139 5.81 0.000 .1942345 .3949571 crisis_all | .2737577 .0656588 4.17 0.000 .1438209 .4036946 _cons | -.5696272 .369526 -1.54 0.126 -1.300908 .1616539 -------------+---------------------------------------------------------------- sigma_u | .40034764 sigma_e | .24950969 rho | .72024375 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3192 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7457 Obs per group: min = 3 between = 0.9781 avg = 25.1 overall = 0.9691 max = 27 F(18,126) = 316.52 corr(u_i, Xb) = 0.3996 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7547033 .0284206 26.55 0.000 .6984599 .8109468 llois | --. | -.0510815 .0231352 -2.21 0.029 -.0968653 -.0052977 L1. | .0143714 .0187928 0.76 0.446 -.022819 .0515618 L2. | -.0586517 .0199389 -2.94 0.004 -.0981102 -.0191933 L3. | -.0551304 .0182164 -3.03 0.003 -.0911802 -.0190806 lglobalcds1 | --. | -.140528 .0356942 -3.94 0.000 -.2111658 -.0698902 L1. | .1310439 .0380502 3.44 0.001 .0557436 .2063441 L2. | .0546535 .0367406 1.49 0.139 -.0180552 .1273621 lasset_vol | --. | -.0145838 .0445749 -0.33 0.744 -.1027963 .0736287 L1. | -.0719065 .0505728 -1.42 0.158 -.1719885 .0281755 L2. | .0267802 .042298 0.63 0.528 -.0569263 .1104866 L3. | .0752178 .0463552 1.62 0.107 -.0165178 .1669533 L4. | .0583711 .0483496 1.21 0.230 -.0373112 .1540535 ldd_ciloan | .092951 .1044305 0.89 0.375 -.1137139 .2996158 linfl_qoq | -.0259237 .0061462 -4.22 0.000 -.0380868 -.0137605 lgrowth_qoq | -.2457468 .166732 -1.47 0.143 -.5757045 .0842109 lnom_gdp | .2744119 .048005 5.72 0.000 .1794114 .3694125 crisis_all | .2890369 .0642806 4.50 0.000 .1618275 .4162462 _cons | -.4051234 .3672696 -1.10 0.272 -1.131939 .3216924 -------------+---------------------------------------------------------------- sigma_u | .39487262 sigma_e | .24955689 rho | .71458397 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3077 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7228 Obs per group: min = 2 between = 0.9751 avg = 24.2 overall = 0.9660 max = 26 F(16,126) = 267.53 corr(u_i, Xb) = 0.4246 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7332782 .0310758 23.60 0.000 .6717801 .7947763 llois | --. | -.0258331 .0204897 -1.26 0.210 -.0663816 .0147153 L1. | .001565 .0200452 0.08 0.938 -.0381039 .0412339 L2. | -.0329102 .0192729 -1.71 0.090 -.0710507 .0052303 L3. | -.0193345 .0117781 -1.64 0.103 -.0426429 .003974 lglobalcds1 | --. | -.1229034 .0370958 -3.31 0.001 -.1963149 -.049492 L1. | .1140191 .0338368 3.37 0.001 .0470571 .180981 L2. | .0881525 .0385877 2.28 0.024 .0117886 .1645165 L3. | -.0447525 .0252932 -1.77 0.079 -.094807 .005302 lasset_vol | --. | -.0705699 .027599 -2.56 0.012 -.1251876 -.0159523 L1. | -.0981856 .0373248 -2.63 0.010 -.1720502 -.024321 --. | (dropped) ldd_ciloan | -.1258688 .0577175 -2.18 0.031 -.24009 -.0116475 linfl_qoq | -.0265771 .006841 -3.88 0.000 -.0401152 -.013039 lgrowth_qoq | -.2964018 .1754094 -1.69 0.094 -.6435318 .0507283 lnom_gdp | .2897394 .0531744 5.45 0.000 .1845089 .3949699 crisis_all | .2302214 .0620588 3.71 0.000 .1074087 .353034 _cons | -.274987 .4074307 -0.67 0.501 -1.08128 .5313063 -------------+---------------------------------------------------------------- sigma_u | .42757406 sigma_e | .25041553 rho | .74459915 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3077 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7228 Obs per group: min = 2 between = 0.9751 avg = 24.2 overall = 0.9660 max = 26 F(16,126) = 267.53 corr(u_i, Xb) = 0.4246 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7332782 .0310758 23.60 0.000 .6717801 .7947763 llois | --. | -.0258331 .0204897 -1.26 0.210 -.0663816 .0147153 L1. | .001565 .0200452 0.08 0.938 -.0381039 .0412339 L2. | -.0329102 .0192729 -1.71 0.090 -.0710507 .0052303 L3. | -.0193345 .0117781 -1.64 0.103 -.0426429 .003974 lglobalcds1 | --. | -.1229034 .0370958 -3.31 0.001 -.1963149 -.049492 L1. | .1140191 .0338368 3.37 0.001 .0470571 .180981 L2. | .0881525 .0385877 2.28 0.024 .0117886 .1645165 L3. | -.0447525 .0252932 -1.77 0.079 -.094807 .005302 lasset_vol | --. | -.0705699 .027599 -2.56 0.012 -.1251876 -.0159523 L1. | -.0981856 .0373248 -2.63 0.010 -.1720502 -.024321 ldd_ciloan | -.1258688 .0577175 -2.18 0.031 -.24009 -.0116475 linfl_qoq | -.0265771 .006841 -3.88 0.000 -.0401152 -.013039 lgrowth_qoq | -.2964018 .1754094 -1.69 0.094 -.6435318 .0507283 lnom_gdp | .2897394 .0531744 5.45 0.000 .1845089 .3949699 crisis_all | .2302214 .0620588 3.71 0.000 .1074087 .353034 _cons | -.274987 .4074307 -0.67 0.501 -1.08128 .5313063 -------------+---------------------------------------------------------------- sigma_u | .42757406 sigma_e | .25041553 rho | .74459915 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3077 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7229 Obs per group: min = 2 between = 0.9754 avg = 24.2 overall = 0.9664 max = 26 F(17,126) = 253.24 corr(u_i, Xb) = 0.4360 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7331998 .0310673 23.60 0.000 .6717186 .794681 llois | --. | -.0303673 .0207006 -1.47 0.145 -.0713332 .0105986 L1. | -.0002697 .0204652 -0.01 0.990 -.0407697 .0402304 L2. | -.0388453 .0208042 -1.87 0.064 -.0800163 .0023256 L3. | -.0151687 .012853 -1.18 0.240 -.0406043 .010267 lglobalcds1 | --. | -.1155693 .0393189 -2.94 0.004 -.1933803 -.0377583 L1. | .1187191 .0335379 3.54 0.001 .0523487 .1850896 L2. | .078338 .0392281 2.00 0.048 .0007068 .1559691 L3. | -.0474119 .0258984 -1.83 0.070 -.0986641 .0038404 lasset_vol | --. | -.0595308 .0344509 -1.73 0.086 -.1277081 .0086465 L1. | -.0971419 .0371104 -2.62 0.010 -.1705822 -.0237015 L2. | .0249173 .0348391 0.72 0.476 -.0440283 .093863 ldd_ciloan | -.1067198 .0577145 -1.85 0.067 -.2209351 .0074955 linfl_qoq | -.026519 .0068457 -3.87 0.000 -.0400665 -.0129715 lgrowth_qoq | -.3017563 .1772958 -1.70 0.091 -.6526195 .0491069 lnom_gdp | .2871114 .0534093 5.38 0.000 .1814159 .3928068 crisis_all | .222068 .0642348 3.46 0.001 .0949492 .3491869 _cons | -.2504586 .411054 -0.61 0.543 -1.063922 .5630052 -------------+---------------------------------------------------------------- sigma_u | .42721395 sigma_e | .25044118 rho | .74423956 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3077 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7230 Obs per group: min = 2 between = 0.9766 avg = 24.2 overall = 0.9675 max = 26 F(18,126) = 249.67 corr(u_i, Xb) = 0.4761 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7326733 .0308705 23.73 0.000 .6715815 .7937651 llois | --. | -.0423364 .0218778 -1.94 0.055 -.085632 .0009592 L1. | -.0039255 .021671 -0.18 0.857 -.0468117 .0389607 L2. | -.0510739 .019996 -2.55 0.012 -.0906455 -.0115023 L3. | -.0256066 .0166287 -1.54 0.126 -.0585143 .0073012 lglobalcds1 | --. | -.120847 .0391804 -3.08 0.003 -.1983838 -.0433101 L1. | .1242526 .0344016 3.61 0.000 .0561729 .1923323 L2. | .0878505 .0393041 2.24 0.027 .0100689 .165632 L3. | -.0472751 .0258819 -1.83 0.070 -.0984945 .0039444 lasset_vol | --. | -.0504534 .0351488 -1.44 0.154 -.1200118 .0191051 L1. | -.0825378 .0417731 -1.98 0.050 -.1652055 .00013 L2. | .0207849 .0361244 0.58 0.566 -.0507042 .092274 L3. | .0515907 .0478357 1.08 0.283 -.0430747 .146256 ldd_ciloan | -.0591345 .065075 -0.91 0.365 -.1879161 .0696471 linfl_qoq | -.0270989 .0069588 -3.89 0.000 -.0408702 -.0133276 lgrowth_qoq | -.2994649 .1778102 -1.68 0.095 -.6513459 .0524162 lnom_gdp | .2779607 .0567102 4.90 0.000 .165733 .3901885 crisis_all | .2591775 .0678209 3.82 0.000 .124962 .3933931 _cons | -.1602694 .4342318 -0.37 0.713 -1.019601 .6990625 -------------+---------------------------------------------------------------- sigma_u | .42692242 sigma_e | .25043852 rho | .74398365 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3074 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7229 Obs per group: min = 2 between = 0.9806 avg = 24.2 overall = 0.9711 max = 26 F(19,126) = 248.32 corr(u_i, Xb) = 0.6014 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7312409 .0309306 23.64 0.000 .6700302 .7924515 llois | --. | -.0512591 .0234331 -2.19 0.031 -.0976325 -.0048857 L1. | -.0162185 .025028 -0.65 0.518 -.0657481 .0333111 L2. | -.0778145 .023612 -3.30 0.001 -.1245418 -.0310871 L3. | -.0491389 .0215845 -2.28 0.024 -.091854 -.0064239 lglobalcds1 | --. | -.1482319 .0388119 -3.82 0.000 -.2250394 -.0714243 L1. | .174805 .0485299 3.60 0.000 .0787657 .2708442 L2. | .0903632 .0388006 2.33 0.021 .013578 .1671484 L3. | -.0608766 .0271425 -2.24 0.027 -.1145909 -.0071623 lasset_vol | --. | -.0075774 .046646 -0.16 0.871 -.0998884 .0847336 L1. | -.0575991 .0506736 -1.14 0.258 -.1578806 .0426824 L2. | .0532022 .0448077 1.19 0.237 -.035471 .1418753 L3. | .0825414 .0519765 1.59 0.115 -.0203185 .1854014 L4. | .0809504 .0542351 1.49 0.138 -.0263793 .1882802 ldd_ciloan | .0612242 .1084417 0.56 0.573 -.1533787 .2758271 linfl_qoq | -.0285252 .007018 -4.06 0.000 -.0424136 -.0146368 lgrowth_qoq | -.3080122 .1819975 -1.69 0.093 -.6681799 .0521555 lnom_gdp | .2473205 .0564478 4.38 0.000 .135612 .359029 crisis_all | .2921949 .066777 4.38 0.000 .1600451 .4243447 _cons | .1199328 .4578507 0.26 0.794 -.7861402 1.026006 -------------+---------------------------------------------------------------- sigma_u | .43061437 sigma_e | .25042566 rho | .7472694 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 2955 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7002 Obs per group: min = 1 between = 0.9771 avg = 23.3 overall = 0.9678 max = 25 F(16,126) = . corr(u_i, Xb) = 0.5950 Prob > F = . (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7105082 .0357573 19.87 0.000 .6397455 .7812709 llois | --. | -.0321693 .0213569 -1.51 0.135 -.074434 .0100954 L1. | .0127259 .019441 0.65 0.514 -.0257473 .0511991 L2. | -.0383897 .0199109 -1.93 0.056 -.0777927 .0010134 L3. | -.0123585 .0124335 -0.99 0.322 -.0369641 .012247 lglobalcds1 | --. | -.0229271 .0422876 -0.54 0.589 -.1066129 .0607587 L1. | .0367508 .0347991 1.06 0.293 -.0321155 .1056172 L2. | .073391 .0373526 1.96 0.052 -.0005287 .1473108 L3. | .0293666 .0324506 0.90 0.367 -.0348521 .0935854 L4. | -.086924 .0317358 -2.74 0.007 -.1497282 -.0241198 lasset_vol | --. | (dropped) L1. | -.08174 .0372145 -2.20 0.030 -.1553865 -.0080935 --. | -.0824661 .0348975 -2.36 0.020 -.1515272 -.013405 ldd_ciloan | -.2338321 .0683989 -3.42 0.001 -.3691915 -.0984727 linfl_qoq | -.0276506 .007098 -3.90 0.000 -.0416973 -.013604 lgrowth_qoq | -.2986334 .1795206 -1.66 0.099 -.6538994 .0566326 lnom_gdp | .2656199 .0571904 4.64 0.000 .1524418 .378798 crisis_all | .1278373 .0596528 2.14 0.034 .0097861 .2458885 _cons | .1789528 .4753594 0.38 0.707 -.7617694 1.119675 -------------+---------------------------------------------------------------- sigma_u | .4652082 sigma_e | .24997946 rho | .77594892 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 2955 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7002 Obs per group: min = 1 between = 0.9771 avg = 23.3 overall = 0.9678 max = 25 F(17,126) = 209.42 corr(u_i, Xb) = 0.5950 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7105082 .0357573 19.87 0.000 .6397455 .7812709 llois | --. | -.0321693 .0213569 -1.51 0.135 -.074434 .0100954 L1. | .0127259 .019441 0.65 0.514 -.0257473 .0511991 L2. | -.0383897 .0199109 -1.93 0.056 -.0777927 .0010134 L3. | -.0123585 .0124335 -0.99 0.322 -.0369641 .012247 lglobalcds1 | --. | -.0229271 .0422876 -0.54 0.589 -.1066129 .0607587 L1. | .0367508 .0347991 1.06 0.293 -.0321155 .1056172 L2. | .073391 .0373526 1.96 0.052 -.0005287 .1473108 L3. | .0293666 .0324506 0.90 0.367 -.0348521 .0935854 L4. | -.086924 .0317358 -2.74 0.007 -.1497282 -.0241198 lasset_vol | --. | -.0824661 .0348975 -2.36 0.020 -.1515272 -.013405 L1. | -.08174 .0372145 -2.20 0.030 -.1553865 -.0080935 ldd_ciloan | -.2338321 .0683989 -3.42 0.001 -.3691915 -.0984727 linfl_qoq | -.0276506 .007098 -3.90 0.000 -.0416973 -.013604 lgrowth_qoq | -.2986334 .1795206 -1.66 0.099 -.6538994 .0566326 lnom_gdp | .2656199 .0571904 4.64 0.000 .1524418 .378798 crisis_all | .1278373 .0596528 2.14 0.034 .0097861 .2458885 _cons | .1789528 .4753594 0.38 0.707 -.7617694 1.119675 -------------+---------------------------------------------------------------- sigma_u | .4652082 sigma_e | .24997946 rho | .77594892 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 2955 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7006 Obs per group: min = 1 between = 0.9804 avg = 23.3 overall = 0.9708 max = 25 F(18,126) = 200.88 corr(u_i, Xb) = 0.6810 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7092802 .0356478 19.90 0.000 .6387343 .7798261 llois | --. | -.0431521 .0214528 -2.01 0.046 -.0856066 -.0006976 L1. | .0093265 .0196556 0.47 0.636 -.0295715 .0482244 L2. | -.0604632 .0235671 -2.57 0.011 -.1071019 -.0138246 L3. | .0024966 .0144969 0.17 0.864 -.0261923 .0311854 lglobalcds1 | --. | .0310225 .04927 0.63 0.530 -.0664815 .1285264 L1. | .0261491 .0354121 0.74 0.462 -.0439305 .0962286 L2. | .0409233 .0375011 1.09 0.277 -.0332904 .1151369 L3. | .0456846 .0331501 1.38 0.171 -.0199184 .1112876 L4. | -.1175831 .0358243 -3.28 0.001 -.1884783 -.046688 lasset_vol | --. | -.0562044 .0360531 -1.56 0.122 -.1275525 .0151437 L1. | -.0756043 .0371185 -2.04 0.044 -.1490606 -.0021479 L2. | .0875027 .0397336 2.20 0.029 .0088711 .1661344 ldd_ciloan | -.198711 .0659072 -3.02 0.003 -.3291394 -.0682826 linfl_qoq | -.0284107 .0072431 -3.92 0.000 -.0427445 -.0140768 lgrowth_qoq | -.3131393 .1865376 -1.68 0.096 -.6822917 .0560132 lnom_gdp | .2402379 .0582146 4.13 0.000 .125033 .3554427 crisis_all | .063401 .0655968 0.97 0.336 -.0664132 .1932152 _cons | .4338083 .5044049 0.86 0.391 -.5643942 1.432011 -------------+---------------------------------------------------------------- sigma_u | .47400032 sigma_e | .24985448 rho | .78256187 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 2955 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7006 Obs per group: min = 1 between = 0.9809 avg = 23.3 overall = 0.9713 max = 25 F(19,126) = 190.71 corr(u_i, Xb) = 0.6935 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .709025 .0355241 19.96 0.000 .6387237 .7793262 llois | --. | -.0508951 .022543 -2.26 0.026 -.095507 -.0062832 L1. | .0067051 .0212261 0.32 0.753 -.0353008 .048711 L2. | -.0674797 .0219096 -3.08 0.003 -.1108381 -.0241212 L3. | -.0045532 .0192631 -0.24 0.814 -.0426743 .033568 lglobalcds1 | --. | .0233816 .0506262 0.46 0.645 -.0768062 .1235694 L1. | .0327335 .0381533 0.86 0.393 -.0427709 .1082378 L2. | .0477566 .0378552 1.26 0.209 -.0271577 .1226709 L3. | .0426343 .0343909 1.24 0.217 -.0254243 .110693 L4. | -.1136422 .0371381 -3.06 0.003 -.1871374 -.0401471 lasset_vol | --. | -.0499606 .0376328 -1.33 0.187 -.1244348 .0245136 L1. | -.0668098 .0414015 -1.61 0.109 -.1487423 .0151226 L2. | .0824189 .0427089 1.93 0.056 -.0021008 .1669386 L3. | .0326635 .0503619 0.65 0.518 -.0670012 .1323282 ldd_ciloan | -.166693 .0779758 -2.14 0.034 -.3210049 -.0123811 linfl_qoq | -.0286602 .0072993 -3.93 0.000 -.0431053 -.014215 lgrowth_qoq | -.3116096 .1870125 -1.67 0.098 -.6817018 .0584826 lnom_gdp | .2362515 .060181 3.93 0.000 .117155 .355348 crisis_all | .092346 .074554 1.24 0.218 -.0551942 .2398862 _cons | .4721306 .5139577 0.92 0.360 -.5449766 1.489238 -------------+---------------------------------------------------------------- sigma_u | .47605578 sigma_e | .24988066 rho | .78399535 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 2955 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7011 Obs per group: min = 1 between = 0.9846 avg = 23.3 overall = 0.9746 max = 25 F(20,126) = 195.56 corr(u_i, Xb) = 0.7747 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7078484 .0354813 19.95 0.000 .637632 .7780648 llois | --. | -.0616042 .0238838 -2.58 0.011 -.1088695 -.0143389 L1. | -.0058997 .02524 -0.23 0.816 -.0558489 .0440495 L2. | -.0933144 .0250043 -3.73 0.000 -.1427973 -.0438316 L3. | -.0285944 .0247788 -1.15 0.251 -.077631 .0204422 lglobalcds1 | --. | -.0093643 .0516081 -0.18 0.856 -.1114953 .0927666 L1. | .0876469 .0538459 1.63 0.106 -.0189125 .1942062 L2. | .0510307 .0371412 1.37 0.172 -.0224706 .1245319 L3. | .0244521 .0365756 0.67 0.505 -.0479299 .096834 L4. | -.1077116 .0374756 -2.87 0.005 -.1818747 -.0335485 lasset_vol | --. | -.0056455 .0493797 -0.11 0.909 -.1033665 .0920755 L1. | -.0418177 .0504125 -0.83 0.408 -.1415826 .0579472 L2. | .1099332 .0491022 2.24 0.027 .0127613 .2071051 L3. | .0655016 .0557811 1.17 0.243 -.0448876 .1758908 L4. | .0794845 .0548479 1.45 0.150 -.0290579 .1880268 ldd_ciloan | -.0452586 .12221 -0.37 0.712 -.2871085 .1965914 linfl_qoq | -.0299002 .007333 -4.08 0.000 -.0444121 -.0153884 lgrowth_qoq | -.3205862 .1915117 -1.67 0.097 -.6995823 .0584099 lnom_gdp | .2070946 .0598151 3.46 0.001 .0887222 .325467 crisis_all | .1348733 .0744427 1.81 0.072 -.0124467 .2821933 _cons | .7373859 .5331076 1.38 0.169 -.3176183 1.79239 -------------+---------------------------------------------------------------- sigma_u | .49258984 sigma_e | .24974954 rho | .79550548 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3310 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7642 Obs per group: min = 4 between = 0.9793 avg = 26.1 overall = 0.9704 max = 28 F(15,126) = 373.21 corr(u_i, Xb) = 0.3444 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7692824 .0270777 28.41 0.000 .7156964 .8228684 llois | --. | -.0305623 .020116 -1.52 0.131 -.0703712 .0092467 L1. | .0194228 .0151714 1.28 0.203 -.010601 .0494466 L2. | -.0156066 .0146646 -1.06 0.289 -.0446274 .0134143 L3. | -.0001955 .0148988 -0.01 0.990 -.0296797 .0292887 L4. | -.019077 .011981 -1.59 0.114 -.0427869 .004633 lglobalcds1 | --. | -.0677587 .0237118 -2.86 0.005 -.1146837 -.0208337 L1. | .0868623 .0292439 2.97 0.004 .0289894 .1447352 --. | (dropped) lasset_vol | --. | -.0442828 .0257141 -1.72 0.088 -.0951703 .0066048 L1. | -.1035288 .0274615 -3.77 0.000 -.1578742 -.0491834 --. | (dropped) ldd_ciloan | -.1022912 .0496063 -2.06 0.041 -.2004606 -.0041219 linfl_qoq | -.0271269 .0058693 -4.62 0.000 -.038742 -.0155118 lgrowth_qoq | -.2201121 .1703154 -1.29 0.199 -.5571612 .116937 lnom_gdp | .2710131 .0467931 5.79 0.000 .178411 .3636152 crisis_all | .1553835 .047759 3.25 0.001 .0608699 .2498972 _cons | -.4607949 .3542978 -1.30 0.196 -1.16194 .2403501 -------------+---------------------------------------------------------------- sigma_u | .37432015 sigma_e | .24754127 rho | .69573467 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3310 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7642 Obs per group: min = 4 between = 0.9793 avg = 26.1 overall = 0.9704 max = 28 F(15,126) = 373.21 corr(u_i, Xb) = 0.3444 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7692824 .0270777 28.41 0.000 .7156964 .8228684 llois | --. | -.0305623 .020116 -1.52 0.131 -.0703712 .0092467 L1. | .0194228 .0151714 1.28 0.203 -.010601 .0494466 L2. | -.0156066 .0146646 -1.06 0.289 -.0446274 .0134143 L3. | -.0001955 .0148988 -0.01 0.990 -.0296797 .0292887 L4. | -.019077 .011981 -1.59 0.114 -.0427869 .004633 lglobalcds1 | --. | -.0677587 .0237118 -2.86 0.005 -.1146837 -.0208337 L1. | .0868623 .0292439 2.97 0.004 .0289894 .1447352 --. | (dropped) lasset_vol | --. | -.0442828 .0257141 -1.72 0.088 -.0951703 .0066048 L1. | -.1035288 .0274615 -3.77 0.000 -.1578742 -.0491834 ldd_ciloan | -.1022912 .0496063 -2.06 0.041 -.2004606 -.0041219 linfl_qoq | -.0271269 .0058693 -4.62 0.000 -.038742 -.0155118 lgrowth_qoq | -.2201121 .1703154 -1.29 0.199 -.5571612 .116937 lnom_gdp | .2710131 .0467931 5.79 0.000 .178411 .3636152 crisis_all | .1553835 .047759 3.25 0.001 .0608699 .2498972 _cons | -.4607949 .3542978 -1.30 0.196 -1.16194 .2403501 -------------+---------------------------------------------------------------- sigma_u | .37432015 sigma_e | .24754127 rho | .69573467 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3310 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7644 Obs per group: min = 4 between = 0.9802 avg = 26.1 overall = 0.9713 max = 28 F(16,126) = 355.58 corr(u_i, Xb) = 0.3835 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7691148 .0270092 28.48 0.000 .7156644 .8225652 llois | --. | -.0363074 .0204029 -1.78 0.078 -.0766841 .0040694 L1. | .0203086 .0151785 1.34 0.183 -.0097292 .0503464 L2. | -.0360261 .0186699 -1.93 0.056 -.0729732 .000921 L3. | .0077416 .0151533 0.51 0.610 -.0222463 .0377296 L4. | -.024821 .0116927 -2.12 0.036 -.0479605 -.0016815 lglobalcds1 | --. | -.0651459 .0239318 -2.72 0.007 -.1125062 -.0177856 L1. | .0900466 .0291383 3.09 0.002 .0323826 .1477105 --. | (dropped) lasset_vol | --. | -.0239179 .030826 -0.78 0.439 -.0849217 .0370859 L1. | -.120192 .0304974 -3.94 0.000 -.1805454 -.0598387 L2. | .0599979 .0307426 1.95 0.053 -.0008407 .1208365 ldd_ciloan | -.069303 .0506141 -1.37 0.173 -.1694668 .0308608 linfl_qoq | -.0269016 .0058946 -4.56 0.000 -.0385668 -.0152364 lgrowth_qoq | -.2238176 .1717107 -1.30 0.195 -.563628 .1159928 lnom_gdp | .2631084 .0468285 5.62 0.000 .1704361 .3557806 crisis_all | .1559517 .0477771 3.26 0.001 .0614022 .2505012 _cons | -.3895641 .3579274 -1.09 0.279 -1.097892 .3187637 -------------+---------------------------------------------------------------- sigma_u | .37195548 sigma_e | .247453 rho | .6931967 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3310 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7644 Obs per group: min = 4 between = 0.9800 avg = 26.1 overall = 0.9711 max = 28 F(17,126) = 360.37 corr(u_i, Xb) = 0.3722 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7692683 .0268655 28.63 0.000 .7161022 .8224344 llois | --. | -.032139 .0228769 -1.40 0.163 -.0774116 .0131337 L1. | .0216734 .017293 1.25 0.212 -.0125489 .0558956 L2. | -.034215 .0168089 -2.04 0.044 -.0674794 -.0009506 L3. | .012234 .0241146 0.51 0.613 -.0354881 .0599561 L4. | -.0271942 .0138689 -1.96 0.052 -.0546403 .0002519 lglobalcds1 | --. | -.0645346 .0238153 -2.71 0.008 -.1116643 -.0174049 L1. | .087809 .0292978 3.00 0.003 .0298295 .1457885 --. | (dropped) lasset_vol | --. | -.0271878 .032764 -0.83 0.408 -.0920267 .0376511 L1. | -.1285887 .0464996 -2.77 0.007 -.2206102 -.0365673 L2. | .0626657 .0349172 1.79 0.075 -.0064344 .1317658 L3. | -.0144836 .0526825 -0.27 0.784 -.1187408 .0897735 ldd_ciloan | -.0900397 .0776857 -1.16 0.249 -.2437773 .063698 linfl_qoq | -.0267624 .0059555 -4.49 0.000 -.0385482 -.0149765 lgrowth_qoq | -.2240826 .1718742 -1.30 0.195 -.5642165 .1160513 lnom_gdp | .2652777 .0483394 5.49 0.000 .1696154 .36094 crisis_all | .1465573 .0515127 2.85 0.005 .0446153 .2484994 _cons | -.4066002 .3605567 -1.13 0.262 -1.120131 .3069308 -------------+---------------------------------------------------------------- sigma_u | .37240846 sigma_e | .24748914 rho | .69365211 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3310 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7653 Obs per group: min = 4 between = 0.9862 avg = 26.1 overall = 0.9767 max = 28 F(18,126) = 356.88 corr(u_i, Xb) = 0.6276 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7671919 .0266328 28.81 0.000 .7144864 .8198974 llois | --. | -.0107789 .0230843 -0.47 0.641 -.0564621 .0349043 L1. | .0213603 .017314 1.23 0.220 -.0129035 .0556242 L2. | -.0620714 .019813 -3.13 0.002 -.1012807 -.022862 L3. | .0132552 .024094 0.55 0.583 -.0344261 .0609365 L4. | -.0614824 .0178083 -3.45 0.001 -.0967245 -.0262403 lglobalcds1 | --. | -.0976093 .0270943 -3.60 0.000 -.1512281 -.0439905 L1. | .1336662 .034336 3.89 0.000 .0657162 .2016163 --. | (dropped) lasset_vol | --. | .0173497 .0350852 0.49 0.622 -.052083 .0867824 L1. | -.1533948 .0443116 -3.46 0.001 -.241086 -.0657035 L2. | .1220886 .0414974 2.94 0.004 .0399666 .2042107 L3. | -.0684119 .0550756 -1.24 0.216 -.1774048 .0405811 L4. | .1375979 .0536553 2.56 0.012 .0314156 .2437802 ldd_ciloan | -.0350239 .0818087 -0.43 0.669 -.1969209 .1268731 linfl_qoq | -.0297169 .0060803 -4.89 0.000 -.0417497 -.0176841 lgrowth_qoq | -.223378 .1758849 -1.27 0.206 -.5714491 .1246932 lnom_gdp | .2109664 .0462613 4.56 0.000 .1194166 .3025162 crisis_all | .1223234 .0513619 2.38 0.019 .0206797 .2239672 _cons | .0796187 .3786027 0.21 0.834 -.669625 .8288624 -------------+---------------------------------------------------------------- sigma_u | .37251723 sigma_e | .24706034 rho | .69451253 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3310 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7642 Obs per group: min = 4 between = 0.9793 avg = 26.1 overall = 0.9704 max = 28 F(15,126) = 373.21 corr(u_i, Xb) = 0.3444 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7692824 .0270777 28.41 0.000 .7156964 .8228684 llois | --. | -.0305623 .020116 -1.52 0.131 -.0703712 .0092467 L1. | .0194228 .0151714 1.28 0.203 -.010601 .0494466 L2. | -.0156066 .0146646 -1.06 0.289 -.0446274 .0134143 L3. | -.0001955 .0148988 -0.01 0.990 -.0296797 .0292887 L4. | -.019077 .011981 -1.59 0.114 -.0427869 .004633 lglobalcds1 | --. | -.0677587 .0237118 -2.86 0.005 -.1146837 -.0208337 L1. | .0868623 .0292439 2.97 0.004 .0289894 .1447352 lasset_vol | --. | -.0442828 .0257141 -1.72 0.088 -.0951703 .0066048 L1. | -.1035288 .0274615 -3.77 0.000 -.1578742 -.0491834 --. | (dropped) ldd_ciloan | -.1022912 .0496063 -2.06 0.041 -.2004606 -.0041219 linfl_qoq | -.0271269 .0058693 -4.62 0.000 -.038742 -.0155118 lgrowth_qoq | -.2201121 .1703154 -1.29 0.199 -.5571612 .116937 lnom_gdp | .2710131 .0467931 5.79 0.000 .178411 .3636152 crisis_all | .1553835 .047759 3.25 0.001 .0608699 .2498972 _cons | -.4607949 .3542978 -1.30 0.196 -1.16194 .2403501 -------------+---------------------------------------------------------------- sigma_u | .37432015 sigma_e | .24754127 rho | .69573467 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3310 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7642 Obs per group: min = 4 between = 0.9793 avg = 26.1 overall = 0.9704 max = 28 F(15,126) = 373.21 corr(u_i, Xb) = 0.3444 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7692824 .0270777 28.41 0.000 .7156964 .8228684 llois | --. | -.0305623 .020116 -1.52 0.131 -.0703712 .0092467 L1. | .0194228 .0151714 1.28 0.203 -.010601 .0494466 L2. | -.0156066 .0146646 -1.06 0.289 -.0446274 .0134143 L3. | -.0001955 .0148988 -0.01 0.990 -.0296797 .0292887 L4. | -.019077 .011981 -1.59 0.114 -.0427869 .004633 lglobalcds1 | --. | -.0677587 .0237118 -2.86 0.005 -.1146837 -.0208337 L1. | .0868623 .0292439 2.97 0.004 .0289894 .1447352 lasset_vol | --. | -.0442828 .0257141 -1.72 0.088 -.0951703 .0066048 L1. | -.1035288 .0274615 -3.77 0.000 -.1578742 -.0491834 ldd_ciloan | -.1022912 .0496063 -2.06 0.041 -.2004606 -.0041219 linfl_qoq | -.0271269 .0058693 -4.62 0.000 -.038742 -.0155118 lgrowth_qoq | -.2201121 .1703154 -1.29 0.199 -.5571612 .116937 lnom_gdp | .2710131 .0467931 5.79 0.000 .178411 .3636152 crisis_all | .1553835 .047759 3.25 0.001 .0608699 .2498972 _cons | -.4607949 .3542978 -1.30 0.196 -1.16194 .2403501 -------------+---------------------------------------------------------------- sigma_u | .37432015 sigma_e | .24754127 rho | .69573467 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3310 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7644 Obs per group: min = 4 between = 0.9802 avg = 26.1 overall = 0.9713 max = 28 F(16,126) = 355.58 corr(u_i, Xb) = 0.3835 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7691148 .0270092 28.48 0.000 .7156644 .8225652 llois | --. | -.0363074 .0204029 -1.78 0.078 -.0766841 .0040694 L1. | .0203086 .0151785 1.34 0.183 -.0097292 .0503464 L2. | -.0360261 .0186699 -1.93 0.056 -.0729732 .000921 L3. | .0077416 .0151533 0.51 0.610 -.0222463 .0377296 L4. | -.024821 .0116927 -2.12 0.036 -.0479605 -.0016815 lglobalcds1 | --. | -.0651459 .0239318 -2.72 0.007 -.1125062 -.0177856 L1. | .0900466 .0291383 3.09 0.002 .0323826 .1477105 lasset_vol | --. | -.0239179 .030826 -0.78 0.439 -.0849217 .0370859 L1. | -.120192 .0304974 -3.94 0.000 -.1805454 -.0598387 L2. | .0599979 .0307426 1.95 0.053 -.0008407 .1208365 ldd_ciloan | -.069303 .0506141 -1.37 0.173 -.1694668 .0308608 linfl_qoq | -.0269016 .0058946 -4.56 0.000 -.0385668 -.0152364 lgrowth_qoq | -.2238176 .1717107 -1.30 0.195 -.563628 .1159928 lnom_gdp | .2631084 .0468285 5.62 0.000 .1704361 .3557806 crisis_all | .1559517 .0477771 3.26 0.001 .0614022 .2505012 _cons | -.3895641 .3579274 -1.09 0.279 -1.097892 .3187637 -------------+---------------------------------------------------------------- sigma_u | .37195548 sigma_e | .247453 rho | .6931967 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3310 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7644 Obs per group: min = 4 between = 0.9800 avg = 26.1 overall = 0.9711 max = 28 F(17,126) = 360.37 corr(u_i, Xb) = 0.3722 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7692683 .0268655 28.63 0.000 .7161022 .8224344 llois | --. | -.032139 .0228769 -1.40 0.163 -.0774116 .0131337 L1. | .0216734 .017293 1.25 0.212 -.0125489 .0558956 L2. | -.034215 .0168089 -2.04 0.044 -.0674794 -.0009506 L3. | .012234 .0241146 0.51 0.613 -.0354881 .0599561 L4. | -.0271942 .0138689 -1.96 0.052 -.0546403 .0002519 lglobalcds1 | --. | -.0645346 .0238153 -2.71 0.008 -.1116643 -.0174049 L1. | .087809 .0292978 3.00 0.003 .0298295 .1457885 lasset_vol | --. | -.0271878 .032764 -0.83 0.408 -.0920267 .0376511 L1. | -.1285887 .0464996 -2.77 0.007 -.2206102 -.0365673 L2. | .0626657 .0349172 1.79 0.075 -.0064344 .1317658 L3. | -.0144836 .0526825 -0.27 0.784 -.1187408 .0897735 ldd_ciloan | -.0900397 .0776857 -1.16 0.249 -.2437773 .063698 linfl_qoq | -.0267624 .0059555 -4.49 0.000 -.0385482 -.0149765 lgrowth_qoq | -.2240826 .1718742 -1.30 0.195 -.5642165 .1160513 lnom_gdp | .2652777 .0483394 5.49 0.000 .1696154 .36094 crisis_all | .1465573 .0515127 2.85 0.005 .0446153 .2484994 _cons | -.4066002 .3605567 -1.13 0.262 -1.120131 .3069308 -------------+---------------------------------------------------------------- sigma_u | .37240846 sigma_e | .24748914 rho | .69365211 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3310 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7653 Obs per group: min = 4 between = 0.9862 avg = 26.1 overall = 0.9767 max = 28 F(18,126) = 356.88 corr(u_i, Xb) = 0.6276 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7671919 .0266328 28.81 0.000 .7144864 .8198974 llois | --. | -.0107789 .0230843 -0.47 0.641 -.0564621 .0349043 L1. | .0213603 .017314 1.23 0.220 -.0129035 .0556242 L2. | -.0620714 .019813 -3.13 0.002 -.1012807 -.022862 L3. | .0132552 .024094 0.55 0.583 -.0344261 .0609365 L4. | -.0614824 .0178083 -3.45 0.001 -.0967245 -.0262403 lglobalcds1 | --. | -.0976093 .0270943 -3.60 0.000 -.1512281 -.0439905 L1. | .1336662 .034336 3.89 0.000 .0657162 .2016163 lasset_vol | --. | .0173497 .0350852 0.49 0.622 -.052083 .0867824 L1. | -.1533948 .0443116 -3.46 0.001 -.241086 -.0657035 L2. | .1220886 .0414974 2.94 0.004 .0399666 .2042107 L3. | -.0684119 .0550756 -1.24 0.216 -.1774048 .0405811 L4. | .1375979 .0536553 2.56 0.012 .0314156 .2437802 ldd_ciloan | -.0350239 .0818087 -0.43 0.669 -.1969209 .1268731 linfl_qoq | -.0297169 .0060803 -4.89 0.000 -.0417497 -.0176841 lgrowth_qoq | -.223378 .1758849 -1.27 0.206 -.5714491 .1246932 lnom_gdp | .2109664 .0462613 4.56 0.000 .1194166 .3025162 crisis_all | .1223234 .0513619 2.38 0.019 .0206797 .2239672 _cons | .0796187 .3786027 0.21 0.834 -.669625 .8288624 -------------+---------------------------------------------------------------- sigma_u | .37251723 sigma_e | .24706034 rho | .69451253 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3192 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7459 Obs per group: min = 3 between = 0.9769 avg = 25.1 overall = 0.9680 max = 27 F(16,126) = 325.13 corr(u_i, Xb) = 0.3503 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7555623 .0284128 26.59 0.000 .6993342 .8117904 llois | --. | -.0104176 .0205 -0.51 0.612 -.0509865 .0301512 L1. | .0283981 .0160626 1.77 0.079 -.0033892 .0601855 L2. | -.0439213 .0206321 -2.13 0.035 -.0847516 -.003091 L3. | -.0060695 .0146907 -0.41 0.680 -.035142 .023003 L4. | -.0375231 .0132909 -2.82 0.006 -.0638254 -.0112207 lglobalcds1 | --. | -.1350528 .0346452 -3.90 0.000 -.2036147 -.066491 L1. | .0732333 .0291986 2.51 0.013 .0154502 .1310164 L2. | .1079352 .0345045 3.13 0.002 .0396518 .1762187 lasset_vol | --. | -.0789526 .0287987 -2.74 0.007 -.1359443 -.0219608 L1. | -.1706115 .0400295 -4.26 0.000 -.2498287 -.0913943 --. | (dropped) ldd_ciloan | -.1860559 .0579594 -3.21 0.002 -.3007559 -.0713559 linfl_qoq | -.0260141 .0062432 -4.17 0.000 -.0383691 -.013659 lgrowth_qoq | -.2300542 .1637644 -1.40 0.163 -.5541392 .0940309 lnom_gdp | .2841769 .0505928 5.62 0.000 .1840552 .3842986 crisis_all | .2434293 .0621466 3.92 0.000 .1204431 .3664156 _cons | -.4199563 .381868 -1.10 0.274 -1.175662 .3357491 -------------+---------------------------------------------------------------- sigma_u | .39673717 sigma_e | .24933519 rho | .71686257 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3192 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7459 Obs per group: min = 3 between = 0.9769 avg = 25.1 overall = 0.9680 max = 27 F(16,126) = 325.13 corr(u_i, Xb) = 0.3503 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7555623 .0284128 26.59 0.000 .6993342 .8117904 llois | --. | -.0104176 .0205 -0.51 0.612 -.0509865 .0301512 L1. | .0283981 .0160626 1.77 0.079 -.0033892 .0601855 L2. | -.0439213 .0206321 -2.13 0.035 -.0847516 -.003091 L3. | -.0060695 .0146907 -0.41 0.680 -.035142 .023003 L4. | -.0375231 .0132909 -2.82 0.006 -.0638254 -.0112207 lglobalcds1 | --. | -.1350528 .0346452 -3.90 0.000 -.2036147 -.066491 L1. | .0732333 .0291986 2.51 0.013 .0154502 .1310164 L2. | .1079352 .0345045 3.13 0.002 .0396518 .1762187 lasset_vol | --. | -.0789526 .0287987 -2.74 0.007 -.1359443 -.0219608 L1. | -.1706115 .0400295 -4.26 0.000 -.2498287 -.0913943 ldd_ciloan | -.1860559 .0579594 -3.21 0.002 -.3007559 -.0713559 linfl_qoq | -.0260141 .0062432 -4.17 0.000 -.0383691 -.013659 lgrowth_qoq | -.2300542 .1637644 -1.40 0.163 -.5541392 .0940309 lnom_gdp | .2841769 .0505928 5.62 0.000 .1840552 .3842986 crisis_all | .2434293 .0621466 3.92 0.000 .1204431 .3664156 _cons | -.4199563 .381868 -1.10 0.274 -1.175662 .3357491 -------------+---------------------------------------------------------------- sigma_u | .39673717 sigma_e | .24933519 rho | .71686257 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3192 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7460 Obs per group: min = 3 between = 0.9771 avg = 25.1 overall = 0.9681 max = 27 F(17,126) = 306.79 corr(u_i, Xb) = 0.3558 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7555273 .0284138 26.59 0.000 .6992972 .8117574 llois | --. | -.013646 .0214896 -0.64 0.527 -.0561732 .0288813 L1. | .0279951 .0161465 1.73 0.085 -.0039584 .0599486 L2. | -.0479297 .0212608 -2.25 0.026 -.0900042 -.0058552 L3. | -.0032077 .0147399 -0.22 0.828 -.0323775 .0259621 L4. | -.0379077 .0131121 -2.89 0.005 -.0638561 -.0119593 lglobalcds1 | --. | -.1297029 .037767 -3.43 0.001 -.2044427 -.0549631 L1. | .0754341 .0287409 2.62 0.010 .0185566 .1323115 L2. | .1000734 .0382618 2.62 0.010 .0243543 .1757924 lasset_vol | --. | -.0709331 .0367151 -1.93 0.056 -.1435913 .0017251 L1. | -.170515 .0400407 -4.26 0.000 -.2497543 -.0912757 L2. | .017245 .0336484 0.51 0.609 -.0493441 .0838341 ldd_ciloan | -.17141 .0645704 -2.65 0.009 -.2991929 -.043627 linfl_qoq | -.0259275 .0062457 -4.15 0.000 -.0382876 -.0135675 lgrowth_qoq | -.2329459 .1648 -1.41 0.160 -.5590802 .0931883 lnom_gdp | .2830193 .0505014 5.60 0.000 .1830785 .3829601 crisis_all | .2377886 .0643305 3.70 0.000 .1104803 .3650968 _cons | -.4116212 .3816917 -1.08 0.283 -1.166978 .3437354 -------------+---------------------------------------------------------------- sigma_u | .39638288 sigma_e | .24936799 rho | .71644633 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3192 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7460 Obs per group: min = 3 between = 0.9768 avg = 25.1 overall = 0.9679 max = 27 F(18,126) = 300.68 corr(u_i, Xb) = 0.3450 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7556978 .0283099 26.69 0.000 .6996733 .8117223 llois | --. | -.0077925 .0270686 -0.29 0.774 -.0613605 .0457754 L1. | .0298472 .0186377 1.60 0.112 -.0070363 .0667307 L2. | -.0449143 .0185208 -2.43 0.017 -.0815664 -.0082622 L3. | .0023432 .023393 0.10 0.920 -.0439508 .0486372 L4. | -.040865 .0165168 -2.47 0.015 -.0735512 -.0081788 lglobalcds1 | --. | -.1288999 .0372083 -3.46 0.001 -.2025341 -.0552657 L1. | .0718986 .0301289 2.39 0.019 .0122744 .1315228 L2. | .1006041 .0388375 2.59 0.011 .0237458 .1774624 lasset_vol | --. | -.0753336 .0401018 -1.88 0.063 -.1546939 .0040267 L1. | -.1814533 .0594917 -3.05 0.003 -.2991856 -.063721 L2. | .019295 .0353268 0.55 0.586 -.0506157 .0892056 L3. | -.019085 .0571802 -0.33 0.739 -.132243 .0940731 ldd_ciloan | -.1986171 .1032415 -1.92 0.057 -.402929 .0056948 linfl_qoq | -.0257965 .0062722 -4.11 0.000 -.038209 -.0133839 lgrowth_qoq | -.2327792 .1647002 -1.41 0.160 -.558716 .0931575 lnom_gdp | .2851935 .0514632 5.54 0.000 .1833493 .3870377 crisis_all | .2250356 .0633845 3.55 0.001 .0995994 .3504717 _cons | -.4290284 .3823653 -1.12 0.264 -1.185718 .3276613 -------------+---------------------------------------------------------------- sigma_u | .39690306 sigma_e | .24940439 rho | .71691964 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3192 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7470 Obs per group: min = 3 between = 0.9841 avg = 25.1 overall = 0.9746 max = 27 F(19,126) = 306.22 corr(u_i, Xb) = 0.6164 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7533993 .0280606 26.85 0.000 .6978682 .8089303 llois | --. | .0089822 .0261543 0.34 0.732 -.0427765 .0607408 L1. | .0277872 .0188591 1.47 0.143 -.0095343 .0651088 L2. | -.0828594 .0222327 -3.73 0.000 -.1268572 -.0388615 L3. | -.0005698 .0234464 -0.02 0.981 -.0469696 .04583 L4. | -.0774295 .0186604 -4.15 0.000 -.1143579 -.040501 lglobalcds1 | --. | -.1698064 .037153 -4.57 0.000 -.2433311 -.0962817 L1. | .1273769 .0379351 3.36 0.001 .0523045 .2024494 L2. | .1047801 .0383447 2.73 0.007 .028897 .1806631 lasset_vol | --. | -.0253553 .0447047 -0.57 0.572 -.1138247 .063114 L1. | -.2028893 .0567363 -3.58 0.000 -.3151688 -.0906099 L2. | .0869524 .0454286 1.91 0.058 -.0029494 .1768543 L3. | -.0587685 .0575107 -1.02 0.309 -.1725806 .0550435 L4. | .1491038 .0559368 2.67 0.009 .0384064 .2598011 ldd_ciloan | -.123544 .1120461 -1.10 0.272 -.3452801 .098192 linfl_qoq | -.0288128 .0063301 -4.55 0.000 -.04134 -.0162857 lgrowth_qoq | -.2313699 .1688665 -1.37 0.173 -.5655517 .1028119 lnom_gdp | .2250513 .0486541 4.63 0.000 .1287663 .3213362 crisis_all | .2200154 .063551 3.46 0.001 .0942498 .3457809 _cons | .1179738 .3960852 0.30 0.766 -.6658671 .9018147 -------------+---------------------------------------------------------------- sigma_u | .39531523 sigma_e | .24891609 rho | .71608729 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3074 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7227 Obs per group: min = 2 between = 0.9761 avg = 24.2 overall = 0.9670 max = 26 F(17,126) = 251.69 corr(u_i, Xb) = 0.4596 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7327423 .0311106 23.55 0.000 .6711752 .7943093 llois | --. | -.0146993 .0209437 -0.70 0.484 -.0561464 .0267477 L1. | .0163809 .0210189 0.78 0.437 -.025215 .0579767 L2. | -.0434302 .02075 -2.09 0.038 -.0844938 -.0023666 L3. | -.0039456 .014758 -0.27 0.790 -.0331512 .02526 L4. | -.0315806 .0141683 -2.23 0.028 -.0596192 -.003542 lglobalcds1 | --. | -.1273645 .0372928 -3.42 0.001 -.2011658 -.0535632 L1. | .0866873 .034625 2.50 0.014 .0181655 .155209 L2. | .1080063 .0400522 2.70 0.008 .0287441 .1872685 L3. | -.0196382 .0267134 -0.74 0.464 -.0725032 .0332267 lasset_vol | --. | -.078014 .0281694 -2.77 0.006 -.1337604 -.0222677 L1. | -.1479154 .0432356 -3.42 0.001 -.2334773 -.0623535 --. | (dropped) ldd_ciloan | -.188876 .0644422 -2.93 0.004 -.3164051 -.0613468 linfl_qoq | -.0270283 .0069121 -3.91 0.000 -.0407073 -.0133494 lgrowth_qoq | -.2743917 .1737457 -1.58 0.117 -.6182293 .0694459 lnom_gdp | .2818905 .0540193 5.22 0.000 .1749879 .3887931 crisis_all | .2381939 .0626038 3.80 0.000 .1143029 .362085 _cons | -.1943804 .4138608 -0.47 0.639 -1.013399 .624638 -------------+---------------------------------------------------------------- sigma_u | .42735667 sigma_e | .25039532 rho | .74443639 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3074 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7227 Obs per group: min = 2 between = 0.9761 avg = 24.2 overall = 0.9670 max = 26 F(17,126) = 251.69 corr(u_i, Xb) = 0.4596 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7327423 .0311106 23.55 0.000 .6711752 .7943093 llois | --. | -.0146993 .0209437 -0.70 0.484 -.0561464 .0267477 L1. | .0163809 .0210189 0.78 0.437 -.025215 .0579767 L2. | -.0434302 .02075 -2.09 0.038 -.0844938 -.0023666 L3. | -.0039456 .014758 -0.27 0.790 -.0331512 .02526 L4. | -.0315806 .0141683 -2.23 0.028 -.0596192 -.003542 lglobalcds1 | --. | -.1273645 .0372928 -3.42 0.001 -.2011658 -.0535632 L1. | .0866873 .034625 2.50 0.014 .0181655 .155209 L2. | .1080063 .0400522 2.70 0.008 .0287441 .1872685 L3. | -.0196382 .0267134 -0.74 0.464 -.0725032 .0332267 lasset_vol | --. | -.078014 .0281694 -2.77 0.006 -.1337604 -.0222677 L1. | -.1479154 .0432356 -3.42 0.001 -.2334773 -.0623535 ldd_ciloan | -.188876 .0644422 -2.93 0.004 -.3164051 -.0613468 linfl_qoq | -.0270283 .0069121 -3.91 0.000 -.0407073 -.0133494 lgrowth_qoq | -.2743917 .1737457 -1.58 0.117 -.6182293 .0694459 lnom_gdp | .2818905 .0540193 5.22 0.000 .1749879 .3887931 crisis_all | .2381939 .0626038 3.80 0.000 .1143029 .362085 _cons | -.1943804 .4138608 -0.47 0.639 -1.013399 .624638 -------------+---------------------------------------------------------------- sigma_u | .42735667 sigma_e | .25039532 rho | .74443639 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3074 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7228 Obs per group: min = 2 between = 0.9764 avg = 24.2 overall = 0.9673 max = 26 F(18,126) = 239.24 corr(u_i, Xb) = 0.4701 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7326762 .0311033 23.56 0.000 .6711236 .7942288 llois | --. | -.019049 .0216636 -0.88 0.381 -.0619207 .0238227 L1. | .0145786 .0217226 0.67 0.503 -.0284097 .057567 L2. | -.0490211 .0215549 -2.27 0.025 -.0916776 -.0063645 L3. | -.0000589 .0147195 -0.00 0.997 -.0291884 .0290707 L4. | -.0314444 .0142437 -2.21 0.029 -.0596322 -.0032565 lglobalcds1 | --. | -.120391 .0397018 -3.03 0.003 -.1989596 -.0418224 L1. | .0912768 .0351414 2.60 0.011 .021733 .1608206 L2. | .0986025 .041709 2.36 0.020 .0160616 .1811434 L3. | -.0222712 .0278661 -0.80 0.426 -.0774174 .0328751 lasset_vol | --. | -.0675025 .0354968 -1.90 0.060 -.1377497 .0027447 L1. | -.1467087 .0433199 -3.39 0.001 -.2324375 -.0609798 L2. | .0236639 .0350376 0.68 0.501 -.0456744 .0930023 ldd_ciloan | -.1704022 .06846 -2.49 0.014 -.3058826 -.0349218 linfl_qoq | -.0269718 .0069173 -3.90 0.000 -.0406609 -.0132826 lgrowth_qoq | -.2795904 .1756874 -1.59 0.114 -.6272705 .0680897 lnom_gdp | .2794191 .0541618 5.16 0.000 .1722345 .3866038 crisis_all | .2304108 .065009 3.54 0.001 .1017598 .3590618 _cons | -.1713971 .4163159 -0.41 0.681 -.995274 .6524798 -------------+---------------------------------------------------------------- sigma_u | .42716817 sigma_e | .25042268 rho | .74422688 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3074 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7228 Obs per group: min = 2 between = 0.9761 avg = 24.2 overall = 0.9670 max = 26 F(19,126) = 237.26 corr(u_i, Xb) = 0.4601 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7328228 .0309463 23.68 0.000 .6715809 .7940647 llois | --. | -.0139302 .027363 -0.51 0.612 -.0680808 .0402203 L1. | .0173043 .0271171 0.64 0.525 -.0363595 .0709682 L2. | -.0459535 .0194782 -2.36 0.020 -.0845003 -.0074067 L3. | .0049433 .0253626 0.19 0.846 -.0452486 .0551351 L4. | -.0345901 .0193633 -1.79 0.076 -.0729095 .0037293 lglobalcds1 | --. | -.1191175 .0389867 -3.06 0.003 -.1962709 -.041964 L1. | .086706 .0406491 2.13 0.035 .0062627 .1671494 L2. | .0974259 .0408607 2.38 0.019 .0165638 .1782879 L3. | -.0197963 .0307658 -0.64 0.521 -.0806809 .0410883 lasset_vol | --. | -.0713181 .0400159 -1.78 0.077 -.1505085 .0078722 L1. | -.1565378 .0631206 -2.48 0.014 -.2814516 -.0316241 L2. | .0249285 .0358531 0.70 0.488 -.0460237 .0958807 L3. | -.0172522 .0648701 -0.27 0.791 -.1456282 .1111237 ldd_ciloan | -.1926476 .1045538 -1.84 0.068 -.3995566 .0142613 linfl_qoq | -.0268247 .0069711 -3.85 0.000 -.0406203 -.0130291 lgrowth_qoq | -.2782229 .1751664 -1.59 0.115 -.6248721 .0684264 lnom_gdp | .2816906 .0569562 4.95 0.000 .1689758 .3944053 crisis_all | .2188195 .0654041 3.35 0.001 .0893868 .3482523 _cons | -.193577 .4342667 -0.45 0.657 -1.052978 .665824 -------------+---------------------------------------------------------------- sigma_u | .42718279 sigma_e | .25046221 rho | .74417982 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 3074 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7240 Obs per group: min = 2 between = 0.9835 avg = 24.2 overall = 0.9738 max = 26 F(20,126) = 259.09 corr(u_i, Xb) = 0.6868 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7306973 .0306596 23.83 0.000 .6700229 .7913717 llois | --. | .0022925 .0264094 0.09 0.931 -.0499708 .0545559 L1. | .0185984 .0270273 0.69 0.493 -.0348879 .0720848 L2. | -.094594 .0250127 -3.78 0.000 -.1440933 -.0450947 L3. | -.0058083 .0258406 -0.22 0.823 -.0569462 .0453295 L4. | -.0770577 .0217786 -3.54 0.001 -.1201568 -.0339585 lglobalcds1 | --. | -.1734563 .0402441 -4.31 0.000 -.2530982 -.0938145 L1. | .1451436 .0485747 2.99 0.003 .0490156 .2412715 L2. | .1135949 .039275 2.89 0.005 .0358709 .1913188 L3. | -.0138851 .0307054 -0.45 0.652 -.0746501 .04688 lasset_vol | --. | -.0083782 .046695 -0.18 0.858 -.1007862 .0840297 L1. | -.1959372 .0582223 -3.37 0.001 -.3111575 -.0807169 L2. | .0969015 .0466019 2.08 0.040 .0046778 .1891253 L3. | -.0388237 .0646213 -0.60 0.549 -.1667073 .0890598 L4. | .1665514 .0625088 2.66 0.009 .0428484 .2902545 ldd_ciloan | -.1087304 .1152936 -0.94 0.347 -.3368931 .1194323 linfl_qoq | -.0294541 .006975 -4.22 0.000 -.0432575 -.0156507 lgrowth_qoq | -.2720058 .1790123 -1.52 0.131 -.626266 .0822543 lnom_gdp | .2229152 .0553955 4.02 0.000 .113289 .3325414 crisis_all | .2363066 .0655325 3.61 0.000 .1066197 .3659935 _cons | .3423245 .4586825 0.75 0.457 -.5653947 1.250044 -------------+---------------------------------------------------------------- sigma_u | .43805125 sigma_e | .24996221 rho | .75436921 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 2955 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7004 Obs per group: min = 1 between = 0.9768 avg = 23.3 overall = 0.9675 max = 25 F(18,126) = 200.27 corr(u_i, Xb) = 0.5864 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7107221 .0358096 19.85 0.000 .6398559 .7815883 llois | --. | -.0262648 .0219554 -1.20 0.234 -.0697139 .0171843 L1. | .0203179 .0203385 1.00 0.320 -.0199314 .0605672 L2. | -.044433 .0206366 -2.15 0.033 -.0852722 -.0035937 L3. | -.0028942 .0145791 -0.20 0.843 -.0317458 .0259574 L4. | -.0205066 .0140223 -1.46 0.146 -.0482564 .0072431 lglobalcds1 | --. | -.0426435 .0423343 -1.01 0.316 -.1264218 .0411349 L1. | .0342547 .0350703 0.98 0.331 -.0351483 .1036578 L2. | .0867019 .0385502 2.25 0.026 .0104123 .1629916 L3. | .0311569 .032572 0.96 0.341 -.0333022 .095616 L4. | -.0699481 .0321207 -2.18 0.031 -.133514 -.0063822 lasset_vol | --. | -.0818122 .0349209 -2.34 0.021 -.1509196 -.0127048 L1. | -.1159789 .0446563 -2.60 0.011 -.2043524 -.0276055 --. | (dropped) ldd_ciloan | -.2564352 .0712819 -3.60 0.000 -.3974999 -.1153705 linfl_qoq | -.027441 .007113 -3.86 0.000 -.0415175 -.0133645 lgrowth_qoq | -.2869229 .1799103 -1.59 0.113 -.6429602 .0691143 lnom_gdp | .2678636 .0568126 4.71 0.000 .1554333 .380294 crisis_all | .1527896 .0602925 2.53 0.012 .0334726 .2721066 _cons | .1510871 .4728269 0.32 0.750 -.7846234 1.086798 -------------+---------------------------------------------------------------- sigma_u | .4645663 sigma_e | .24995486 rho | .77550272 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 2955 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7004 Obs per group: min = 1 between = 0.9768 avg = 23.3 overall = 0.9675 max = 25 F(18,126) = 200.27 corr(u_i, Xb) = 0.5864 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7107221 .0358096 19.85 0.000 .6398559 .7815883 llois | --. | -.0262648 .0219554 -1.20 0.234 -.0697139 .0171843 L1. | .0203179 .0203385 1.00 0.320 -.0199314 .0605672 L2. | -.044433 .0206366 -2.15 0.033 -.0852722 -.0035937 L3. | -.0028942 .0145791 -0.20 0.843 -.0317458 .0259574 L4. | -.0205066 .0140223 -1.46 0.146 -.0482564 .0072431 lglobalcds1 | --. | -.0426435 .0423343 -1.01 0.316 -.1264218 .0411349 L1. | .0342547 .0350703 0.98 0.331 -.0351483 .1036578 L2. | .0867019 .0385502 2.25 0.026 .0104123 .1629916 L3. | .0311569 .032572 0.96 0.341 -.0333022 .095616 L4. | -.0699481 .0321207 -2.18 0.031 -.133514 -.0063822 lasset_vol | --. | -.0818122 .0349209 -2.34 0.021 -.1509196 -.0127048 L1. | -.1159789 .0446563 -2.60 0.011 -.2043524 -.0276055 ldd_ciloan | -.2564352 .0712819 -3.60 0.000 -.3974999 -.1153705 linfl_qoq | -.027441 .007113 -3.86 0.000 -.0415175 -.0133645 lgrowth_qoq | -.2869229 .1799103 -1.59 0.113 -.6429602 .0691143 lnom_gdp | .2678636 .0568126 4.71 0.000 .1554333 .380294 crisis_all | .1527896 .0602925 2.53 0.012 .0334726 .2721066 _cons | .1510871 .4728269 0.32 0.750 -.7846234 1.086798 -------------+---------------------------------------------------------------- sigma_u | .4645663 sigma_e | .24995486 rho | .77550272 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 2955 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7007 Obs per group: min = 1 between = 0.9799 avg = 23.3 overall = 0.9704 max = 25 F(19,126) = 192.06 corr(u_i, Xb) = 0.6677 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7095464 .0357645 19.84 0.000 .6387696 .7803232 llois | --. | -.0381533 .0227991 -1.67 0.097 -.083272 .0069654 L1. | .0146544 .021172 0.69 0.490 -.0272444 .0565532 L2. | -.0621633 .0234575 -2.65 0.009 -.1085851 -.0157415 L3. | .0071806 .0151077 0.48 0.635 -.022717 .0370782 L4. | -.0134495 .0156625 -0.86 0.392 -.0444452 .0175461 lglobalcds1 | --. | .012559 .0544686 0.23 0.818 -.0952328 .1203509 L1. | .0255991 .0354657 0.72 0.472 -.0445865 .0957848 L2. | .0529828 .0411841 1.29 0.201 -.0285194 .1344849 L3. | .0451855 .0331416 1.36 0.175 -.0204008 .1107718 L4. | -.1033054 .0397712 -2.60 0.011 -.1820113 -.0245994 lasset_vol | --. | -.0584685 .0363735 -1.61 0.110 -.1304506 .0135137 L1. | -.0986895 .0465336 -2.12 0.036 -.1907782 -.0066009 L2. | .0785299 .0441638 1.78 0.078 -.0088689 .1659287 ldd_ciloan | -.217137 .0709668 -3.06 0.003 -.3575783 -.0766957 linfl_qoq | -.0281952 .0072537 -3.89 0.000 -.0425501 -.0138404 lgrowth_qoq | -.3039713 .1872506 -1.62 0.107 -.6745348 .0665922 lnom_gdp | .2443122 .0575027 4.25 0.000 .1305162 .3581083 crisis_all | .0863739 .0718968 1.20 0.232 -.0559078 .2286556 _cons | .3893983 .5054156 0.77 0.442 -.6108043 1.389601 -------------+---------------------------------------------------------------- sigma_u | .4721747 sigma_e | .249871 rho | .78122314 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 2955 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7007 Obs per group: min = 1 between = 0.9802 avg = 23.3 overall = 0.9707 max = 25 F(20,126) = 182.56 corr(u_i, Xb) = 0.6756 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7093899 .0356157 19.92 0.000 .6389074 .7798724 llois | --. | -.042296 .0281497 -1.50 0.135 -.0980034 .0134114 L1. | .0125364 .0269669 0.46 0.643 -.0408303 .0659032 L2. | -.0646913 .0218629 -2.96 0.004 -.1079572 -.0214253 L3. | .0033827 .0251125 0.13 0.893 -.0463142 .0530796 L4. | -.0108028 .0202733 -0.53 0.595 -.050923 .0293174 lglobalcds1 | --. | .0130752 .0545868 0.24 0.811 -.0949506 .1211009 L1. | .0283936 .040694 0.70 0.487 -.0521386 .1089259 L2. | .0533974 .0408957 1.31 0.194 -.027534 .1343288 L3. | .0440392 .0349745 1.26 0.210 -.0251743 .1132528 L4. | -.1045073 .0394156 -2.65 0.009 -.1825096 -.026505 lasset_vol | --. | -.0554756 .0403861 -1.37 0.172 -.1353985 .0244473 L1. | -.0905586 .0658056 -1.38 0.171 -.220786 .0396687 L2. | .0782216 .0443815 1.76 0.080 -.0096082 .1660513 L3. | .013326 .0649024 0.21 0.838 -.1151138 .1417658 ldd_ciloan | -.2004483 .1040077 -1.93 0.056 -.4062765 .00538 linfl_qoq | -.0283394 .0073478 -3.86 0.000 -.0428804 -.0137984 lgrowth_qoq | -.3051514 .1876034 -1.63 0.106 -.676413 .0661102 lnom_gdp | .2418841 .0609455 3.97 0.000 .1212748 .3624934 crisis_all | .0936619 .0747849 1.25 0.213 -.0543351 .241659 _cons | .4137725 .5305955 0.78 0.437 -.6362604 1.463805 -------------+---------------------------------------------------------------- sigma_u | .47330721 sigma_e | .24991353 rho | .78198291 (fraction of variance due to u_i) ------------------------------------------------------------------------------ Fixed-effects (within) regression Number of obs = 2955 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7016 Obs per group: min = 1 between = 0.9840 avg = 23.3 overall = 0.9741 max = 25 F(21,126) = 192.78 corr(u_i, Xb) = 0.7610 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7088667 .035381 20.04 0.000 .6388486 .7788847 llois | --. | -.0206817 .0271285 -0.76 0.447 -.0743682 .0330049 L1. | .0165351 .0264797 0.62 0.533 -.0358675 .0689376 L2. | -.102297 .0254598 -4.02 0.000 -.1526812 -.0519128 L3. | -.0049166 .0259713 -0.19 0.850 -.0563131 .0464799 L4. | -.0647973 .022957 -2.82 0.006 -.1102286 -.019366 lglobalcds1 | --. | -.1037692 .0584292 -1.78 0.078 -.2193988 .0118604 L1. | .116259 .0541189 2.15 0.034 .0091593 .2233587 L2. | .0881233 .0366378 2.41 0.018 .0156183 .1606284 L3. | .0147862 .0360809 0.41 0.683 -.0566169 .0861892 L4. | -.047017 .0416703 -1.13 0.261 -.1294814 .0354473 lasset_vol | --. | .0053716 .0497358 0.11 0.914 -.0930541 .1037972 L1. | -.1593983 .0548791 -2.90 0.004 -.2680023 -.0507942 L2. | .1121356 .0493174 2.27 0.025 .0145379 .2097333 L3. | -.0178122 .0632841 -0.28 0.779 -.1430496 .1074253 L4. | .1585779 .0672203 2.36 0.020 .0255509 .291605 ldd_ciloan | -.1268923 .1193074 -1.06 0.290 -.3629981 .1092135 linfl_qoq | -.0292104 .0071941 -4.06 0.000 -.0434474 -.0149734 lgrowth_qoq | -.2907813 .1891256 -1.54 0.127 -.6650554 .0834928 lnom_gdp | .2118664 .0600328 3.53 0.001 .0930633 .3306695 crisis_all | .1850847 .0751146 2.46 0.015 .0364352 .3337342 _cons | .6512925 .5361726 1.21 0.227 -.4097772 1.712362 -------------+---------------------------------------------------------------- sigma_u | .48786103 sigma_e | .24954927 rho | .792613 (fraction of variance due to u_i) ------------------------------------------------------------------------------ . esttab M* using "./Output/icstats.csv", csv plain stats(bic aic) replace (output written to ./Output/icstats.csv) . estimates drop M* . xtreg lfc L.lfc L(0/3).llois L(0/0).lglobalcds1 L(0/0).lasset_vol ldd_ciloan linfl_qoq lgrowth_qoq lnom_gdp crisis_ > all, fe i(cncode2) vce(robust) Fixed-effects (within) regression Number of obs = 3429 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7766 Obs per group: min = 5 between = 0.9776 avg = 27.0 overall = 0.9691 max = 29 F(12,126) = 474.25 corr(u_i, Xb) = 0.1898 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7814646 .0257471 30.35 0.000 .7305119 .8324173 llois | --. | -.0190696 .0176365 -1.08 0.282 -.0539716 .0158325 L1. | .010407 .0135079 0.77 0.442 -.0163247 .0371387 L2. | .0165795 .0135419 1.22 0.223 -.0102194 .0433784 L3. | -.0220401 .0102816 -2.14 0.034 -.042387 -.0016932 lglobalcds1 | -.004035 .0074178 -0.54 0.587 -.0187147 .0106446 lasset_vol | -.0666143 .0239725 -2.78 0.006 -.1140551 -.0191735 ldd_ciloan | -.0058948 .0406378 -0.15 0.885 -.0863159 .0745263 linfl_qoq | -.0219044 .0055141 -3.97 0.000 -.0328166 -.0109922 lgrowth_qoq | -.1593822 .1499767 -1.06 0.290 -.4561817 .1374173 lnom_gdp | .288511 .0386735 7.46 0.000 .2119772 .3650448 crisis_all | .078109 .028049 2.78 0.006 .0226008 .1336171 _cons | -.8452066 .2696834 -3.13 0.002 -1.378902 -.3115111 -------------+---------------------------------------------------------------- sigma_u | .37003503 sigma_e | .24626778 rho | .69303705 (fraction of variance due to u_i) ------------------------------------------------------------------------------ . estimates store B3 . xtreg lfc L.lfc llois llois_crisis lglobalcds1 lglobalcds1_crisis lasset_vol lasset_vol_crisis ldd_ciloan linfl_qoq > lgrowth_qoq lnom_gdp crisis_all, fe i(cncode2) vce(bootstrap, reps(200)) (running xtreg on estimation sample) Bootstrap replications (200) ----+--- 1 ---+--- 2 ---+--- 3 ---+--- 4 ---+--- 5 .................................................. 50 .................................................. 100 .................................................. 150 .................................................. 200 Fixed-effects (within) regression Number of obs = 3435 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7719 Obs per group: min = 5 between = 0.9779 avg = 27.0 overall = 0.9690 max = 29 Wald chi2(12) = 4269.68 corr(u_i, Xb) = 0.2748 Prob > chi2 = 0.0000 (Replications based on 127 clusters in cncode2) ------------------------------------------------------------------------------ | Observed Bootstrap Normal-based lfc | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7712363 .0325162 23.72 0.000 .7075057 .8349668 llois | -.0295364 .0160708 -1.84 0.066 -.0610346 .0019618 llois_crisis | -.0002497 .0401223 -0.01 0.995 -.0788879 .0783885 lglobalcds1 | .0015774 .0076447 0.21 0.837 -.0134059 .0165608 lglobalcd~is | -.0115152 .0123583 -0.93 0.351 -.0357369 .0127066 lasset_vol | -.0678851 .0432903 -1.57 0.117 -.1527325 .0169624 las~l_crisis | .0182412 .0623609 0.29 0.770 -.1039839 .1404662 ldd_ciloan | -.0171378 .0394818 -0.43 0.664 -.0945207 .0602452 linfl_qoq | -.021941 .1538527 -0.14 0.887 -.3234868 .2796048 lgrowth_qoq | -.1729304 .1907402 -0.91 0.365 -.5467742 .2009135 lnom_gdp | .2821525 .0481265 5.86 0.000 .1878262 .3764787 crisis_all | .1527003 .1315486 1.16 0.246 -.1051303 .4105308 _cons | -.6810465 .3248814 -2.10 0.036 -1.317802 -.0442907 -------------+---------------------------------------------------------------- sigma_u | .37655318 sigma_e | .25048085 rho | .69324915 (fraction of variance due to u_i) ------------------------------------------------------------------------------ . * xtreg lfc L.lfc llois llois_crisis lglobalcds1 lglobalcds1_crisis lasset_vol lasset_vol_crisis ldd_ciloan linfl_q > oq lgrowth_qoq lnom_gdp crisis_all, fe i(cncode2) vce(robust) . estimates store B4 . . estout B* using "./Output/benchmark.tex", replace style(tex) varlabels(_cons Constant) cells (b(fmt(%9.3f)) se(star > par fmt(%9.2f))) stats (r2_a r2_w N, labels("Adj. $R^2$" "$R^2$ (within)" "N") fmt(%8.3f %8.3f %6.0f)) starlevels( > * 0.10 ** 0.05 *** 0.01) & B1 & B2 & B3 & B4 \\ & b/se & b/se & b/se & b/se \\ L.lfc & 0.772 & 0.772 & 0.781 & 0.771 \\ & (0.03)***& (0.03)***& (0.03)***& (0.03)***\\ llois & 0.030 & -0.025 & -0.019 & -0.030 \\ & (0.01)***& (0.01)* & (0.02) & (0.02)* \\ lglobalcds1 & -0.014 & -0.001 & -0.004 & 0.002 \\ & (0.01)** & (0.01) & (0.01) & (0.01) \\ lasset_vol & -0.062 & -0.060 & -0.067 & -0.068 \\ & (0.02)** & (0.02)** & (0.02)***& (0.04) \\ ldd_ciloan & 0.009 & -0.002 & -0.006 & -0.017 \\ & (0.03) & (0.03) & (0.04) & (0.04) \\ linfl_qoq & -0.019 & -0.022 & -0.022 & -0.022 \\ & (0.01)***& (0.01)***& (0.01)***& (0.15) \\ lgrowth_qoq & -0.131 & -0.168 & -0.159 & -0.173 \\ & (0.15) & (0.15) & (0.15) & (0.19) \\ lnom_gdp & 0.308 & 0.289 & 0.289 & 0.282 \\ & (0.04)***& (0.04)***& (0.04)***& (0.05)***\\ crisis_all & & 0.108 & 0.078 & 0.153 \\ & & (0.02)***& (0.03)***& (0.13) \\ L.llois & & & 0.010 & \\ & & & (0.01) & \\ L2.llois & & & 0.017 & \\ & & & (0.01) & \\ L3.llois & & & -0.022 & \\ & & & (0.01)** & \\ llois_crisis& & & & -0.000 \\ & & & & (0.04) \\ lglobalcds1_crisis& & & & -0.012 \\ & & & & (0.01) \\ lasset_vol_crisis& & & & 0.018 \\ & & & & (0.06) \\ Constant & -1.060 & -0.765 & -0.845 & -0.681 \\ & (0.24)***& (0.25)***& (0.27)***& (0.32)** \\ Adj. ^2$ & 0.770 & 0.771 & 0.776 & 0.762 \\ ^2$ (within)& 0.771 & 0.772 & 0.777 & 0.772 \\ N & 3435 & 3435 & 3429 & 3435 \\ . estimates clear . . /* Robustness regressions */ . . *** Additional measures of channels *** . xtreg lfc L.lfc lted lglobalcds1 lasset_vol ldd_ciloan linfl_qoq lgrowth_qoq lnom_gdp crisis_all, fe i(cncode2) vce > (robust) Fixed-effects (within) regression Number of obs = 3435 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7717 Obs per group: min = 5 between = 0.9755 avg = 27.0 overall = 0.9668 max = 29 F(9,126) = 528.39 corr(u_i, Xb) = 0.1793 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7721722 .0257431 30.00 0.000 .7212273 .8231172 lted | -.0041788 .0172239 -0.24 0.809 -.0382644 .0299069 lglobalcds1 | -.0089392 .0081556 -1.10 0.275 -.0250789 .0072005 lasset_vol | -.0728769 .0264198 -2.76 0.007 -.125161 -.0205929 ldd_ciloan | .0062582 .0291086 0.21 0.830 -.0513468 .0638632 linfl_qoq | -.0208667 .0056305 -3.71 0.000 -.0320093 -.0097242 lgrowth_qoq | -.1549805 .1505899 -1.03 0.305 -.4529935 .1430325 lnom_gdp | .3008391 .0345867 8.70 0.000 .2323929 .3692852 crisis_all | .0806807 .0279561 2.89 0.005 .0253565 .1360049 _cons | -.9044274 .2379443 -3.80 0.000 -1.375312 -.4335426 -------------+---------------------------------------------------------------- sigma_u | .38610571 sigma_e | .25045496 rho | .7038427 (fraction of variance due to u_i) ------------------------------------------------------------------------------ . xtreg lfc L.lfc llois lm3 lglobalcds1 lasset_vol ldd_ciloan linfl_qoq lgrowth_qoq lnom_gdp crisis_all, fe i(cncode2 > ) vce(robust) Fixed-effects (within) regression Number of obs = 189 Group variable: cncode2 Number of groups = 8 R-sq: within = 0.8541 Obs per group: min = 7 between = 0.9646 avg = 23.6 overall = 0.9693 max = 29 F(7,7) = . corr(u_i, Xb) = -0.3291 Prob > F = . (Std. Err. adjusted for 8 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .8084256 .0719211 11.24 0.000 .6383592 .978492 llois | -.0057344 .0188703 -0.30 0.770 -.0503555 .0388867 lm3 | .3116561 .1890311 1.65 0.143 -.1353315 .7586437 lglobalcds1 | -.0413908 .0172961 -2.39 0.048 -.0822897 -.0004919 lasset_vol | -.1061684 .0480194 -2.21 0.063 -.2197163 .0073795 ldd_ciloan | .10449 .1002348 1.04 0.332 -.1325276 .3415075 linfl_qoq | .0013076 .3395898 0.00 0.997 -.8016946 .8043098 lgrowth_qoq | .0837284 .0522076 1.60 0.153 -.0397229 .2071797 lnom_gdp | -.1016574 .1992938 -0.51 0.626 -.5729124 .3695976 crisis_all | .1156418 .027796 4.16 0.004 .0499146 .1813689 _cons | -5.328263 2.431405 -2.19 0.065 -11.07762 .4210959 -------------+---------------------------------------------------------------- sigma_u | .53177067 sigma_e | .13644144 rho | .93823326 (fraction of variance due to u_i) ------------------------------------------------------------------------------ . xtreg lfc L.lfc llois llibored lglobalcds1 lasset_vol ldd_ciloan linfl_qoq lgrowth_qoq lnom_gdp crisis_all, fe i(cn > code2) vce(robust) Fixed-effects (within) regression Number of obs = 3435 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7719 Obs per group: min = 5 between = 0.9772 avg = 27.0 overall = 0.9683 max = 29 F(10,126) = 491.91 corr(u_i, Xb) = 0.2457 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7714619 .025641 30.09 0.000 .7207191 .8222047 llois | -.0217823 .0166685 -1.31 0.194 -.0547687 .0112041 llibored | .0036376 .0087044 0.42 0.677 -.0135882 .0208634 lglobalcds1 | -.0016592 .0068206 -0.24 0.808 -.015157 .0118386 lasset_vol | -.0541169 .0297586 -1.82 0.071 -.1130082 .0047744 ldd_ciloan | -.0076902 .0321835 -0.24 0.812 -.0713803 .056 linfl_qoq | -.0217767 .0056927 -3.83 0.000 -.0330423 -.010511 lgrowth_qoq | -.1665116 .1551612 -1.07 0.285 -.473571 .1405477 lnom_gdp | .2878772 .0366609 7.85 0.000 .2153265 .360428 crisis_all | .0998737 .0332576 3.00 0.003 .0340579 .1656895 _cons | -.7744507 .2592922 -2.99 0.003 -1.287582 -.2613191 -------------+---------------------------------------------------------------- sigma_u | .37919512 sigma_e | .25041607 rho | .69632411 (fraction of variance due to u_i) ------------------------------------------------------------------------------ . . xtreg lfc L.lfc lliborcd lglobalcds1 lasset_vol ldd_ciloan linfl_qoq lgrowth_qoq lnom_gdp crisis_all, fe i(cncode2) > vce(robust) Fixed-effects (within) regression Number of obs = 3435 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7717 Obs per group: min = 5 between = 0.9759 avg = 27.0 overall = 0.9671 max = 29 F(9,126) = 532.77 corr(u_i, Xb) = 0.1926 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7720508 .0259145 29.79 0.000 .7207667 .8233349 lliborcd | -.0027544 .0115307 -0.24 0.812 -.0255733 .0200645 lglobalcds1 | -.0072115 .0053177 -1.36 0.177 -.0177352 .0033121 lasset_vol | -.0815544 .0338992 -2.41 0.018 -.14864 -.0144687 ldd_ciloan | .0025863 .0426119 0.06 0.952 -.0817414 .086914 linfl_qoq | -.0209274 .0055927 -3.74 0.000 -.0319953 -.0098595 lgrowth_qoq | -.1542074 .1500487 -1.03 0.306 -.4511495 .1427346 lnom_gdp | .2981742 .0339717 8.78 0.000 .2309451 .3654032 crisis_all | .076718 .0168021 4.57 0.000 .0434672 .1099688 _cons | -.8860867 .2526017 -3.51 0.001 -1.385978 -.3861955 -------------+---------------------------------------------------------------- sigma_u | .38456475 sigma_e | .25045393 rho | .70217454 (fraction of variance due to u_i) ------------------------------------------------------------------------------ . estimates store R1 . xtreg lfc L.lfc L(0/3).lliborcd L(0/0).lglobalcds1 L(0/0).lasset_vol ldd_ciloan linfl_qoq lgrowth_qoq lnom_gdp cris > is_all, fe i(cncode2) vce(robust) Fixed-effects (within) regression Number of obs = 3429 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7764 Obs per group: min = 5 between = 0.9789 avg = 27.0 overall = 0.9702 max = 29 F(12,126) = 475.78 corr(u_i, Xb) = 0.2522 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7798202 .0257619 30.27 0.000 .7288382 .8308022 lliborcd | --. | .0035972 .0128854 0.28 0.781 -.0219026 .029097 L1. | .0121147 .0126837 0.96 0.341 -.0129859 .0372154 L2. | .0133019 .0094719 1.40 0.163 -.0054428 .0320465 L3. | -.0026011 .0086846 -0.30 0.765 -.0197876 .0145854 lglobalcds1 | -.0069386 .0052942 -1.31 0.192 -.0174157 .0035385 lasset_vol | -.0529382 .0399031 -1.33 0.187 -.1319053 .0260289 ldd_ciloan | -.0156522 .0414982 -0.38 0.707 -.0977758 .0664714 linfl_qoq | -.0226242 .0056263 -4.02 0.000 -.0337586 -.0114898 lgrowth_qoq | -.1799496 .1547833 -1.16 0.247 -.4862612 .126362 lnom_gdp | .2779802 .0363316 7.65 0.000 .2060811 .3498793 crisis_all | .0749776 .0188586 3.98 0.000 .0376571 .1122981 _cons | -.827344 .2477486 -3.34 0.001 -1.317631 -.3370568 -------------+---------------------------------------------------------------- sigma_u | .36531912 sigma_e | .2464112 rho | .68730271 (fraction of variance due to u_i) ------------------------------------------------------------------------------ . estimates store AR1 . xtreg lfc L.lfc lliborcd lliborcd_crisis lglobalcds1 lglobalcds1_crisis lasset_vol lasset_vol_crisis ldd_ciloan lin > fl_qoq lgrowth_qoq lnom_gdp crisis_all, fe i(cncode2) vce(bootstrap, reps(200)) (running xtreg on estimation sample) Bootstrap replications (200) ----+--- 1 ---+--- 2 ---+--- 3 ---+--- 4 ---+--- 5 .................................................. 50 .................................................. 100 .................................................. 150 .................................................. 200 Fixed-effects (within) regression Number of obs = 3435 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7718 Obs per group: min = 5 between = 0.9764 avg = 27.0 overall = 0.9676 max = 29 Wald chi2(12) = 3817.58 corr(u_i, Xb) = 0.2138 Prob > chi2 = 0.0000 (Replications based on 127 clusters in cncode2) ------------------------------------------------------------------------------ | Observed Bootstrap Normal-based lfc | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7717322 .0286865 26.90 0.000 .7155076 .8279568 lliborcd | .0147435 .0588088 0.25 0.802 -.1005197 .1300067 lliborcd_c~s | -.0202503 .0564934 -0.36 0.720 -.1309754 .0904747 lglobalcds1 | -.0066604 .0056094 -1.19 0.235 -.0176545 .0043338 lglobalcd~is | -.0023456 .016034 -0.15 0.884 -.0337716 .0290804 lasset_vol | -.0580762 .0439099 -1.32 0.186 -.144138 .0279856 las~l_crisis | -.0348676 .0487179 -0.72 0.474 -.130353 .0606178 ldd_ciloan | .0013688 .0534042 0.03 0.980 -.1033015 .1060391 linfl_qoq | -.0212004 .1547828 -0.14 0.891 -.3245691 .2821684 lgrowth_qoq | -.1664655 .1761734 -0.94 0.345 -.511759 .1788279 lnom_gdp | .294157 .0389174 7.56 0.000 .2178804 .3704336 crisis_all | .1674997 .1598564 1.05 0.295 -.145813 .4808124 _cons | -.9000696 .4090964 -2.20 0.028 -1.701884 -.0982555 -------------+---------------------------------------------------------------- sigma_u | .38241661 sigma_e | .25054518 rho | .69967331 (fraction of variance due to u_i) ------------------------------------------------------------------------------ . estimates store BR1 . . xtreg lfc L.lfc llois lliborcd lglobalcds1 lasset_vol ldd_ciloan linfl_qoq lgrowth_qoq lnom_gdp crisis_all, fe i(cn > code2) vce(robust) Fixed-effects (within) regression Number of obs = 3435 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7719 Obs per group: min = 5 between = 0.9774 avg = 27.0 overall = 0.9686 max = 29 F(10,126) = 482.05 corr(u_i, Xb) = 0.2565 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7712598 .0259013 29.78 0.000 .7200018 .8225178 llois | -.0273383 .0144101 -1.90 0.060 -.0558555 .0011789 lliborcd | -.0058012 .0118504 -0.49 0.625 -.0292528 .0176504 lglobalcds1 | -.0000603 .0069834 -0.01 0.993 -.0138802 .0137595 lasset_vol | -.0705012 .0337401 -2.09 0.039 -.1372719 -.0037306 ldd_ciloan | -.0145798 .0441583 -0.33 0.742 -.1019679 .0728083 linfl_qoq | -.0215949 .0056431 -3.83 0.000 -.0327624 -.0104274 lgrowth_qoq | -.1677073 .1539478 -1.09 0.278 -.4723655 .1369508 lnom_gdp | .2858761 .0348149 8.21 0.000 .2169784 .3547737 crisis_all | .112832 .0262274 4.30 0.000 .0609288 .1647352 _cons | -.7023343 .2812751 -2.50 0.014 -1.258969 -.1456992 -------------+---------------------------------------------------------------- sigma_u | .37835199 sigma_e | .25040948 rho | .69539303 (fraction of variance due to u_i) ------------------------------------------------------------------------------ . estimates store R2 . xtreg lfc L.lfc L(0/3).llois lliborcd L(0/0).lglobalcds1 L(0/0).lasset_vol ldd_ciloan linfl_qoq lgrowth_qoq lnom_gd > p crisis_all, fe i(cncode2) vce(robust) Fixed-effects (within) regression Number of obs = 3429 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7768 Obs per group: min = 5 between = 0.9792 avg = 27.0 overall = 0.9705 max = 29 F(13,126) = 477.10 corr(u_i, Xb) = 0.2576 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7808148 .0257538 30.32 0.000 .7298489 .8317808 llois | --. | -.0170908 .0175393 -0.97 0.332 -.0518006 .017619 L1. | .0055193 .0135623 0.41 0.685 -.02132 .0323587 L2. | .0315917 .0141205 2.24 0.027 .0036476 .0595357 L3. | -.0341322 .0111787 -3.05 0.003 -.0562545 -.0120099 lliborcd | -.0221065 .0133315 -1.66 0.100 -.0484891 .004276 lglobalcds1 | -.0013579 .0078374 -0.17 0.863 -.0168679 .0141522 lasset_vol | -.115628 .037332 -3.10 0.002 -.1895069 -.0417491 ldd_ciloan | -.0618124 .0579069 -1.07 0.288 -.1764085 .0527838 linfl_qoq | -.0220922 .0055461 -3.98 0.000 -.0330678 -.0111166 lgrowth_qoq | -.1624317 .1509227 -1.08 0.284 -.4611033 .1362399 lnom_gdp | .2756903 .0371623 7.42 0.000 .2021471 .3492334 crisis_all | .080087 .0281947 2.84 0.005 .0242905 .1358836 _cons | -.6113662 .3124948 -1.96 0.053 -1.229784 .0070518 -------------+---------------------------------------------------------------- sigma_u | .36332305 sigma_e | .24618473 rho | .68533957 (fraction of variance due to u_i) ------------------------------------------------------------------------------ . estimates store AR2 . xtreg lfc L.lfc llois llois_crisis lliborcd lliborcd_crisis lglobalcds1 lglobalcds1_crisis lasset_vol lasset_vol_cr > isis ldd_ciloan linfl_qoq lgrowth_qoq lnom_gdp crisis_all, fe i(cncode2) vce(bootstrap, reps(200)) (running xtreg on estimation sample) Bootstrap replications (200) ----+--- 1 ---+--- 2 ---+--- 3 ---+--- 4 ---+--- 5 .................................................. 50 .................................................. 100 .................................................. 150 .................................................. 200 Fixed-effects (within) regression Number of obs = 3435 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7719 Obs per group: min = 5 between = 0.9773 avg = 27.0 overall = 0.9685 max = 29 Wald chi2(14) = 3983.50 corr(u_i, Xb) = 0.2551 Prob > chi2 = 0.0000 (Replications based on 127 clusters in cncode2) ------------------------------------------------------------------------------ | Observed Bootstrap Normal-based lfc | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7709784 .0303396 25.41 0.000 .7115139 .8304429 llois | -.0362098 .0216761 -1.67 0.095 -.0786942 .0062746 llois_crisis | .0114263 .0500409 0.23 0.819 -.086652 .1095046 lliborcd | .0424995 .0788165 0.54 0.590 -.1119781 .196977 lliborcd_c~s | -.0482003 .0756709 -0.64 0.524 -.1965125 .1001119 lglobalcds1 | .0028243 .0076519 0.37 0.712 -.0121732 .0178217 lglobalcd~is | -.0099507 .0142884 -0.70 0.486 -.0379554 .018054 lasset_vol | -.0673185 .0402739 -1.67 0.095 -.1462539 .0116169 las~l_crisis | -.0015161 .0688649 -0.02 0.982 -.1364887 .1334566 ldd_ciloan | -.0125091 .0625805 -0.20 0.842 -.1351646 .1101465 linfl_qoq | -.0217583 .176313 -0.12 0.902 -.3673254 .3238088 lgrowth_qoq | -.1764991 .1692013 -1.04 0.297 -.5081275 .1551294 lnom_gdp | .2865246 .0449111 6.38 0.000 .1985005 .3745486 crisis_all | .2674541 .1914156 1.40 0.162 -.1077135 .6426218 _cons | -.8352238 .5044991 -1.66 0.098 -1.824024 .1535764 -------------+---------------------------------------------------------------- sigma_u | .3788961 sigma_e | .25052795 rho | .69580131 (fraction of variance due to u_i) ------------------------------------------------------------------------------ . estimates store BR2 . . preserve . quietly reg lfc L.lfc llois lglobalcds1 lasset_vol ldd_ciloan linfl_qoq lgrowth_qoq lnom_gdp . keep if e(sample) (5226 observations deleted) . xtreg lfc Laglfc llois lnoncurrent_foroff lasset_vol ldd_ciloan linfl_qoq lgrowth_qoq lnom_gdp crisis_all, fe i(cnc > ode2) vce(robust) Fixed-effects (within) regression Number of obs = 3435 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7719 Obs per group: min = 5 between = 0.9769 avg = 27.0 overall = 0.9681 max = 29 F(9,126) = 527.12 corr(u_i, Xb) = 0.2362 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- Laglfc | .7715773 .0257256 29.99 0.000 .7206671 .8224874 llois | -.02522 .0143198 -1.76 0.081 -.0535584 .0031185 lnoncurren~f | -.0025568 .0139645 -0.18 0.855 -.0301921 .0250785 lasset_vol | -.0607453 .0250499 -2.42 0.017 -.1103184 -.0111722 ldd_ciloan | -.0045222 .0329232 -0.14 0.891 -.0696763 .0606318 linfl_qoq | -.0215477 .0055882 -3.86 0.000 -.0326066 -.0104888 lgrowth_qoq | -.1687071 .1541538 -1.09 0.276 -.473773 .1363589 lnom_gdp | .2897108 .0357586 8.10 0.000 .2189455 .3604761 crisis_all | .1067603 .0267021 4.00 0.000 .0539177 .1596029 _cons | -.7686069 .2517303 -3.05 0.003 -1.266774 -.27044 -------------+---------------------------------------------------------------- sigma_u | .38003929 sigma_e | .2503828 rho | .69731981 (fraction of variance due to u_i) ------------------------------------------------------------------------------ . xtreg lfc Laglfc L(0/3).llois L(0/0).lnoncurrent_foroff L(0/0).lasset_vol ldd_ciloan linfl_qoq lgrowth_qoq lnom_gdp > crisis_all, fe i(cncode2) vce(robust) Fixed-effects (within) regression Number of obs = 3054 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7158 Obs per group: min = 2 between = 0.9731 avg = 24.0 overall = 0.9640 max = 26 F(12,126) = 301.83 corr(u_i, Xb) = 0.4163 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- Laglfc | .7233721 .0339174 21.33 0.000 .6562506 .7904937 llois | --. | -.0259284 .0181321 -1.43 0.155 -.0618112 .0099544 L1. | .0133107 .0130892 1.02 0.311 -.0125924 .0392139 L2. | .0109559 .0134331 0.82 0.416 -.0156277 .0375396 L3. | -.0188792 .0108966 -1.73 0.086 -.0404433 .0026849 lnoncurren~f | .0153747 .017287 0.89 0.375 -.0188357 .0495851 lasset_vol | -.0509265 .0266409 -1.91 0.058 -.103648 .0017949 ldd_ciloan | .0146187 .0400637 0.36 0.716 -.0646662 .0939036 linfl_qoq | -.0238027 .005931 -4.01 0.000 -.03554 -.0120654 lgrowth_qoq | -.2291968 .16223 -1.41 0.160 -.5502451 .0918515 lnom_gdp | .3009148 .0460285 6.54 0.000 .2098257 .3920039 crisis_all | .0897739 .0294903 3.04 0.003 .0314134 .1481345 _cons | -.5144095 .32424 -1.59 0.115 -1.156071 .127252 -------------+---------------------------------------------------------------- sigma_u | .44295846 sigma_e | .25113923 rho | .75674885 (fraction of variance due to u_i) ------------------------------------------------------------------------------ . xtreg lfc Laglfc llois llois_crisis lnoncurrent_foroff lnoncurrent_foroff_crisis lasset_vol lasset_vol_crisis ldd_c > iloan linfl_qoq lgrowth_qoq lnom_gdp crisis_all, fe i(cncode2) vce(robust) Fixed-effects (within) regression Number of obs = 3435 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7719 Obs per group: min = 5 between = 0.9785 avg = 27.0 overall = 0.9696 max = 29 F(12,126) = 415.82 corr(u_i, Xb) = 0.3015 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- Laglfc | .7710368 .0256298 30.08 0.000 .7203162 .8217574 llois | -.0312426 .0192445 -1.62 0.107 -.0693269 .0068417 llois_crisis | .0121703 .040912 0.30 0.767 -.0687934 .093134 lnoncurren~f | .0057811 .0151937 0.38 0.704 -.0242868 .035849 lnoncurren~s | -.038621 .0252273 -1.53 0.128 -.0885451 .0113032 lasset_vol | -.0704233 .0456157 -1.54 0.125 -.1606956 .0198489 las~l_crisis | .0086247 .0627538 0.14 0.891 -.1155633 .1328127 ldd_ciloan | -.0255512 .0368788 -0.69 0.490 -.0985333 .0474309 linfl_qoq | -.0224565 .0056189 -4.00 0.000 -.0335762 -.0113368 lgrowth_qoq | -.1793229 .1521988 -1.18 0.241 -.4805199 .1218741 lnom_gdp | .2769511 .0390258 7.10 0.000 .1997201 .3541821 crisis_all | .1055296 .1228748 0.86 0.392 -.1376359 .3486952 _cons | -.6173989 .2742399 -2.25 0.026 -1.160112 -.0746863 -------------+---------------------------------------------------------------- sigma_u | .37441938 sigma_e | .25044956 rho | .69088029 (fraction of variance due to u_i) ------------------------------------------------------------------------------ . xtreg lfc Laglfc llois llossallow_foroff lasset_vol ldd_ciloan linfl_qoq lgrowth_qoq lnom_gdp crisis_all, fe i(cnco > de2) vce(robust) Fixed-effects (within) regression Number of obs = 3435 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7719 Obs per group: min = 5 between = 0.9763 avg = 27.0 overall = 0.9675 max = 29 F(9,126) = 524.91 corr(u_i, Xb) = 0.2075 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- Laglfc | .7721168 .0258329 29.89 0.000 .7209943 .8232393 llois | -.0185779 .0151443 -1.23 0.222 -.048548 .0113922 llossallow~f | -.0120573 .0145375 -0.83 0.408 -.0408266 .0167119 lasset_vol | -.0623172 .0238093 -2.62 0.010 -.1094351 -.0151993 ldd_ciloan | -.0050591 .0315686 -0.16 0.873 -.0675325 .0574143 linfl_qoq | -.0214263 .0056347 -3.80 0.000 -.0325773 -.0102754 lgrowth_qoq | -.176335 .1546986 -1.14 0.257 -.4824789 .129809 lnom_gdp | .2950725 .0343252 8.60 0.000 .2271438 .3630011 crisis_all | .0945085 .0289149 3.27 0.001 .0372867 .1517303 _cons | -.8271822 .239957 -3.45 0.001 -1.30205 -.3523143 -------------+---------------------------------------------------------------- sigma_u | .38252405 sigma_e | .2503615 rho | .70009941 (fraction of variance due to u_i) ------------------------------------------------------------------------------ . estimates store R3 . xtreg lfc Laglfc L(0/3).llois L(0/0).llossallow_foroff L(0/0).lasset_vol ldd_ciloan linfl_qoq lgrowth_qoq lnom_gdp > crisis_all, fe i(cncode2) vce(robust) Fixed-effects (within) regression Number of obs = 3054 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7157 Obs per group: min = 2 between = 0.9702 avg = 24.0 overall = 0.9614 max = 26 F(12,126) = 308.20 corr(u_i, Xb) = 0.3269 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- Laglfc | .7244531 .0340811 21.26 0.000 .6570077 .7918985 llois | --. | -.0176429 .0201661 -0.87 0.383 -.0575509 .0222652 L1. | .0126014 .013273 0.95 0.344 -.0136656 .0388684 L2. | .0142283 .0139312 1.02 0.309 -.0133412 .0417978 L3. | -.0170721 .0104667 -1.63 0.105 -.0377855 .0036412 llossallow~f | -.0020621 .0157281 -0.13 0.896 -.0331877 .0290634 lasset_vol | -.060591 .0247308 -2.45 0.016 -.1095326 -.0116494 ldd_ciloan | .0148197 .04013 0.37 0.713 -.0645963 .0942357 linfl_qoq | -.0231487 .0059643 -3.88 0.000 -.0349518 -.0113455 lgrowth_qoq | -.2349892 .1620423 -1.45 0.149 -.5556661 .0856878 lnom_gdp | .3214019 .0429261 7.49 0.000 .2364524 .4063514 crisis_all | .0739869 .0333699 2.22 0.028 .0079489 .1400249 _cons | -.7189812 .2880363 -2.50 0.014 -1.288997 -.1489658 -------------+---------------------------------------------------------------- sigma_u | .44697914 sigma_e | .25116005 rho | .76002984 (fraction of variance due to u_i) ------------------------------------------------------------------------------ . estimates store AR3 . xtreg lfc Laglfc llois llois_crisis llossallow_foroff llossallow_foroff_crisis lasset_vol lasset_vol_crisis ldd_cil > oan linfl_qoq lgrowth_qoq lnom_gdp crisis_all, fe i(cncode2) vce(bootstrap, reps(200)) (running xtreg on estimation sample) Bootstrap replications (200) ----+--- 1 ---+--- 2 ---+--- 3 ---+--- 4 ---+--- 5 .................................................. 50 .................................................. 100 .................................................. 150 .................................................. 200 Fixed-effects (within) regression Number of obs = 3435 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7719 Obs per group: min = 5 between = 0.9772 avg = 27.0 overall = 0.9683 max = 29 Wald chi2(12) = 4987.67 corr(u_i, Xb) = 0.2433 Prob > chi2 = 0.0000 (Replications based on 127 clusters in cncode2) ------------------------------------------------------------------------------ | Observed Bootstrap Normal-based lfc | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- Laglfc | .7717923 .0249451 30.94 0.000 .7229009 .8206838 llois | -.0217127 .0176155 -1.23 0.218 -.0562383 .012813 llois_crisis | .0054129 .0432167 0.13 0.900 -.0792902 .090116 llossallow~f | -.0064553 .0137847 -0.47 0.640 -.0334729 .0205622 llossallow~s | -.0239173 .0299285 -0.80 0.424 -.0825761 .0347416 lasset_vol | -.0692803 .0463822 -1.49 0.135 -.1601878 .0216272 las~l_crisis | .0144176 .0665806 0.22 0.829 -.116078 .1449131 ldd_ciloan | -.0212374 .0384215 -0.55 0.580 -.0965422 .0540673 linfl_qoq | -.0219078 .1553244 -0.14 0.888 -.326338 .2825224 lgrowth_qoq | -.179149 .1759261 -1.02 0.309 -.5239578 .1656597 lnom_gdp | .2880462 .0360813 7.98 0.000 .2173282 .3587642 crisis_all | .0812267 .1297055 0.63 0.531 -.1729913 .3354448 _cons | -.7416078 .2706377 -2.74 0.006 -1.272048 -.2111677 -------------+---------------------------------------------------------------- sigma_u | .37892586 sigma_e | .25046015 rho | .69594911 (fraction of variance due to u_i) ------------------------------------------------------------------------------ . estimates store BR3 . restore . . xtreg lfc L.lfc llois lglobalcds1 lvix ldd_ciloan linfl_qoq lgrowth_qoq lnom_gdp crisis_all, fe i(cncode2) vce(robu > st) Fixed-effects (within) regression Number of obs = 3435 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7734 Obs per group: min = 5 between = 0.9854 avg = 27.0 overall = 0.9759 max = 29 F(9,126) = 462.25 corr(u_i, Xb) = 0.5974 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7677759 .0253465 30.29 0.000 .717616 .8179358 llois | .0152475 .014647 1.04 0.300 -.0137386 .0442335 lglobalcds1 | .0389752 .0103736 3.76 0.000 .0184461 .0595043 lvix | -.2241473 .0419775 -5.34 0.000 -.3072196 -.1410749 ldd_ciloan | -.1820413 .0466896 -3.90 0.000 -.2744386 -.089644 linfl_qoq | -.0279262 .0067063 -4.16 0.000 -.0411977 -.0146546 lgrowth_qoq | -.1513621 .1532394 -0.99 0.325 -.4546184 .1518943 lnom_gdp | .2168252 .0374119 5.80 0.000 .1427882 .2908622 crisis_all | .050406 .0231893 2.17 0.032 .0045151 .096297 _cons | .38798 .3466975 1.12 0.265 -.2981242 1.074084 -------------+---------------------------------------------------------------- sigma_u | .37029435 sigma_e | .24952165 rho | .68772505 (fraction of variance due to u_i) ------------------------------------------------------------------------------ . xtreg lfc L.lfc llois lglobalcds1 lasset_vol3 ldd_ciloan linfl_qoq lgrowth_qoq lnom_gdp crisis_all, fe i(cncode2) v > ce(robust) Fixed-effects (within) regression Number of obs = 3435 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7717 Obs per group: min = 5 between = 0.9766 avg = 27.0 overall = 0.9678 max = 29 F(9,126) = 469.86 corr(u_i, Xb) = 0.2319 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7705052 .0257432 29.93 0.000 .7195601 .8214502 llois | -.0271463 .0141948 -1.91 0.058 -.0552374 .0009448 lglobalcds1 | .0006463 .0063988 0.10 0.920 -.0120166 .0133093 lasset_vol3 | -.0556257 .0364515 -1.53 0.130 -.1277622 .0165107 ldd_ciloan | .0167681 .0294857 0.57 0.571 -.0415833 .0751195 linfl_qoq | -.0220261 .0058027 -3.80 0.000 -.0335094 -.0105429 lgrowth_qoq | -.13615 .150185 -0.91 0.366 -.4333617 .1610617 lnom_gdp | .2917803 .0367817 7.93 0.000 .2189903 .3645702 crisis_all | .1137326 .0250949 4.53 0.000 .0640706 .1633947 _cons | -.8171498 .2533806 -3.22 0.002 -1.318582 -.3157171 -------------+---------------------------------------------------------------- sigma_u | .38225215 sigma_e | .25049274 rho | .69958051 (fraction of variance due to u_i) ------------------------------------------------------------------------------ . xtreg lfc L.lfc llois lglobalcds1 lted_vol ldd_ciloan linfl_qoq lgrowth_qoq lnom_gdp crisis_all, fe i(cncode2) vce( > robust) Fixed-effects (within) regression Number of obs = 3435 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7722 Obs per group: min = 5 between = 0.9762 avg = 27.0 overall = 0.9674 max = 29 F(9,126) = 458.67 corr(u_i, Xb) = 0.2096 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7713394 .0258793 29.81 0.000 .7201251 .8225537 llois | -.0238565 .0132419 -1.80 0.074 -.0500619 .0023488 lglobalcds1 | -.0151514 .0078059 -1.94 0.054 -.0305991 .0002962 lted_vol | -.0188883 .0047631 -3.97 0.000 -.0283144 -.0094623 ldd_ciloan | .0584877 .0311111 1.88 0.062 -.0030803 .1200557 linfl_qoq | -.0220452 .0058171 -3.79 0.000 -.0335571 -.0105334 lgrowth_qoq | -.1401245 .1515806 -0.92 0.357 -.4400981 .1598491 lnom_gdp | .2954264 .0364152 8.11 0.000 .2233618 .367491 crisis_all | .1551947 .0288412 5.38 0.000 .0981189 .2122705 _cons | -.8214985 .254269 -3.23 0.002 -1.324689 -.3183076 -------------+---------------------------------------------------------------- sigma_u | .38356861 sigma_e | .25022037 rho | .70147948 (fraction of variance due to u_i) ------------------------------------------------------------------------------ . xtreg lfc L.lfc llois lglobalcds1 lriskaverse ldd_ciloan linfl_qoq lgrowth_qoq lnom_gdp crisis_all, fe i(cncode2) v > ce(robust) Fixed-effects (within) regression Number of obs = 3435 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7715 Obs per group: min = 5 between = 0.9778 avg = 27.0 overall = 0.9689 max = 29 F(9,126) = 489.61 corr(u_i, Xb) = 0.2857 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7695129 .0256934 29.95 0.000 .7186664 .8203595 llois | -.0469305 .0141999 -3.30 0.001 -.0750317 -.0188293 lglobalcds1 | .0022265 .0063105 0.35 0.725 -.0102618 .0147149 lriskaverse | .0250522 .0747066 0.34 0.738 -.1227899 .1728943 ldd_ciloan | .0152549 .0359496 0.42 0.672 -.0558883 .0863981 linfl_qoq | -.0224715 .0059004 -3.81 0.000 -.0341482 -.0107949 lgrowth_qoq | -.1369868 .150909 -0.91 0.366 -.4356312 .1616576 lnom_gdp | .2817875 .0371093 7.59 0.000 .2083493 .3552256 crisis_all | .1078225 .0244158 4.42 0.000 .0595043 .1561408 _cons | -.7008392 .2597968 -2.70 0.008 -1.214969 -.186709 -------------+---------------------------------------------------------------- sigma_u | .37829287 sigma_e | .25059869 rho | .69500671 (fraction of variance due to u_i) ------------------------------------------------------------------------------ . xtreg lfc L.lfc llois lglobalcds1 lasset_vol7 ldd_ciloan linfl_qoq lgrowth_qoq lnom_gdp crisis_all, fe i(cncode2) v > ce(robust) Fixed-effects (within) regression Number of obs = 3435 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7719 Obs per group: min = 5 between = 0.9776 avg = 27.0 overall = 0.9687 max = 29 F(9,126) = 504.56 corr(u_i, Xb) = 0.2611 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7716394 .0256733 30.06 0.000 .7208328 .8224461 llois | -.0263938 .0132595 -1.99 0.049 -.0526339 -.0001537 lglobalcds1 | .0022775 .0063633 0.36 0.721 -.0103153 .0148703 lasset_vol7 | -.0854714 .034845 -2.45 0.016 -.1544286 -.0165141 ldd_ciloan | .004369 .0298892 0.15 0.884 -.0547808 .0635187 linfl_qoq | -.0218634 .0055343 -3.95 0.000 -.0328158 -.0109111 lgrowth_qoq | -.1578893 .1528218 -1.03 0.304 -.460319 .1445405 lnom_gdp | .2844835 .0362038 7.86 0.000 .2128372 .3561297 crisis_all | .1125255 .0243143 4.63 0.000 .0644083 .1606428 _cons | -.7059996 .2553252 -2.77 0.007 -1.211281 -.2007185 -------------+---------------------------------------------------------------- sigma_u | .37734328 sigma_e | .25035441 rho | .69435425 (fraction of variance due to u_i) ------------------------------------------------------------------------------ . estimates store R4 . xtreg lfc L.lfc L(0/3).llois L(0/0).lglobalcds1 L(0/0).lasset_vol7 ldd_ciloan linfl_qoq lgrowth_qoq lnom_gdp crisis > _all, fe i(cncode2) vce(robust) Fixed-effects (within) regression Number of obs = 3429 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7767 Obs per group: min = 5 between = 0.9780 avg = 27.0 overall = 0.9695 max = 29 F(12,126) = 465.30 corr(u_i, Xb) = 0.2041 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7817711 .0257525 30.36 0.000 .7308076 .8327345 llois | --. | -.022444 .0168292 -1.33 0.185 -.0557486 .0108605 L1. | .0160323 .0136676 1.17 0.243 -.0110155 .04308 L2. | .0133667 .0136243 0.98 0.328 -.0135955 .0403289 L3. | -.0215255 .0102194 -2.11 0.037 -.0417494 -.0013016 lglobalcds1 | -.0007622 .0072326 -0.11 0.916 -.0150754 .0135509 lasset_vol7 | -.096367 .0360842 -2.67 0.009 -.1677767 -.0249574 ldd_ciloan | .0053953 .0400087 0.13 0.893 -.0737808 .0845714 linfl_qoq | -.0222132 .005449 -4.08 0.000 -.0329967 -.0114298 lgrowth_qoq | -.1480691 .1475578 -1.00 0.318 -.4400816 .1439434 lnom_gdp | .2852511 .0384018 7.43 0.000 .2092551 .3612471 crisis_all | .083398 .0278434 3.00 0.003 .0282968 .1384992 _cons | -.8015828 .2691784 -2.98 0.003 -1.334279 -.2688867 -------------+---------------------------------------------------------------- sigma_u | .36784304 sigma_e | .24620766 rho | .69060773 (fraction of variance due to u_i) ------------------------------------------------------------------------------ . estimates store AR4 . xtreg lfc L.lfc llois llois_crisis lglobalcds1 lglobalcds1_crisis lasset_vol7 lasset_vol7_crisis ldd_ciloan linfl_q > oq lgrowth_qoq lnom_gdp crisis_all, fe i(cncode2) vce(bootstrap, reps(200)) (running xtreg on estimation sample) Bootstrap replications (200) ----+--- 1 ---+--- 2 ---+--- 3 ---+--- 4 ---+--- 5 .................................................. 50 .................................................. 100 .................................................. 150 .................................................. 200 Fixed-effects (within) regression Number of obs = 3435 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7719 Obs per group: min = 5 between = 0.9785 avg = 27.0 overall = 0.9696 max = 29 Wald chi2(12) = 3788.23 corr(u_i, Xb) = 0.2989 Prob > chi2 = 0.0000 (Replications based on 127 clusters in cncode2) ------------------------------------------------------------------------------ | Observed Bootstrap Normal-based lfc | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7713572 .0291714 26.44 0.000 .7141823 .828532 llois | -.0282959 .0192581 -1.47 0.142 -.0660411 .0094493 llois_crisis | -.0026955 .0381197 -0.07 0.944 -.0774087 .0720176 lglobalcds1 | .0043885 .009148 0.48 0.631 -.0135412 .0223182 lglobalcd~is | -.0104677 .0150394 -0.70 0.486 -.0399443 .0190089 lasset_vol7 | -.089242 .0698363 -1.28 0.201 -.2261186 .0476345 las~7_crisis | .0166576 .1044931 0.16 0.873 -.1881451 .2214602 ldd_ciloan | -.0094073 .043283 -0.22 0.828 -.0942405 .0754259 linfl_qoq | -.0222356 .1744427 -0.13 0.899 -.364137 .3196657 lgrowth_qoq | -.1651132 .1765788 -0.94 0.350 -.5112013 .1809749 lnom_gdp | .2770746 .0436265 6.35 0.000 .1915682 .362581 crisis_all | .1551521 .1061291 1.46 0.144 -.0528571 .3631612 _cons | -.6225168 .3375304 -1.84 0.065 -1.284064 .0390306 -------------+---------------------------------------------------------------- sigma_u | .37418902 sigma_e | .25045536 rho | .69060745 (fraction of variance due to u_i) ------------------------------------------------------------------------------ . estimates store BR4 . . xtreg lfc L.lfc llois lglobalcds1 lriskaverse ldd_ciloan linfl_qoq lgrowth_qoq lnom_gdp crisis_all, fe i(cncode2) v > ce(robust) Fixed-effects (within) regression Number of obs = 3435 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7715 Obs per group: min = 5 between = 0.9778 avg = 27.0 overall = 0.9689 max = 29 F(9,126) = 489.61 corr(u_i, Xb) = 0.2857 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7695129 .0256934 29.95 0.000 .7186664 .8203595 llois | -.0469305 .0141999 -3.30 0.001 -.0750317 -.0188293 lglobalcds1 | .0022265 .0063105 0.35 0.725 -.0102618 .0147149 lriskaverse | .0250522 .0747066 0.34 0.738 -.1227899 .1728943 ldd_ciloan | .0152549 .0359496 0.42 0.672 -.0558883 .0863981 linfl_qoq | -.0224715 .0059004 -3.81 0.000 -.0341482 -.0107949 lgrowth_qoq | -.1369868 .150909 -0.91 0.366 -.4356312 .1616576 lnom_gdp | .2817875 .0371093 7.59 0.000 .2083493 .3552256 crisis_all | .1078225 .0244158 4.42 0.000 .0595043 .1561408 _cons | -.7008392 .2597968 -2.70 0.008 -1.214969 -.186709 -------------+---------------------------------------------------------------- sigma_u | .37829287 sigma_e | .25059869 rho | .69500671 (fraction of variance due to u_i) ------------------------------------------------------------------------------ . estimates store R5 . xtreg lfc L.lfc L(0/3).llois L(0/0).lglobalcds1 L(0/0).lriskaverse ldd_ciloan linfl_qoq lgrowth_qoq lnom_gdp crisis > _all, fe i(cncode2) vce(robust) Fixed-effects (within) regression Number of obs = 3429 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7762 Obs per group: min = 5 between = 0.9798 avg = 27.0 overall = 0.9711 max = 29 F(12,126) = 445.74 corr(u_i, Xb) = 0.3003 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7788614 .0256413 30.38 0.000 .7281181 .8296047 llois | --. | -.0519932 .0165734 -3.14 0.002 -.0847915 -.0191948 L1. | .0175815 .0145085 1.21 0.228 -.0111304 .0462935 L2. | .001995 .0135117 0.15 0.883 -.0247442 .0287343 L3. | -.0178927 .0114237 -1.57 0.120 -.0404998 .0047145 lglobalcds1 | .0035651 .0076249 0.47 0.641 -.0115244 .0186545 lriskaverse | .0722976 .0913962 0.79 0.430 -.1085728 .253168 ldd_ciloan | .0126109 .0403025 0.31 0.755 -.0671465 .0923683 linfl_qoq | -.0235105 .0059662 -3.94 0.000 -.0353173 -.0117036 lgrowth_qoq | -.1283721 .1460937 -0.88 0.381 -.4174871 .160743 lnom_gdp | .2693623 .042422 6.35 0.000 .1854105 .3533142 crisis_all | .0833769 .0306661 2.72 0.007 .0226897 .1440642 _cons | -.6592922 .3090065 -2.13 0.035 -1.270807 -.0477774 -------------+---------------------------------------------------------------- sigma_u | .36245869 sigma_e | .24647625 rho | .68379981 (fraction of variance due to u_i) ------------------------------------------------------------------------------ . estimates store AR5 . xtreg lfc L.lfc llois llois_crisis lglobalcds1 lglobalcds1_crisis lriskaverse lriskaverse_crisis ldd_ciloan linfl_q > oq lgrowth_qoq lnom_gdp crisis_all, fe i(cncode2) vce(bootstrap, reps(200)) (running xtreg on estimation sample) Bootstrap replications (200) ----+--- 1 ---+--- 2 ---+--- 3 ---+--- 4 ---+--- 5 .................................................. 50 .................................................. 100 .................................................. 150 .................................................. 200 Fixed-effects (within) regression Number of obs = 3435 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7717 Obs per group: min = 5 between = 0.9805 avg = 27.0 overall = 0.9714 max = 29 Wald chi2(12) = 4235.15 corr(u_i, Xb) = 0.3960 Prob > chi2 = 0.0000 (Replications based on 127 clusters in cncode2) ------------------------------------------------------------------------------ | Observed Bootstrap Normal-based lfc | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7691243 .0298072 25.80 0.000 .7107033 .8275453 llois | -.0242667 .0183634 -1.32 0.186 -.0602583 .0117248 llois_crisis | -.0750395 .036113 -2.08 0.038 -.1458196 -.0042594 lglobalcds1 | .0045845 .0083711 0.55 0.584 -.0118225 .0209915 lglobalcd~is | -.0349942 .0234216 -1.49 0.135 -.0808998 .0109113 lriskaverse | -.0917101 .1114248 -0.82 0.410 -.3100987 .1266784 lriskavers~s | .3804359 .2937063 1.30 0.195 -.1952179 .9560896 ldd_ciloan | -.0907653 .0682801 -1.33 0.184 -.2245918 .0430613 linfl_qoq | -.0237123 .1773234 -0.13 0.894 -.3712597 .3238351 lgrowth_qoq | -.1593292 .1853357 -0.86 0.390 -.5225804 .203922 lnom_gdp | .2595339 .046925 5.53 0.000 .1675627 .3515052 crisis_all | .3904602 .1162116 3.36 0.001 .1626897 .6182306 _cons | -.4569173 .3380972 -1.35 0.177 -1.119576 .2057411 -------------+---------------------------------------------------------------- sigma_u | .37079605 sigma_e | .25056779 rho | .68650828 (fraction of variance due to u_i) ------------------------------------------------------------------------------ . estimates store BR5 . . xtreg lfc L.lfc llois lglobalcds1 lasset_vol lriskaverse ldd_ciloan linfl_qoq lgrowth_qoq lnom_gdp crisis_all, fe i > (cncode2) vce(robust) Fixed-effects (within) regression Number of obs = 3435 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7721 Obs per group: min = 5 between = 0.9782 avg = 27.0 overall = 0.9693 max = 29 F(10,126) = 478.45 corr(u_i, Xb) = 0.2920 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7706419 .0255627 30.15 0.000 .7200541 .8212298 llois | -.0276721 .0141207 -1.96 0.052 -.0556166 .0002724 lglobalcds1 | -.003736 .0064048 -0.58 0.561 -.0164108 .0089388 lasset_vol | -.0831821 .0272306 -3.05 0.003 -.1370706 -.0292936 lriskaverse | .1541953 .0854207 1.81 0.073 -.0148498 .3232403 ldd_ciloan | .0247736 .0359021 0.69 0.491 -.0462757 .0958229 linfl_qoq | -.0228179 .0058844 -3.88 0.000 -.0344629 -.0111729 lgrowth_qoq | -.1770475 .156071 -1.13 0.259 -.4859074 .1318124 lnom_gdp | .2793659 .0370008 7.55 0.000 .2061425 .3525894 crisis_all | .0968081 .0239528 4.04 0.000 .0494063 .14421 _cons | -.6784423 .2618932 -2.59 0.011 -1.196721 -.1601635 -------------+---------------------------------------------------------------- sigma_u | .37587921 sigma_e | .25031426 rho | .69276999 (fraction of variance due to u_i) ------------------------------------------------------------------------------ . estimates store R6 . xtreg lfc L.lfc L(0/3).llois L(0/0).lglobalcds1 L(0/0).lasset_vol lriskaverse ldd_ciloan linfl_qoq lgrowth_qoq lnom > _gdp crisis_all, fe i(cncode2) vce(robust) Fixed-effects (within) regression Number of obs = 3429 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7771 Obs per group: min = 5 between = 0.9824 avg = 27.0 overall = 0.9735 max = 29 F(13,126) = 445.16 corr(u_i, Xb) = 0.4016 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7799183 .0254761 30.61 0.000 .7295019 .8303347 llois | --. | -.0123718 .0178807 -0.69 0.490 -.0477572 .0230136 L1. | -.0037096 .0153394 -0.24 0.809 -.0340658 .0266466 L2. | .0284948 .0148396 1.92 0.057 -.0008724 .0578619 L3. | -.0388046 .0126739 -3.06 0.003 -.0638859 -.0137233 lglobalcds1 | -.0015481 .0074781 -0.21 0.836 -.016347 .0132508 lasset_vol | -.1182193 .0296454 -3.99 0.000 -.1768867 -.0595519 lriskaverse | .3038611 .1121296 2.71 0.008 .08196 .5257622 ldd_ciloan | .0013576 .0402383 0.03 0.973 -.0782729 .0809881 linfl_qoq | -.025005 .0059034 -4.24 0.000 -.0366876 -.0133224 lgrowth_qoq | -.1910554 .1579166 -1.21 0.229 -.5035677 .1214568 lnom_gdp | .2483111 .0425528 5.84 0.000 .1641005 .3325218 crisis_all | .0409095 .0323148 1.27 0.208 -.0230406 .1048596 _cons | -.4501123 .3222768 -1.40 0.165 -1.087889 .187664 -------------+---------------------------------------------------------------- sigma_u | .35369101 sigma_e | .24602535 rho | .67392209 (fraction of variance due to u_i) ------------------------------------------------------------------------------ . estimates store AR6 . xtreg lfc L.lfc llois llois_crisis lglobalcds1 lglobalcds1_crisis lasset_vol lasset_vol_crisis lriskaverse ldd_cilo > an linfl_qoq lgrowth_qoq lnom_gdp crisis_all, fe i(cncode2) vce(bootstrap, reps(200)) (running xtreg on estimation sample) Bootstrap replications (200) ----+--- 1 ---+--- 2 ---+--- 3 ---+--- 4 ---+--- 5 .................................................. 50 .................................................. 100 .................................................. 150 .................................................. 200 Fixed-effects (within) regression Number of obs = 3435 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7721 Obs per group: min = 5 between = 0.9789 avg = 27.0 overall = 0.9699 max = 29 Wald chi2(13) = 4161.67 corr(u_i, Xb) = 0.3219 Prob > chi2 = 0.0000 (Replications based on 127 clusters in cncode2) ------------------------------------------------------------------------------ | Observed Bootstrap Normal-based lfc | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .770271 .0293091 26.28 0.000 .7128263 .8277158 llois | -.0431922 .0210052 -2.06 0.040 -.0843617 -.0020227 llois_crisis | .0356171 .0469003 0.76 0.448 -.0563057 .12754 lglobalcds1 | .0005388 .0078354 0.07 0.945 -.0148183 .0158959 lglobalcd~is | -.0155557 .0123148 -1.26 0.207 -.0396922 .0085809 lasset_vol | -.1043482 .0501334 -2.08 0.037 -.2026079 -.0060884 las~l_crisis | .0043421 .0610737 0.07 0.943 -.1153601 .1240444 lriskaverse | .1872796 .0952842 1.97 0.049 .0005259 .3740332 ldd_ciloan | .0270338 .0509261 0.53 0.596 -.0727795 .1268471 linfl_qoq | -.0231596 .1856156 -0.12 0.901 -.3869594 .3406403 lgrowth_qoq | -.179179 .1809223 -0.99 0.322 -.5337802 .1754221 lnom_gdp | .273648 .0472475 5.79 0.000 .1810447 .3662513 crisis_all | .0420688 .1608163 0.26 0.794 -.2731255 .357263 _cons | -.5982367 .3326222 -1.80 0.072 -1.250164 .0536908 -------------+---------------------------------------------------------------- sigma_u | .37389635 sigma_e | .25038829 rho | .6903875 (fraction of variance due to u_i) ------------------------------------------------------------------------------ . estimates store BR6 . . *** Additional and alternative controls *** . . preserve . quietly reg lfc L.lfc llois lglobalcds1 lasset_vol ldd_ciloan linfl_qoq lgrowth_qoq lnom_gdp . keep if e(sample) (5226 observations deleted) . xtreg lfc Laglfc llois lglobalcds1 lasset_vol ldd_ciloan linfl_yoy lgrowth_yoy lnom_gdp crisis_all, fe i(cncode2) v > ce(robust) Fixed-effects (within) regression Number of obs = 3401 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7709 Obs per group: min = 5 between = 0.9772 avg = 26.8 overall = 0.9686 max = 29 F(9,126) = 514.11 corr(u_i, Xb) = 0.2544 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- Laglfc | .7692213 .0301299 25.53 0.000 .7095952 .8288474 llois | -.0230996 .0138761 -1.66 0.098 -.05056 .0043608 lglobalcds1 | -.0012305 .0066731 -0.18 0.854 -.0144365 .0119755 lasset_vol | -.0568309 .0241657 -2.35 0.020 -.1046541 -.0090076 ldd_ciloan | .0041921 .0347812 0.12 0.904 -.0646389 .0730232 linfl_yoy | -.0331153 .0075578 -4.38 0.000 -.048072 -.0181587 lgrowth_yoy | -.2241619 .3742173 -0.60 0.550 -.9647269 .516403 lnom_gdp | .288875 .03929 7.35 0.000 .2111213 .3666287 crisis_all | .1049339 .0242817 4.32 0.000 .0568811 .1529867 _cons | -.7063474 .2920953 -2.42 0.017 -1.284395 -.1282994 -------------+---------------------------------------------------------------- sigma_u | .37984076 sigma_e | .24541693 rho | .70549157 (fraction of variance due to u_i) ------------------------------------------------------------------------------ . estimates store R7 . xtreg lfc Laglfc L(0/3).llois L(0/0).lglobalcds1 L(0/0).lasset_vol ldd_ciloan linfl_yoy lgrowth_yoy lnom_gdp crisis > _all, fe i(cncode2) vce(robust) Fixed-effects (within) regression Number of obs = 3054 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7156 Obs per group: min = 2 between = 0.9699 avg = 24.0 overall = 0.9610 max = 26 F(12,126) = 287.73 corr(u_i, Xb) = 0.3202 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- Laglfc | .7235652 .0337921 21.41 0.000 .6566917 .7904387 llois | --. | -.0184105 .0178527 -1.03 0.304 -.0537405 .0169195 L1. | .0130391 .0135519 0.96 0.338 -.0137797 .0398578 L2. | .0122796 .0136916 0.90 0.371 -.0148157 .039375 L3. | -.0169945 .0105608 -1.61 0.110 -.037894 .003905 lglobalcds1 | -.0011198 .0080308 -0.14 0.889 -.0170125 .0147729 lasset_vol | -.0548898 .0251092 -2.19 0.031 -.1045802 -.0051994 ldd_ciloan | .0207184 .0450499 0.46 0.646 -.068434 .1098709 linfl_yoy | -.0342873 .007576 -4.53 0.000 -.0492799 -.0192946 lgrowth_yoy | -.4029267 .4029344 -1.00 0.319 -1.200322 .3944686 lnom_gdp | .3241579 .0479359 6.76 0.000 .2292942 .4190216 crisis_all | .0753987 .0283721 2.66 0.009 .0192512 .1315463 _cons | -.6066966 .378378 -1.60 0.111 -1.355495 .1421022 -------------+---------------------------------------------------------------- sigma_u | .44841706 sigma_e | .25121608 rho | .76111835 (fraction of variance due to u_i) ------------------------------------------------------------------------------ . estimates store AR7 . xtreg lfc Laglfc llois llois_crisis lglobalcds1 lglobalcds1_crisis lasset_vol lasset_vol_crisis ldd_ciloan linfl_yo > y lgrowth_yoy lnom_gdp crisis_all, fe i(cncode2) vce(bootstrap, reps(200)) (running xtreg on estimation sample) Bootstrap replications (200) ----+--- 1 ---+--- 2 ---+--- 3 ---+--- 4 ---+--- 5 .................................................. 50 .................................................. 100 .................................................. 150 .................................................. 200 Fixed-effects (within) regression Number of obs = 3401 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7710 Obs per group: min = 5 between = 0.9782 avg = 26.8 overall = 0.9695 max = 29 Wald chi2(12) = 4979.24 corr(u_i, Xb) = 0.2970 Prob > chi2 = 0.0000 (Replications based on 127 clusters in cncode2) ------------------------------------------------------------------------------ | Observed Bootstrap Normal-based lfc | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- Laglfc | .7687628 .0281504 27.31 0.000 .7135891 .8239365 llois | -.0269877 .0194278 -1.39 0.165 -.0650655 .0110902 llois_crisis | -.0010275 .0385722 -0.03 0.979 -.0766276 .0745726 lglobalcds1 | .0015218 .0076402 0.20 0.842 -.0134527 .0164963 lglobalcd~is | -.0130013 .0142227 -0.91 0.361 -.0408772 .0148747 lasset_vol | -.0622053 .0456614 -1.36 0.173 -.1516999 .0272893 las~l_crisis | .016466 .0649937 0.25 0.800 -.1109193 .1438513 ldd_ciloan | -.0117482 .0392774 -0.30 0.765 -.0887305 .0652341 linfl_yoy | -.0339991 .3176775 -0.11 0.915 -.6566356 .5886374 lgrowth_yoy | -.2413316 .4005066 -0.60 0.547 -1.02631 .5436469 lnom_gdp | .2806612 .0387258 7.25 0.000 .20476 .3565624 crisis_all | .1593712 .1332457 1.20 0.232 -.1017856 .420528 _cons | -.6034224 .3615038 -1.67 0.095 -1.311957 .105112 -------------+---------------------------------------------------------------- sigma_u | .37643549 sigma_e | .24550886 rho | .70157881 (fraction of variance due to u_i) ------------------------------------------------------------------------------ . estimates store BR7 . restore . . xtreg lfc L.lfc llois lglobalcds1 lasset_vol ldd_ciloan linfl_qoq lgrowth_qoq lnom_gdp lICRGComposite crisis_all, f > e i(cncode2) vce(robust) Fixed-effects (within) regression Number of obs = 2370 Group variable: cncode2 Number of groups = 86 R-sq: within = 0.8412 Obs per group: min = 8 between = 0.9844 avg = 27.6 overall = 0.9781 max = 29 F(10,85) = 926.80 corr(u_i, Xb) = 0.2146 Prob > F = 0.0000 (Std. Err. adjusted for 86 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .8230362 .0264019 31.17 0.000 .7705422 .8755302 llois | -.0139392 .0168794 -0.83 0.411 -.0475 .0196217 lglobalcds1 | -.0101758 .006734 -1.51 0.134 -.0235648 .0032132 lasset_vol | -.0488634 .0239498 -2.04 0.044 -.0964821 -.0012446 ldd_ciloan | .0280519 .0278522 1.01 0.317 -.0273258 .0834296 linfl_qoq | -.0204248 .0035214 -5.80 0.000 -.0274263 -.0134233 lgrowth_qoq | .0293621 .1044276 0.28 0.779 -.178268 .2369921 lnom_gdp | .2558147 .0351419 7.28 0.000 .1859432 .3256863 lICRGCompo~e | -.0027027 .1092602 -0.02 0.980 -.2199413 .2145359 crisis_all | .087069 .0269858 3.23 0.002 .033414 .1407239 _cons | -1.018896 .4132192 -2.47 0.016 -1.840486 -.1973055 -------------+---------------------------------------------------------------- sigma_u | .28772385 sigma_e | .19669238 rho | .6815101 (fraction of variance due to u_i) ------------------------------------------------------------------------------ . xtreg lfc L.lfc llois lglobalcds1 lasset_vol ldd_ciloan linfl_qoq lgrowth_qoq lnom_gdp lICRGComposite ldepr_USD cri > sis_all, fe i(cncode2) vce(robust) Fixed-effects (within) regression Number of obs = 2342 Group variable: cncode2 Number of groups = 86 R-sq: within = 0.8426 Obs per group: min = 8 between = 0.9847 avg = 27.2 overall = 0.9784 max = 29 F(11,85) = 855.59 corr(u_i, Xb) = 0.2131 Prob > F = 0.0000 (Std. Err. adjusted for 86 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .8250508 .0266715 30.93 0.000 .7720208 .8780808 llois | -.0160055 .0171399 -0.93 0.353 -.0500842 .0180732 lglobalcds1 | -.0093518 .0068056 -1.37 0.173 -.0228833 .0041796 lasset_vol | -.0503023 .024419 -2.06 0.042 -.0988539 -.0017507 ldd_ciloan | .0304345 .0291665 1.04 0.300 -.0275564 .0884254 linfl_qoq | -.0546883 .0046433 -11.78 0.000 -.0639204 -.0454562 lgrowth_qoq | .0118786 .10894 0.11 0.913 -.2047232 .2284805 lnom_gdp | .2535778 .0355659 7.13 0.000 .1828632 .3242924 lICRGCompo~e | .0088044 .1139488 0.08 0.939 -.2177564 .2353653 ldepr_USD | .0198363 .0030659 6.47 0.000 .0137404 .0259322 crisis_all | .0917828 .0274206 3.35 0.001 .0372634 .1463022 _cons | -1.034411 .4190419 -2.47 0.016 -1.867579 -.2012437 -------------+---------------------------------------------------------------- sigma_u | .28470781 sigma_e | .19695932 rho | .67632471 (fraction of variance due to u_i) ------------------------------------------------------------------------------ . xtreg lfc L.lfc llois lglobalcds1 lasset_vol ldd_ciloan linfl_qoq lgrowth_qoq lnom_gdp ldepr_USD crisis_all, fe i(c > ncode2) vce(robust) Fixed-effects (within) regression Number of obs = 3399 Group variable: cncode2 Number of groups = 126 R-sq: within = 0.7730 Obs per group: min = 8 between = 0.9768 avg = 27.0 overall = 0.9682 max = 29 F(10,125) = 478.08 corr(u_i, Xb) = 0.2321 Prob > F = 0.0000 (Std. Err. adjusted for 126 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .772025 .0258092 29.91 0.000 .7209453 .8231047 llois | -.0279212 .0140685 -1.98 0.049 -.0557645 -.0000779 lglobalcds1 | -.0002796 .0065716 -0.04 0.966 -.0132855 .0127263 lasset_vol | -.0606196 .0241098 -2.51 0.013 -.1083359 -.0129032 ldd_ciloan | -.0008165 .031322 -0.03 0.979 -.0628066 .0611737 linfl_qoq | -.056266 .0066637 -8.44 0.000 -.0694544 -.0430777 lgrowth_qoq | -.1840346 .1594611 -1.15 0.251 -.499628 .1315587 lnom_gdp | .2900897 .0368293 7.88 0.000 .2171999 .3629794 ldepr_USD | .020182 .0025213 8.00 0.000 .015192 .0251721 crisis_all | .1132415 .0241583 4.69 0.000 .0654292 .1610539 _cons | -.7481432 .2592516 -2.89 0.005 -1.261234 -.2350521 -------------+---------------------------------------------------------------- sigma_u | .37728895 sigma_e | .25099796 rho | .69320225 (fraction of variance due to u_i) ------------------------------------------------------------------------------ . estimates store R8 . xtreg lfc L.lfc L(0/3).llois L(0/0).lglobalcds1 L(0/0).lasset_vol ldd_ciloan linfl_qoq lgrowth_qoq lnom_gdp ldepr_U > SD crisis_all, fe i(cncode2) vce(robust) Fixed-effects (within) regression Number of obs = 3393 Group variable: cncode2 Number of groups = 126 R-sq: within = 0.7778 Obs per group: min = 8 between = 0.9774 avg = 26.9 overall = 0.9691 max = 29 F(13,125) = 444.45 corr(u_i, Xb) = 0.1819 Prob > F = 0.0000 (Std. Err. adjusted for 126 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7821738 .02589 30.21 0.000 .7309342 .8334134 llois | --. | -.0215544 .0177777 -1.21 0.228 -.0567387 .0136299 L1. | .0111453 .0133958 0.83 0.407 -.0153667 .0376572 L2. | .0173495 .0136441 1.27 0.206 -.0096538 .0443529 L3. | -.0232797 .0103746 -2.24 0.027 -.0438124 -.0027471 lglobalcds1 | -.0033241 .0075639 -0.44 0.661 -.0182941 .0116458 lasset_vol | -.0676067 .0243298 -2.78 0.006 -.1157583 -.019455 ldd_ciloan | -.0044897 .0419526 -0.11 0.915 -.0875192 .0785398 linfl_qoq | -.058999 .006623 -8.91 0.000 -.0721068 -.0458913 lgrowth_qoq | -.1762447 .1555911 -1.13 0.259 -.4841789 .1316894 lnom_gdp | .2893261 .0391973 7.38 0.000 .2117498 .3669024 ldepr_USD | .0215723 .0024083 8.96 0.000 .0168059 .0263387 crisis_all | .082 .0283464 2.89 0.005 .0258989 .1381011 _cons | -.8288929 .2798685 -2.96 0.004 -1.382787 -.2749985 -------------+---------------------------------------------------------------- sigma_u | .36771253 sigma_e | .24682363 rho | .68938695 (fraction of variance due to u_i) ------------------------------------------------------------------------------ . estimates store AR8 . xtreg lfc L.lfc llois llois_crisis lglobalcds1 lglobalcds1_crisis lasset_vol lasset_vol_crisis ldd_ciloan linfl_qoq > lgrowth_qoq lnom_gdp ldepr_USD crisis_all, fe i(cncode2) vce(bootstrap, reps(200)) (running xtreg on estimation sample) Bootstrap replications (200) ----+--- 1 ---+--- 2 ---+--- 3 ---+--- 4 ---+--- 5 .................................................. 50 .................................................. 100 .................................................. 150 .................................................. 200 Fixed-effects (within) regression Number of obs = 3399 Group variable: cncode2 Number of groups = 126 R-sq: within = 0.7730 Obs per group: min = 8 between = 0.9777 avg = 27.0 overall = 0.9690 max = 29 Wald chi2(13) = 4164.13 corr(u_i, Xb) = 0.2704 Prob > chi2 = 0.0000 (Replications based on 126 clusters in cncode2) ------------------------------------------------------------------------------ | Observed Bootstrap Normal-based lfc | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7717178 .0271494 28.42 0.000 .7185059 .8249297 llois | -.0298092 .0181557 -1.64 0.101 -.0653938 .0057754 llois_crisis | -.0042332 .0402694 -0.11 0.916 -.0831598 .0746935 lglobalcds1 | .0017861 .0078751 0.23 0.821 -.0136487 .0172209 lglobalcd~is | -.0104129 .0134773 -0.77 0.440 -.0368279 .0160021 lasset_vol | -.0629095 .0439995 -1.43 0.153 -.149147 .0233279 las~l_crisis | .0129162 .0640173 0.20 0.840 -.1125553 .1383878 ldd_ciloan | -.0151621 .0378937 -0.40 0.689 -.0894323 .0591082 linfl_qoq | -.0566796 .1585538 -0.36 0.721 -.3674392 .2540801 lgrowth_qoq | -.1899031 .1643701 -1.16 0.248 -.5120625 .1322563 lnom_gdp | .2825855 .0418765 6.75 0.000 .200509 .364662 ldepr_USD | .0201837 .0841513 0.24 0.810 -.1447497 .1851172 crisis_all | .1682137 .1405233 1.20 0.231 -.1072069 .4436343 _cons | -.6657859 .331067 -2.01 0.044 -1.314665 -.0169064 -------------+---------------------------------------------------------------- sigma_u | .37362442 sigma_e | .25109878 rho | .68886305 (fraction of variance due to u_i) ------------------------------------------------------------------------------ . estimates store BR8 . . estout R* using "./Output/robustness.tex", replace style(tex) varlabels(_cons Constant) cells (b(fmt(%9.3f)) se(sta > r par fmt(%9.2f))) stats (r2_a r2_w N, labels("Adj. $R^2$" "$R^2$ (within)" "N") fmt(%8.3f %8.3f %6.0f)) starlevels > (* 0.10 ** 0.05 *** 0.01) & R1 & R2 & R3 & R4 & R5 & R6 & > R7 & R8 \\ & b/se & b/se & b/se & b/se & b/se & b/se & > b/se & b/se \\ L.lfc & 0.772 & 0.771 & & 0.772 & 0.770 & 0.771 & > & 0.772 \\ & (0.03)***& (0.03)***& & (0.03)***& (0.03)***& (0.03)***& > & (0.03)***\\ lliborcd & -0.003 & -0.006 & & & & & > & \\ & (0.01) & (0.01) & & & & & > & \\ lglobalcds1 & -0.007 & -0.000 & & 0.002 & 0.002 & -0.004 & -0 > .001 & -0.000 \\ & (0.01) & (0.01) & & (0.01) & (0.01) & (0.01) & (0 > .01) & (0.01) \\ lasset_vol & -0.082 & -0.071 & -0.062 & & & -0.083 & -0 > .057 & -0.061 \\ & (0.03)** & (0.03)** & (0.02)***& & & (0.03)***& (0 > .02)** & (0.02)** \\ ldd_ciloan & 0.003 & -0.015 & -0.005 & 0.004 & 0.015 & 0.025 & 0 > .004 & -0.001 \\ & (0.04) & (0.04) & (0.03) & (0.03) & (0.04) & (0.04) & (0 > .03) & (0.03) \\ linfl_qoq & -0.021 & -0.022 & -0.021 & -0.022 & -0.022 & -0.023 & > & -0.056 \\ & (0.01)***& (0.01)***& (0.01)***& (0.01)***& (0.01)***& (0.01)***& > & (0.01)***\\ lgrowth_qoq & -0.154 & -0.168 & -0.176 & -0.158 & -0.137 & -0.177 & > & -0.184 \\ & (0.15) & (0.15) & (0.15) & (0.15) & (0.15) & (0.16) & > & (0.16) \\ lnom_gdp & 0.298 & 0.286 & 0.295 & 0.284 & 0.282 & 0.279 & 0 > .289 & 0.290 \\ & (0.03)***& (0.03)***& (0.03)***& (0.04)***& (0.04)***& (0.04)***& (0 > .04)***& (0.04)***\\ crisis_all & 0.077 & 0.113 & 0.095 & 0.113 & 0.108 & 0.097 & 0 > .105 & 0.113 \\ & (0.02)***& (0.03)***& (0.03)***& (0.02)***& (0.02)***& (0.02)***& (0 > .02)***& (0.02)***\\ llois & & -0.027 & -0.019 & -0.026 & -0.047 & -0.028 & -0 > .023 & -0.028 \\ & & (0.01)* & (0.02) & (0.01)** & (0.01)***& (0.01)* & (0 > .01)* & (0.01)** \\ Laglfc & & & 0.772 & & & & 0 > .769 & \\ & & & (0.03)***& & & & (0 > .03)***& \\ llossallow_foroff& & & -0.012 & & & & > & \\ & & & (0.01) & & & & > & \\ lasset_vol7 & & & & -0.085 & & & > & \\ & & & & (0.03)** & & & > & \\ lriskaverse & & & & & 0.025 & 0.154 & > & \\ & & & & & (0.07) & (0.09)* & > & \\ linfl_yoy & & & & & & & -0 > .033 & \\ & & & & & & & (0 > .01)***& \\ lgrowth_yoy & & & & & & & -0 > .224 & \\ & & & & & & & (0 > .37) & \\ ldepr_USD & & & & & & & > & 0.020 \\ & & & & & & & > & (0.00)***\\ Constant & -0.886 & -0.702 & -0.827 & -0.706 & -0.701 & -0.678 & -0 > .706 & -0.748 \\ & (0.25)***& (0.28)** & (0.24)***& (0.26)***& (0.26)***& (0.26)** & (0 > .29)** & (0.26)***\\ Adj. ^2$ & 0.771 & 0.771 & 0.771 & 0.771 & 0.771 & 0.771 & 0 > .770 & 0.772 \\ ^2$ (within)& 0.772 & 0.772 & 0.772 & 0.772 & 0.771 & 0.772 & 0 > .771 & 0.773 \\ N & 3435 & 3435 & 3435 & 3435 & 3435 & 3435 & > 3401 & 3399 \\ . estout AR* using "./Output/robustness2.tex", replace style(tex) varlabels(_cons Constant) cells (b(fmt(%9.3f)) se(s > tar par fmt(%9.2f))) stats (r2_a r2_w N, labels("Adj. $R^2$" "$R^2$ (within)" "N") fmt(%8.3f %8.3f %6.0f)) starleve > ls(* 0.10 ** 0.05 *** 0.01) & AR1 & AR2 & AR3 & AR4 & AR5 & AR6 & > AR7 & AR8 \\ & b/se & b/se & b/se & b/se & b/se & b/se & > b/se & b/se \\ L.lfc & 0.780 & 0.781 & & 0.782 & 0.779 & 0.780 & > & 0.782 \\ & (0.03)***& (0.03)***& & (0.03)***& (0.03)***& (0.03)***& > & (0.03)***\\ lliborcd & 0.004 & -0.022 & & & & & > & \\ & (0.01) & (0.01)* & & & & & > & \\ L.lliborcd & 0.012 & & & & & & > & \\ & (0.01) & & & & & & > & \\ L2.lliborcd & 0.013 & & & & & & > & \\ & (0.01) & & & & & & > & \\ L3.lliborcd & -0.003 & & & & & & > & \\ & (0.01) & & & & & & > & \\ lglobalcds1 & -0.007 & -0.001 & & -0.001 & 0.004 & -0.002 & -0 > .001 & -0.003 \\ & (0.01) & (0.01) & & (0.01) & (0.01) & (0.01) & (0 > .01) & (0.01) \\ lasset_vol & -0.053 & -0.116 & -0.061 & & & -0.118 & -0 > .055 & -0.068 \\ & (0.04) & (0.04)***& (0.02)** & & & (0.03)***& (0 > .03)** & (0.02)***\\ ldd_ciloan & -0.016 & -0.062 & 0.015 & 0.005 & 0.013 & 0.001 & 0 > .021 & -0.004 \\ & (0.04) & (0.06) & (0.04) & (0.04) & (0.04) & (0.04) & (0 > .05) & (0.04) \\ linfl_qoq & -0.023 & -0.022 & -0.023 & -0.022 & -0.024 & -0.025 & > & -0.059 \\ & (0.01)***& (0.01)***& (0.01)***& (0.01)***& (0.01)***& (0.01)***& > & (0.01)***\\ lgrowth_qoq & -0.180 & -0.162 & -0.235 & -0.148 & -0.128 & -0.191 & > & -0.176 \\ & (0.15) & (0.15) & (0.16) & (0.15) & (0.15) & (0.16) & > & (0.16) \\ lnom_gdp & 0.278 & 0.276 & 0.321 & 0.285 & 0.269 & 0.248 & 0 > .324 & 0.289 \\ & (0.04)***& (0.04)***& (0.04)***& (0.04)***& (0.04)***& (0.04)***& (0 > .05)***& (0.04)***\\ crisis_all & 0.075 & 0.080 & 0.074 & 0.083 & 0.083 & 0.041 & 0 > .075 & 0.082 \\ & (0.02)***& (0.03)***& (0.03)** & (0.03)***& (0.03)***& (0.03) & (0 > .03)***& (0.03)***\\ llois & & -0.017 & -0.018 & -0.022 & -0.052 & -0.012 & -0 > .018 & -0.022 \\ & & (0.02) & (0.02) & (0.02) & (0.02)***& (0.02) & (0 > .02) & (0.02) \\ L.llois & & 0.006 & 0.013 & 0.016 & 0.018 & -0.004 & 0 > .013 & 0.011 \\ & & (0.01) & (0.01) & (0.01) & (0.01) & (0.02) & (0 > .01) & (0.01) \\ L2.llois & & 0.032 & 0.014 & 0.013 & 0.002 & 0.028 & 0 > .012 & 0.017 \\ & & (0.01)** & (0.01) & (0.01) & (0.01) & (0.01)* & (0 > .01) & (0.01) \\ L3.llois & & -0.034 & -0.017 & -0.022 & -0.018 & -0.039 & -0 > .017 & -0.023 \\ & & (0.01)***& (0.01) & (0.01)** & (0.01) & (0.01)***& (0 > .01) & (0.01)** \\ Laglfc & & & 0.724 & & & & 0 > .724 & \\ & & & (0.03)***& & & & (0 > .03)***& \\ llossallow_foroff& & & -0.002 & & & & > & \\ & & & (0.02) & & & & > & \\ lasset_vol7 & & & & -0.096 & & & > & \\ & & & & (0.04)***& & & > & \\ lriskaverse & & & & & 0.072 & 0.304 & > & \\ & & & & & (0.09) & (0.11)***& > & \\ linfl_yoy & & & & & & & -0 > .034 & \\ & & & & & & & (0 > .01)***& \\ lgrowth_yoy & & & & & & & -0 > .403 & \\ & & & & & & & (0 > .40) & \\ ldepr_USD & & & & & & & > & 0.022 \\ & & & & & & & > & (0.00)***\\ Constant & -0.827 & -0.611 & -0.719 & -0.802 & -0.659 & -0.450 & -0 > .607 & -0.829 \\ & (0.25)***& (0.31)* & (0.29)** & (0.27)***& (0.31)** & (0.32) & (0 > .38) & (0.28)***\\ Adj. ^2$ & 0.776 & 0.776 & 0.715 & 0.776 & 0.775 & 0.776 & 0 > .714 & 0.777 \\ ^2$ (within)& 0.776 & 0.777 & 0.716 & 0.777 & 0.776 & 0.777 & 0 > .716 & 0.778 \\ N & 3429 & 3429 & 3054 & 3429 & 3429 & 3429 & > 3054 & 3393 \\ . estout BR* using "./Output/robustness3.tex", replace style(tex) varlabels(_cons Constant) cells (b(fmt(%9.3f)) se(s > tar par fmt(%9.2f))) stats (r2_a r2_w N, labels("Adj. $R^2$" "$R^2$ (within)" "N") fmt(%8.3f %8.3f %6.0f)) starleve > ls(* 0.10 ** 0.05 *** 0.01) & BR1 & BR2 & BR3 & BR4 & BR5 & BR6 & > BR7 & BR8 \\ & b/se & b/se & b/se & b/se & b/se & b/se & > b/se & b/se \\ L.lfc & 0.772 & 0.771 & & 0.771 & 0.769 & 0.770 & > & 0.772 \\ & (0.03)***& (0.03)***& & (0.03)***& (0.03)***& (0.03)***& > & (0.03)***\\ lliborcd & 0.015 & 0.042 & & & & & > & \\ & (0.06) & (0.08) & & & & & > & \\ lliborcd_crisis& -0.020 & -0.048 & & & & & > & \\ & (0.06) & (0.08) & & & & & > & \\ lglobalcds1 & -0.007 & 0.003 & & 0.004 & 0.005 & 0.001 & 0 > .002 & 0.002 \\ & (0.01) & (0.01) & & (0.01) & (0.01) & (0.01) & (0 > .01) & (0.01) \\ lglobalcds1_crisis& -0.002 & -0.010 & & -0.010 & -0.035 & -0.016 & > -0.013 & -0.010 \\ & (0.02) & (0.01) & & (0.02) & (0.02) & (0.01) & (0 > .01) & (0.01) \\ lasset_vol & -0.058 & -0.067 & -0.069 & & & -0.104 & -0 > .062 & -0.063 \\ & (0.04) & (0.04)* & (0.05) & & & (0.05)** & (0 > .05) & (0.04) \\ lasset_vol_crisis& -0.035 & -0.002 & 0.014 & & & 0.004 & > 0.016 & 0.013 \\ & (0.05) & (0.07) & (0.07) & & & (0.06) & (0 > .06) & (0.06) \\ ldd_ciloan & 0.001 & -0.013 & -0.021 & -0.009 & -0.091 & 0.027 & -0 > .012 & -0.015 \\ & (0.05) & (0.06) & (0.04) & (0.04) & (0.07) & (0.05) & (0 > .04) & (0.04) \\ linfl_qoq & -0.021 & -0.022 & -0.022 & -0.022 & -0.024 & -0.023 & > & -0.057 \\ & (0.15) & (0.18) & (0.16) & (0.17) & (0.18) & (0.19) & > & (0.16) \\ lgrowth_qoq & -0.166 & -0.176 & -0.179 & -0.165 & -0.159 & -0.179 & > & -0.190 \\ & (0.18) & (0.17) & (0.18) & (0.18) & (0.19) & (0.18) & > & (0.16) \\ lnom_gdp & 0.294 & 0.287 & 0.288 & 0.277 & 0.260 & 0.274 & 0 > .281 & 0.283 \\ & (0.04)***& (0.04)***& (0.04)***& (0.04)***& (0.05)***& (0.05)***& (0 > .04)***& (0.04)***\\ crisis_all & 0.167 & 0.267 & 0.081 & 0.155 & 0.390 & 0.042 & 0 > .159 & 0.168 \\ & (0.16) & (0.19) & (0.13) & (0.11) & (0.12)***& (0.16) & (0 > .13) & (0.14) \\ llois & & -0.036 & -0.022 & -0.028 & -0.024 & -0.043 & -0 > .027 & -0.030 \\ & & (0.02)* & (0.02) & (0.02) & (0.02) & (0.02)** & (0 > .02) & (0.02) \\ llois_crisis& & 0.011 & 0.005 & -0.003 & -0.075 & 0.036 & -0 > .001 & -0.004 \\ & & (0.05) & (0.04) & (0.04) & (0.04)** & (0.05) & (0 > .04) & (0.04) \\ Laglfc & & & 0.772 & & & & 0 > .769 & \\ & & & (0.02)***& & & & (0 > .03)***& \\ llossallow_foroff& & & -0.006 & & & & > & \\ & & & (0.01) & & & & > & \\ llossallow_foroff_crisis& & & -0.024 & & & > & & \\ & & & (0.03) & & & & > & \\ lasset_vol7 & & & & -0.089 & & & > & \\ & & & & (0.07) & & & > & \\ lasset_vol7_crisis& & & & 0.017 & & & > & \\ & & & & (0.10) & & & > & \\ lriskaverse & & & & & -0.092 & 0.187 & > & \\ & & & & & (0.11) & (0.10)** & > & \\ lriskaverse_crisis& & & & & 0.380 & & > & \\ & & & & & (0.29) & & > & \\ linfl_yoy & & & & & & & -0 > .034 & \\ & & & & & & & (0 > .32) & \\ lgrowth_yoy & & & & & & & -0 > .241 & \\ & & & & & & & (0 > .40) & \\ ldepr_USD & & & & & & & > & 0.020 \\ & & & & & & & > & (0.08) \\ Constant & -0.900 & -0.835 & -0.742 & -0.623 & -0.457 & -0.598 & -0 > .603 & -0.666 \\ & (0.41)** & (0.50)* & (0.27)***& (0.34)* & (0.34) & (0.33)* & (0 > .36)* & (0.33)** \\ Adj. ^2$ & 0.762 & 0.762 & 0.762 & 0.762 & 0.762 & 0.763 & 0 > .761 & 0.763 \\ ^2$ (within)& 0.772 & 0.772 & 0.772 & 0.772 & 0.772 & 0.772 & 0 > .771 & 0.773 \\ N & 3435 & 3435 & 3435 & 3435 & 3435 & 3435 & > 3401 & 3399 \\ . estimates clear . . *** Exposures of U.S. and EU banks *** . * US banks: with US exposure, LIBOR-OIS, US bank CDS, and US stock market volatility * . xtreg lfc_US L.lfc_US llois lusbankcds lvix ldd_ciloan linfl_qoq lgrowth_qoq lnom_gdp crisis_all, fe i(cncode2) vce > (robust) Fixed-effects (within) regression Number of obs = 3435 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.4389 Obs per group: min = 5 between = 0.9793 avg = 27.0 overall = 0.9500 max = 29 F(9,126) = 171.70 corr(u_i, Xb) = 0.8711 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc_US | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc_US | L1. | .5997182 .037726 15.90 0.000 .5250596 .6743768 llois | -.1161059 .049125 -2.36 0.020 -.2133227 -.018889 lusbankcds | .0617508 .0300588 2.05 0.042 .0022652 .1212363 lvix | .0307065 .0928488 0.33 0.741 -.1530386 .2144516 ldd_ciloan | -.1924665 .1185187 -1.62 0.107 -.4270114 .0420785 linfl_qoq | .1079143 .0071808 15.03 0.000 .0937036 .1221249 lgrowth_qoq | -.2442101 .4048195 -0.60 0.547 -1.045336 .5569157 lnom_gdp | .265262 .0871631 3.04 0.003 .0927687 .4377552 crisis_all | .12888 .077261 1.67 0.098 -.0240172 .2817772 _cons | -.813943 .8786026 -0.93 0.356 -2.552672 .9247857 -------------+---------------------------------------------------------------- sigma_u | 1.0336025 sigma_e | .58012314 rho | .76044673 (fraction of variance due to u_i) ------------------------------------------------------------------------------ . * US banks: with US exposure, LIBOR-OIS, US bank profitability, and US stock market volatility * . xtreg lfc_US L.lfc_US llois llossallow_foroff lvix ldd_ciloan linfl_qoq lgrowth_qoq lnom_gdp crisis_all, fe i(cncod > e2) vce(robust) Fixed-effects (within) regression Number of obs = 4470 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.4874 Obs per group: min = 8 between = 0.9882 avg = 35.2 overall = 0.9571 max = 38 F(9,126) = 100.30 corr(u_i, Xb) = 0.9039 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc_US | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc_US | L1. | .6422256 .0430237 14.93 0.000 .557083 .7273683 llois | -.0731821 .0487418 -1.50 0.136 -.1696406 .0232765 llossallow~f | .1541421 .0574085 2.69 0.008 .0405324 .2677517 lvix | -.1056823 .0882494 -1.20 0.233 -.2803253 .0689607 ldd_ciloan | -.2066803 .0889269 -2.32 0.022 -.3826641 -.0306966 linfl_qoq | .110869 .0137017 8.09 0.000 .0837538 .1379843 lgrowth_qoq | -.2209194 .3021974 -0.73 0.466 -.8189591 .3771204 lnom_gdp | .2058889 .0826096 2.49 0.014 .0424069 .369371 crisis_all | .1890151 .0855205 2.21 0.029 .0197725 .3582577 _cons | -.0162178 .8624372 -0.02 0.985 -1.722956 1.69052 -------------+---------------------------------------------------------------- sigma_u | .93394218 sigma_e | .5799296 rho | .72172124 (fraction of variance due to u_i) ------------------------------------------------------------------------------ . * US banks: with US exposure, LIBOR-OIS, and US bank CDS * . xtreg lfc_US L.lfc_US llois lusbankcds lasset_vol ldd_ciloan linfl_qoq lgrowth_qoq lnom_gdp crisis1_us crisis2_us, > fe i(cncode2) vce(robust) Fixed-effects (within) regression Number of obs = 3435 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.4389 Obs per group: min = 5 between = 0.9781 avg = 27.0 overall = 0.9491 max = 29 F(10,126) = 169.09 corr(u_i, Xb) = 0.8623 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc_US | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc_US | L1. | .5999002 .0378193 15.86 0.000 .5250569 .6747435 llois | -.1098593 .0418986 -2.62 0.010 -.1927754 -.0269433 lusbankcds | .0658656 .0254677 2.59 0.011 .0154657 .1162655 lasset_vol | -.0031244 .0617901 -0.05 0.960 -.1254052 .1191565 ldd_ciloan | -.1744129 .1249042 -1.40 0.165 -.4215945 .0727688 linfl_qoq | .1087703 .0069399 15.67 0.000 .0950364 .1225041 lgrowth_qoq | -.2369313 .4026743 -0.59 0.557 -1.033812 .5599494 lnom_gdp | .2752707 .091471 3.01 0.003 .0942524 .4562891 crisis1_us | .1210321 .0637853 1.90 0.060 -.0051973 .2472614 crisis2_us | .1534192 .0993989 1.54 0.125 -.0432883 .3501268 _cons | -.8663078 .8593868 -1.01 0.315 -2.567009 .8343933 -------------+---------------------------------------------------------------- sigma_u | 1.0244387 sigma_e | .58019248 rho | .75714318 (fraction of variance due to u_i) ------------------------------------------------------------------------------ . estimates store S1 . xtreg lfc_US L.lfc_US llois llois_crisis1_us lusbankcds lusbankcds_crisis1_us lasset_vol lasset_vol_crisis1_us ldd_ > ciloan linfl_qoq lgrowth_qoq lnom_gdp crisis1_us, fe i(cncode2) vce(robust) Fixed-effects (within) regression Number of obs = 3435 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.4388 Obs per group: min = 5 between = 0.9820 avg = 27.0 overall = 0.9521 max = 29 F(12,126) = 148.68 corr(u_i, Xb) = 0.8894 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc_US | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc_US | L1. | .5992959 .0375 15.98 0.000 .5250846 .6735073 llois | -.0666606 .0327442 -2.04 0.044 -.1314604 -.0018607 llois_c~1_us | -.2028453 .1953148 -1.04 0.301 -.5893676 .183677 lusbankcds | .0632232 .0262393 2.41 0.017 .0112964 .11515 lusbank~1_us | .1225642 .128036 0.96 0.340 -.1308154 .3759438 lasset_vol | .0130756 .0842006 0.16 0.877 -.153555 .1797061 lasset_~1_us | -.2251764 .1984922 -1.13 0.259 -.6179867 .1676338 ldd_ciloan | -.2477658 .1149765 -2.15 0.033 -.475301 -.0202305 linfl_qoq | .1072707 .0068804 15.59 0.000 .0936545 .120887 lgrowth_qoq | -.2834953 .3930808 -0.72 0.472 -1.061391 .4944 lnom_gdp | .2427614 .084085 2.89 0.005 .0763596 .4091631 crisis1_us | .5026621 .435326 1.15 0.250 -.3588353 1.364159 _cons | -.5842588 .8121152 -0.72 0.473 -2.191411 1.022893 -------------+---------------------------------------------------------------- sigma_u | 1.0548481 sigma_e | .58044668 rho | .76758208 (fraction of variance due to u_i) ------------------------------------------------------------------------------ . xtreg lfc_US L.lfc_US llois llois_crisis2_us lusbankcds lusbankcds_crisis2_us lasset_vol lasset_vol_crisis2_us ldd_ > ciloan linfl_qoq lgrowth_qoq lnom_gdp crisis2_us, fe i(cncode2) vce(robust) Fixed-effects (within) regression Number of obs = 3435 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.4398 Obs per group: min = 5 between = 0.9755 avg = 27.0 overall = 0.9470 max = 29 F(11,126) = 149.50 corr(u_i, Xb) = 0.8418 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc_US | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc_US | L1. | .6007604 .0375883 15.98 0.000 .5263743 .6751465 llois | -.0528675 .0251513 -2.10 0.038 -.1026413 -.0030938 llois_c~2_us | 7.151313 5.467352 1.31 0.193 -3.668415 17.97104 lusbankcds | .042113 .0272907 1.54 0.125 -.0118945 .0961205 lusbank~2_us | -4.158299 3.206689 -1.30 0.197 -10.50424 2.187644 lasset_vol | .0710108 .0665503 1.07 0.288 -.0606902 .2027119 lasset_~2_us | -9.69358 7.290526 -1.33 0.186 -24.12132 4.734156 ldd_ciloan | -.1226606 .1167519 -1.05 0.295 -.3537092 .1083879 linfl_qoq | .1101685 .0068331 16.12 0.000 .096646 .1236911 lgrowth_qoq | -.1209845 .3814795 -0.32 0.752 -.8759213 .6339522 lnom_gdp | .2960597 .0942969 3.14 0.002 .1094489 .4826704 crisis2_us | (dropped) _cons | -1.251818 .8829444 -1.42 0.159 -2.999139 .4955026 -------------+---------------------------------------------------------------- sigma_u | 1.004717 sigma_e | .5798352 rho | .75015413 (fraction of variance due to u_i) ------------------------------------------------------------------------------ . xtreg lfc_US L.lfc_US llois llois_crisis1_us llois_crisis2_us lusbankcds lusbankcds_crisis1_us lusbankcds_crisis2_u > s lasset_vol lasset_vol_crisis1_us lasset_vol_crisis2_us ldd_ciloan linfl_qoq lgrowth_qoq lnom_gdp crisis1_us crisi > s2_us, fe i(cncode2) vce(bootstrap, reps(200)) note: crisis2_us dropped because of collinearity (running xtreg on estimation sample) Bootstrap replications (200) ----+--- 1 ---+--- 2 ---+--- 3 ---+--- 4 ---+--- 5 .................................................. 50 .................................................. 100 .................................................. 150 .................................................. 200 Fixed-effects (within) regression Number of obs = 3435 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.4404 Obs per group: min = 5 between = 0.9770 avg = 27.0 overall = 0.9483 max = 29 Wald chi2(15) = 645.35 corr(u_i, Xb) = 0.8534 Prob > chi2 = 0.0000 (Replications based on 127 clusters in cncode2) ------------------------------------------------------------------------------ | Observed Bootstrap Normal-based lfc_US | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc_US | L1. | .6008289 .0363148 16.55 0.000 .5296532 .6720046 llois | -.0754736 .052822 -1.43 0.153 -.1790027 .0280556 llois_c~1_us | -.1768318 .1999104 -0.88 0.376 -.568649 .2149854 llois_c~2_us | 7.218607 5.072498 1.42 0.155 -2.723307 17.16052 lusbankcds | .0513976 .0288858 1.78 0.075 -.0052175 .1080126 lusbank~1_us | .1298228 .1229652 1.06 0.291 -.1111846 .3708302 lusbank~2_us | -4.18928 2.976139 -1.41 0.159 -10.02241 1.643846 lasset_vol | .1465776 .1081995 1.35 0.176 -.0654895 .3586446 lasset_~1_us | -.3741566 .200912 -1.86 0.063 -.7679368 .0196236 lasset_~2_us | -9.826399 6.766594 -1.45 0.146 -23.08868 3.435881 ldd_ciloan | -.0851178 .1126321 -0.76 0.450 -.3058727 .1356371 linfl_qoq | .109344 .1911907 0.57 0.567 -.2653828 .4840708 lgrowth_qoq | -.2143385 .4263727 -0.50 0.615 -1.050014 .6213366 lnom_gdp | .28423 .1012368 2.81 0.005 .0858094 .4826505 crisis1_us | .4671606 .4333576 1.08 0.281 -.3822047 1.316526 _cons | -1.106115 .8949498 -1.24 0.216 -2.860184 .6479545 -------------+---------------------------------------------------------------- sigma_u | 1.0140869 sigma_e | .57985346 rho | .75360583 (fraction of variance due to u_i) ------------------------------------------------------------------------------ . estimates store S2 . . * EU banks: with EU exposure, EURIBOR-EONIA, and EU bank CDS * . xtreg lfc_EU L.lfc_EU leeonia leubankcds lasset_vol ldd_ciloan_ECB linfl_qoq lgrowth_qoq lnom_gdp crisis1_eu crisis > 2_eu, fe i(cncode2) vce(robust) Fixed-effects (within) regression Number of obs = 3435 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7028 Obs per group: min = 5 between = 0.9878 avg = 27.0 overall = 0.9777 max = 29 F(10,126) = 252.47 corr(u_i, Xb) = 0.7583 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc_EU | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc_EU | L1. | .7516285 .0259211 29.00 0.000 .7003314 .8029257 leeonia | .0415654 .0199246 2.09 0.039 .0021351 .0809957 leubankcds | -.0170653 .0095422 -1.79 0.076 -.035949 .0018184 lasset_vol | -.1128829 .0255224 -4.42 0.000 -.163391 -.0623748 ldd_ciloan~B | .159486 .0556837 2.86 0.005 .0492896 .2696824 linfl_qoq | -.0252439 .0033546 -7.53 0.000 -.0318825 -.0186053 lgrowth_qoq | -.4041 .2045708 -1.98 0.050 -.8089397 .0007397 lnom_gdp | .2136332 .0430659 4.96 0.000 .1284071 .2988593 crisis1_eu | .0845717 .0258632 3.27 0.001 .0333892 .1357542 crisis2_eu | .043698 .0259242 1.69 0.094 -.0076053 .0950013 _cons | -.0555206 .3733372 -0.15 0.882 -.7943438 .6833027 -------------+---------------------------------------------------------------- sigma_u | .47522943 sigma_e | .29128693 rho | .72690534 (fraction of variance due to u_i) ------------------------------------------------------------------------------ . estimates store S3 . xtreg lfc_EU L.lfc_EU leeonia leeonia_crisis1_eu leeonia_crisis2_eu leubankcds leubankcds_crisis1_eu lasset_vol las > set_vol_crisis1_eu ldd_ciloan_ECB linfl_qoq lgrowth_qoq lnom_gdp crisis1_eu crisis2_eu, fe i(cncode2) vce(bootstrap > , reps(200)) (running xtreg on estimation sample) Bootstrap replications (200) ----+--- 1 ---+--- 2 ---+--- 3 ---+--- 4 ---+--- 5 .................................................. 50 .................................................. 100 .................................................. 150 .................................................. 200 Fixed-effects (within) regression Number of obs = 3435 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7035 Obs per group: min = 5 between = 0.9902 avg = 27.0 overall = 0.9798 max = 29 Wald chi2(14) = 2829.79 corr(u_i, Xb) = 0.8224 Prob > chi2 = 0.0000 (Replications based on 127 clusters in cncode2) ------------------------------------------------------------------------------ | Observed Bootstrap Normal-based lfc_EU | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc_EU | L1. | .7509487 .0288461 26.03 0.000 .6944114 .807486 leeonia | .0720734 .0261887 2.75 0.006 .0207444 .1234023 leeonia~1_eu | -.0139839 .0500842 -0.28 0.780 -.1121471 .0841792 leeonia~2_eu | -.1416525 .0493458 -2.87 0.004 -.2383686 -.0449365 leubankcds | -.0305423 .0109103 -2.80 0.005 -.051926 -.0091585 leubank~1_eu | .0977754 .0385022 2.54 0.011 .0223124 .1732384 lasset_vol | -.1343773 .0500466 -2.69 0.007 -.2324669 -.0362877 lasset_~1_eu | -.0667579 .1027416 -0.65 0.516 -.2681278 .1346121 ldd_ciloan~B | .2192321 .0791114 2.77 0.006 .0641767 .3742875 linfl_qoq | -.0279499 .1007077 -0.28 0.781 -.2253334 .1694335 lgrowth_qoq | -.4429417 .2658866 -1.67 0.096 -.9640699 .0781865 lnom_gdp | .1872452 .0488237 3.84 0.000 .0915524 .2829379 crisis1_eu | -.2260887 .1861168 -1.21 0.224 -.590871 .1386936 crisis2_eu | .6506663 .2013031 3.23 0.001 .2561194 1.045213 _cons | .1857044 .4191689 0.44 0.658 -.6358516 1.00726 -------------+---------------------------------------------------------------- sigma_u | .49224682 sigma_e | .29107257 rho | .74093142 (fraction of variance due to u_i) ------------------------------------------------------------------------------ . estimates store S4 . xtreg lfc_EU L.lfc_EU leeonia leeonia_crisis1_eu leubankcds leubankcds_crisis1_eu leubankcds_crisis2_eu lasset_vol > lasset_vol_crisis1_eu ldd_ciloan_ECB linfl_qoq lgrowth_qoq lnom_gdp crisis1_eu crisis2_eu, fe i(cncode2) vce(bootst > rap, reps(200)) (running xtreg on estimation sample) Bootstrap replications (200) ----+--- 1 ---+--- 2 ---+--- 3 ---+--- 4 ---+--- 5 .................................................. 50 .................................................. 100 .................................................. 150 .................................................. 200 Fixed-effects (within) regression Number of obs = 3435 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7035 Obs per group: min = 5 between = 0.9902 avg = 27.0 overall = 0.9798 max = 29 Wald chi2(14) = 2522.31 corr(u_i, Xb) = 0.8224 Prob > chi2 = 0.0000 (Replications based on 127 clusters in cncode2) ------------------------------------------------------------------------------ | Observed Bootstrap Normal-based lfc_EU | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc_EU | L1. | .7509487 .0329795 22.77 0.000 .68631 .8155874 leeonia | .0720734 .0289187 2.49 0.013 .0153938 .1287529 leeonia~1_eu | -.0139839 .0539868 -0.26 0.796 -.1197962 .0918283 leubankcds | -.0305423 .0116355 -2.62 0.009 -.0533475 -.0077371 leubank~1_eu | .0977754 .0412391 2.37 0.018 .0169484 .1786025 leubank~2_eu | -.7062127 .2242612 -3.15 0.002 -1.145757 -.2666688 lasset_vol | -.1343773 .0597815 -2.25 0.025 -.2515469 -.0172077 lasset_~1_eu | -.0667579 .1009688 -0.66 0.509 -.2646532 .1311374 ldd_ciloan~B | .2192321 .0853172 2.57 0.010 .0520134 .3864508 linfl_qoq | -.0279499 .0946574 -0.30 0.768 -.213475 .1575751 lgrowth_qoq | -.4429417 .2852983 -1.55 0.121 -1.002116 .1162327 lnom_gdp | .1872452 .0570731 3.28 0.001 .0753838 .2991065 crisis1_eu | -.2260887 .1758777 -1.29 0.199 -.5708026 .1186253 crisis2_eu | 3.841554 1.18888 3.23 0.001 1.511392 6.171716 _cons | .1857044 .4454389 0.42 0.677 -.6873399 1.058749 -------------+---------------------------------------------------------------- sigma_u | .49224682 sigma_e | .29107257 rho | .74093142 (fraction of variance due to u_i) ------------------------------------------------------------------------------ . estimates store S5 . xtreg lfc_EU L.lfc_EU leeonia leeonia_crisis1_eu leubankcds leubankcds_crisis1_eu lasset_vol lasset_vol_crisis1_eu > lasset_vol_crisis2_eu ldd_ciloan_ECB linfl_qoq lgrowth_qoq lnom_gdp crisis1_eu crisis2_eu, fe i(cncode2) vce(bootst > rap, reps(200)) (running xtreg on estimation sample) Bootstrap replications (200) ----+--- 1 ---+--- 2 ---+--- 3 ---+--- 4 ---+--- 5 .................................................. 50 .................................................. 100 .................................................. 150 .................................................. 200 Fixed-effects (within) regression Number of obs = 3435 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7035 Obs per group: min = 5 between = 0.9902 avg = 27.0 overall = 0.9798 max = 29 Wald chi2(14) = 2779.37 corr(u_i, Xb) = 0.8224 Prob > chi2 = 0.0000 (Replications based on 127 clusters in cncode2) ------------------------------------------------------------------------------ | Observed Bootstrap Normal-based lfc_EU | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc_EU | L1. | .7509487 .0258685 29.03 0.000 .7002473 .8016501 leeonia | .0720734 .0267374 2.70 0.007 .0196691 .1244776 leeonia~1_eu | -.0139839 .0475912 -0.29 0.769 -.107261 .0792932 leubankcds | -.0305423 .0125518 -2.43 0.015 -.0551433 -.0059413 leubank~1_eu | .0977754 .0372803 2.62 0.009 .0247074 .1708434 lasset_vol | -.1343773 .0542798 -2.48 0.013 -.2407637 -.0279909 lasset_~1_eu | -.0667579 .0945322 -0.71 0.480 -.2520376 .1185219 lasset_~2_eu | -.2144604 .0734512 -2.92 0.004 -.358422 -.0704987 ldd_ciloan~B | .2192321 .0755062 2.90 0.004 .0712427 .3672215 linfl_qoq | -.0279499 .1083853 -0.26 0.797 -.2403812 .1844813 lgrowth_qoq | -.4429417 .2412164 -1.84 0.066 -.9157172 .0298338 lnom_gdp | .1872452 .0486813 3.85 0.000 .0918316 .2826587 crisis1_eu | -.2260887 .1751188 -1.29 0.197 -.5693151 .1171378 crisis2_eu | .2294565 .0606526 3.78 0.000 .1105796 .3483335 _cons | .1857044 .4078766 0.46 0.649 -.6137191 .9851279 -------------+---------------------------------------------------------------- sigma_u | .49224682 sigma_e | .29107257 rho | .74093142 (fraction of variance due to u_i) ------------------------------------------------------------------------------ . estimates store S6 . . . *** Exposures to regions *** . preserve . keep if region == "ECA" (7396 observations deleted) . xtreg lfc_EU L.lfc_EU leeonia leubankcds lasset_vol ldd_ciloan_ECB linfl_qoq lgrowth_qoq lnom_gdp crisis1_eu crisis > 2_eu, fe i(cncode2) vce(robust) Fixed-effects (within) regression Number of obs = 501 Group variable: cncode2 Number of groups = 19 R-sq: within = 0.8942 Obs per group: min = 13 between = 0.9781 avg = 26.4 overall = 0.9725 max = 29 F(10,18) = 904.08 corr(u_i, Xb) = 0.6924 Prob > F = 0.0000 (Std. Err. adjusted for 19 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc_EU | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc_EU | L1. | .7456503 .0638194 11.68 0.000 .6115706 .8797299 leeonia | .1339197 .0433245 3.09 0.006 .0428982 .2249411 leubankcds | -.0342689 .0184408 -1.86 0.080 -.0730115 .0044738 lasset_vol | -.1359801 .047755 -2.85 0.011 -.2363096 -.0356505 ldd_ciloan~B | .4836716 .1645866 2.94 0.009 .137888 .8294553 linfl_qoq | .3024583 .2673499 1.13 0.273 -.2592231 .8641396 lgrowth_qoq | -.3809822 .4380223 -0.87 0.396 -1.301233 .5392685 lnom_gdp | .2862109 .0984588 2.91 0.009 .0793566 .4930653 crisis1_eu | -.0127686 .0517819 -0.25 0.808 -.1215583 .0960211 crisis2_eu | .0142639 .0329977 0.43 0.671 -.0550616 .0835894 _cons | -1.044595 .9242436 -1.13 0.273 -2.986359 .8971688 -------------+---------------------------------------------------------------- sigma_u | .6650803 sigma_e | .241686 rho | .88334931 (fraction of variance due to u_i) ------------------------------------------------------------------------------ . * estimates store S7 . restore . preserve . keep if region == "SSA" (5686 observations deleted) . xtreg lfc_EU L.lfc_EU leeonia leubankcds lasset_vol ldd_ciloan_ECB linfl_qoq lgrowth_qoq lnom_gdp crisis1_eu crisis > 2_eu, fe i(cncode2) vce(robust) Fixed-effects (within) regression Number of obs = 1226 Group variable: cncode2 Number of groups = 44 R-sq: within = 0.6170 Obs per group: min = 18 between = 0.9920 avg = 27.9 overall = 0.9736 max = 29 F(10,43) = 84.35 corr(u_i, Xb) = 0.9007 Prob > F = 0.0000 (Std. Err. adjusted for 44 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc_EU | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc_EU | L1. | .7308255 .0461387 15.84 0.000 .637778 .823873 leeonia | .044143 .0343204 1.29 0.205 -.0250707 .1133566 leubankcds | -.0077173 .016841 -0.46 0.649 -.0416805 .0262459 lasset_vol | -.1272049 .0537993 -2.36 0.023 -.2357016 -.0187082 ldd_ciloan~B | .1524305 .1039359 1.47 0.150 -.0571763 .3620373 linfl_qoq | -.0273571 .0040076 -6.83 0.000 -.0354391 -.0192751 lgrowth_qoq | -.1654016 .5117912 -0.32 0.748 -1.197527 .8667237 lnom_gdp | .1248413 .0715804 1.74 0.088 -.0195143 .2691969 crisis1_eu | .0942179 .0536498 1.76 0.086 -.0139773 .2024131 crisis2_eu | .0313865 .056187 0.56 0.579 -.0819255 .1446984 _cons | .587158 .6459777 0.91 0.368 -.7155801 1.889896 -------------+---------------------------------------------------------------- sigma_u | .47092675 sigma_e | .2802806 rho | .73842966 (fraction of variance due to u_i) ------------------------------------------------------------------------------ . * estimates store S8 . restore . . *** Exposure to European crisis *** . . xtreg lfc L.lfc llois lglobalcds1 lasset_vol ldd_ciloan linfl_qoq lgrowth_qoq lnom_gdp crisis_all crisis3, fe i(cnc > ode2) robust cluster(cncode2) Fixed-effects (within) regression Number of obs = 3435 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7719 Obs per group: min = 5 between = 0.9767 avg = 27.0 overall = 0.9679 max = 29 F(10,126) = 474.25 corr(u_i, Xb) = 0.2266 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7715678 .0256893 30.03 0.000 .7207294 .8224062 llois | -.0255041 .0138224 -1.85 0.067 -.0528581 .00185 lglobalcds1 | -.0001565 .0075715 -0.02 0.984 -.0151404 .0148273 lasset_vol | -.060416 .0240713 -2.51 0.013 -.1080524 -.0127797 ldd_ciloan | .0006759 .0334335 0.02 0.984 -.0654879 .0668398 linfl_qoq | -.021475 .0055606 -3.86 0.000 -.0324794 -.0104707 lgrowth_qoq | -.1692006 .1549246 -1.09 0.277 -.4757918 .1373906 lnom_gdp | .2917037 .0374402 7.79 0.000 .2176107 .3657967 crisis_all | .1066947 .0245411 4.35 0.000 .0581286 .1552608 crisis3 | -.0044921 .0168165 -0.27 0.790 -.0377714 .0287873 _cons | -.790117 .263479 -3.00 0.003 -1.311534 -.2686998 -------------+---------------------------------------------------------------- sigma_u | .38112242 sigma_e | .25041951 rho | .69845808 (fraction of variance due to u_i) ------------------------------------------------------------------------------ . estimates store T1 . xtreg lfc_EU L.lfc_EU leeonia leubankcds lasset_vol ldd_ciloan_ECB linfl_qoq lgrowth_qoq lnom_gdp crisis1_eu crisis > 2_eu crisis3, fe i(cncode2) vce(robust) Fixed-effects (within) regression Number of obs = 3435 Group variable: cncode2 Number of groups = 127 R-sq: within = 0.7028 Obs per group: min = 5 between = 0.9879 avg = 27.0 overall = 0.9778 max = 29 F(11,126) = 233.38 corr(u_i, Xb) = 0.7613 Prob > F = 0.0000 (Std. Err. adjusted for 127 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc_EU | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc_EU | L1. | .7516768 .0259101 29.01 0.000 .7004015 .8029521 leeonia | .042747 .0204254 2.09 0.038 .0023256 .0831683 leubankcds | -.0201 .013159 -1.53 0.129 -.0461412 .0059412 lasset_vol | -.1118711 .025664 -4.36 0.000 -.1626594 -.0610829 ldd_ciloan~B | .1515348 .0596209 2.54 0.012 .0335467 .2695229 linfl_qoq | -.0252629 .0033536 -7.53 0.000 -.0318995 -.0186263 lgrowth_qoq | -.4009696 .2032671 -1.97 0.051 -.8032293 .00129 lnom_gdp | .2124621 .0433189 4.90 0.000 .1267353 .298189 crisis1_eu | .085525 .0261303 3.27 0.001 .033814 .137236 crisis2_eu | .0468618 .0270691 1.73 0.086 -.006707 .1004307 crisis3 | .0087278 .0222228 0.39 0.695 -.0352504 .0527061 _cons | -.0391119 .3820371 -0.10 0.919 -.7951522 .7169284 -------------+---------------------------------------------------------------- sigma_u | .47569676 sigma_e | .29132686 rho | .72724103 (fraction of variance due to u_i) ------------------------------------------------------------------------------ . estimates store T2 . . estout S* using "./Output/subsample.tex", replace style(tex) varlabels(_cons Constant) cells (b(fmt(%9.3f)) se(star > par fmt(%9.2f))) stats (r2_a r2_w N, labels("Adj. $R^2$" "$R^2$ (within)" "N") fmt(%8.3f %8.3f %6.0f)) starlevels( > * 0.10 ** 0.05 *** 0.01) & S1 & S2 & S3 & S4 & S5 & S6 \\ & b/se & b/se & b/se & b/se & b/se & b/se \\ L.lfc_US & 0.600 & 0.601 & & & & \\ & (0.04)***& (0.04)***& & & & \\ llois & -0.110 & -0.075 & & & & \\ & (0.04)***& (0.05) & & & & \\ lusbankcds & 0.066 & 0.051 & & & & \\ & (0.03)** & (0.03)* & & & & \\ lasset_vol & -0.003 & 0.147 & -0.113 & -0.134 & -0.134 & -0.134 \\ & (0.06) & (0.11) & (0.03)***& (0.05)***& (0.06)** & (0.05)** \\ ldd_ciloan & -0.174 & -0.085 & & & & \\ & (0.12) & (0.11) & & & & \\ linfl_qoq & 0.109 & 0.109 & -0.025 & -0.028 & -0.028 & -0.028 \\ & (0.01)***& (0.19) & (0.00)***& (0.10) & (0.09) & (0.11) \\ lgrowth_qoq & -0.237 & -0.214 & -0.404 & -0.443 & -0.443 & -0.443 \\ & (0.40) & (0.43) & (0.20)* & (0.27)* & (0.29) & (0.24)* \\ lnom_gdp & 0.275 & 0.284 & 0.214 & 0.187 & 0.187 & 0.187 \\ & (0.09)***& (0.10)***& (0.04)***& (0.05)***& (0.06)***& (0.05)***\\ crisis1_us & 0.121 & 0.467 & & & & \\ & (0.06)* & (0.43) & & & & \\ crisis2_us & 0.153 & & & & & \\ & (0.10) & & & & & \\ llois_crisis1_us& & -0.177 & & & & \\ & & (0.20) & & & & \\ llois_crisis2_us& & 7.219 & & & & \\ & & (5.07) & & & & \\ lusbankcds_crisis1_us& & 0.130 & & & & > \\ & & (0.12) & & & & \\ lusbankcds_crisis2_us& & -4.189 & & & & > \\ & & (2.98) & & & & \\ lasset_vol_crisis1_us& & -0.374 & & & & > \\ & & (0.20)* & & & & \\ lasset_vol_crisis2_us& & -9.826 & & & & > \\ & & (6.77) & & & & \\ L.lfc_EU & & & 0.752 & 0.751 & 0.751 & 0.751 \\ & & & (0.03)***& (0.03)***& (0.03)***& (0.03)***\\ leeonia & & & 0.042 & 0.072 & 0.072 & 0.072 \\ & & & (0.02)** & (0.03)***& (0.03)** & (0.03)***\\ leubankcds & & & -0.017 & -0.031 & -0.031 & -0.031 \\ & & & (0.01)* & (0.01)***& (0.01)***& (0.01)** \\ ldd_ciloan_ECB& & & 0.159 & 0.219 & 0.219 & 0.219 \\ & & & (0.06)***& (0.08)***& (0.09)** & (0.08)***\\ crisis1_eu & & & 0.085 & -0.226 & -0.226 & -0.226 \\ & & & (0.03)***& (0.19) & (0.18) & (0.18) \\ crisis2_eu & & & 0.044 & 0.651 & 3.842 & 0.229 \\ & & & (0.03)* & (0.20)***& (1.19)***& (0.06)***\\ leeonia_crisis1_eu& & & & -0.014 & -0.014 & -0.014 \\ & & & & (0.05) & (0.05) & (0.05) \\ leeonia_crisis2_eu& & & & -0.142 & & \\ & & & & (0.05)***& & \\ leubankcds_crisis1_eu& & & & 0.098 & 0.098 & 0.098 > \\ & & & & (0.04)** & (0.04)** & (0.04)***\\ lasset_vol_crisis1_eu& & & & -0.067 & -0.067 & -0.067 > \\ & & & & (0.10) & (0.10) & (0.09) \\ leubankcds_crisis2_eu& & & & & -0.706 & > \\ & & & & & (0.22)***& \\ lasset_vol_crisis2_eu& & & & & & -0.214 > \\ & & & & & & (0.07)***\\ Constant & -0.866 & -1.106 & -0.056 & 0.186 & 0.186 & 0.186 \\ & (0.86) & (0.89) & (0.37) & (0.42) & (0.45) & (0.41) \\ Adj. ^2$ & 0.437 & 0.416 & 0.702 & 0.691 & 0.691 & 0.691 \\ ^2$ (within)& 0.439 & 0.440 & 0.703 & 0.704 & 0.704 & 0.704 \\ N & 3435 & 3435 & 3435 & 3435 & 3435 & 3435 \\ . estimates clear . . /* Interest rate regressions */ . . xtreg lfc L.lfc llois lglobalcds1 lasset_vol llending_rate linfl_qoq lgrowth_qoq lnom_gdp crisis_all, fe i(cncode2) > vce(robust) Fixed-effects (within) regression Number of obs = 2849 Group variable: cncode2 Number of groups = 111 R-sq: within = 0.8019 Obs per group: min = 5 between = 0.9798 avg = 25.7 overall = 0.9721 max = 29 F(9,110) = 520.28 corr(u_i, Xb) = 0.2247 Prob > F = 0.0000 (Std. Err. adjusted for 111 clusters in cncode2) ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | .7875499 .0278109 28.32 0.000 .7324353 .8426646 llois | -.0396109 .0139588 -2.84 0.005 -.0672739 -.0119478 lglobalcds1 | .0068554 .0074042 0.93 0.357 -.007818 .0215287 lasset_vol | -.0244706 .0211857 -1.16 0.251 -.0664556 .0175145 llending_r~e | .110362 .1078453 1.02 0.308 -.1033622 .3240861 linfl_qoq | -.006711 .0206691 -0.32 0.746 -.0476723 .0342504 lgrowth_qoq | -.0748193 .147474 -0.51 0.613 -.3670781 .2174396 lnom_gdp | .2609799 .0421285 6.19 0.000 .177491 .3444687 crisis_all | .1064251 .024894 4.28 0.000 .0570911 .1557591 _cons | -.6914439 .279374 -2.47 0.015 -1.245098 -.1377903 -------------+---------------------------------------------------------------- sigma_u | .35753774 sigma_e | .23254713 rho | .70272249 (fraction of variance due to u_i) ------------------------------------------------------------------------------ . estimates store I1 . xtivreg2 lfc L.lfc llois lglobalcds1 lasset_vol (llending_rate = L(0/4).ldepratio_old) linfl_qoq lgrowth_qoq lnom_g > dp crisis_all, fe i(cncode2) robust cluster(cncode2) first FIXED EFFECTS ESTIMATION ------------------------ Number of groups = 109 Obs per group: min = 5 avg = 24.9 max = 28 First-stage regressions ----------------------- First-stage regression of llending_rate: FIXED EFFECTS ESTIMATION ------------------------ Number of groups = 109 Obs per group: min = 5 avg = 24.9 max = 28 OLS estimation -------------- Estimates efficient for homoskedasticity only Statistics robust to heteroskedasticity and clustering on cncode2 Number of clusters (cncode2) = 109 Number of obs = 2713 F( 13, 108) = 555.39 Prob > F = 0.0000 Total (centered) SS = 4.158622844 Centered R2 = 0.2721 Total (uncentered) SS = 4.158622844 Uncentered R2 = 0.2721 Residual SS = 3.027243998 Root MSE = .03418 ------------------------------------------------------------------------------ | Robust llending_r~e | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | -2.74e-06 .0030748 -0.00 0.999 -.0060976 .0060921 llois | -.0005255 .0036094 -0.15 0.885 -.0076799 .0066289 lglobalcds1 | .0037045 .002957 1.25 0.213 -.0021568 .0095658 lasset_vol | .0073565 .0060696 1.21 0.228 -.0046746 .0193875 linfl_qoq | .1018576 .0034123 29.85 0.000 .0950937 .1086215 lgrowth_qoq | -.0331026 .0529138 -0.63 0.533 -.1379869 .0717816 lnom_gdp | -.0460464 .0183947 -2.50 0.014 -.0825079 -.009585 crisis_all | -.0021829 .0033679 -0.65 0.518 -.0088587 .0044928 ldepratio_~d | --. | 2.062224 .7081588 2.91 0.004 .6585301 3.465917 L1. | -2.164677 .8318517 -2.60 0.011 -3.813551 -.5158026 L2. | .434059 .8141216 0.53 0.595 -1.179671 2.047789 L3. | -3.020328 1.363849 -2.21 0.029 -5.723714 -.3169425 L4. | 2.729576 1.319347 2.07 0.041 .1144017 5.34475 ------------------------------------------------------------------------------ Included instruments: L.lfc llois lglobalcds1 lasset_vol linfl_qoq lgrowth_qoq lnom_gdp crisis_all ldepratio_old L.ldepratio_old L2.ldepratio_old L3.ldepratio_old L4.ldepratio_old ------------------------------------------------------------------------------ F test of excluded instruments: F( 5, 108) = 4.94 Prob > F = 0.0004 Angrist-Pischke multivariate F test of excluded instruments: F( 5, 108) = 4.94 Prob > F = 0.0004 Summary results for first-stage regressions ------------------------------------------- (Underid) (Weak id) Variable | F( 5, 108) P-val | AP Chi-sq( 5) P-val | AP F( 5, 108) llending_rat | 4.94 0.0004 | 25.06 0.0001 | 4.94 NB: first-stage test statistics cluster-robust Stock-Yogo weak ID test critical values for single endogenous regressor: 5% maximal IV relative bias 18.37 10% maximal IV relative bias 10.83 20% maximal IV relative bias 6.77 30% maximal IV relative bias 5.25 10% maximal IV size 26.87 15% maximal IV size 15.09 20% maximal IV size 10.98 25% maximal IV size 8.84 Source: Stock-Yogo (2005). Reproduced by permission. NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors. Underidentification test Ho: matrix of reduced form coefficients has rank=K1-1 (underidentified) Ha: matrix has rank=K1 (identified) Kleibergen-Paap rk LM statistic Chi-sq(5)=12.91 P-val=0.0242 Weak identification test Ho: equation is weakly identified Cragg-Donald Wald F statistic 2.83 Kleibergen-Paap Wald rk F statistic 4.94 Stock-Yogo weak ID test critical values for K1=1 and L1=5: 5% maximal IV relative bias 18.37 10% maximal IV relative bias 10.83 20% maximal IV relative bias 6.77 30% maximal IV relative bias 5.25 10% maximal IV size 26.87 15% maximal IV size 15.09 20% maximal IV size 10.98 25% maximal IV size 8.84 Source: Stock-Yogo (2005). Reproduced by permission. NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors. Weak-instrument-robust inference Tests of joint significance of endogenous regressors B1 in main equation Ho: B1=0 and orthogonality conditions are valid Anderson-Rubin Wald test F(5,108)= 0.51 P-val=0.7715 Anderson-Rubin Wald test Chi-sq(5)= 2.56 P-val=0.7670 Stock-Wright LM S statistic Chi-sq(5)= 2.55 P-val=0.7682 NB: Underidentification, weak identification and weak-identification-robust test statistics cluster-robust Number of clusters N_clust = 109 Number of observations N = 2713 Number of regressors K = 9 Number of endogenous regressors K1 = 1 Number of instruments L = 13 Number of excluded instruments L1 = 5 IV (2SLS) estimation -------------------- Estimates efficient for homoskedasticity only Statistics robust to heteroskedasticity and clustering on cncode2 Number of clusters (cncode2) = 109 Number of obs = 2713 F( 9, 108) = 494.52 Prob > F = 0.0000 Total (centered) SS = 688.6438554 Centered R2 = 0.8022 Total (uncentered) SS = 688.6438554 Uncentered R2 = 0.8022 Residual SS = 136.1924941 Root MSE = .2287 ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- llending_r~e | .640659 1.817151 0.35 0.724 -2.920892 4.20221 lfc | L1. | .7955083 .0290834 27.35 0.000 .738506 .8525107 llois | -.0345797 .0141774 -2.44 0.015 -.0623669 -.0067925 lglobalcds1 | -.0002937 .0095494 -0.03 0.975 -.0190102 .0184228 lasset_vol | -.0294145 .0252925 -1.16 0.245 -.0789868 .0201579 linfl_qoq | -.0613927 .1860575 -0.33 0.741 -.4260587 .3032733 lgrowth_qoq | -.0453742 .1348588 -0.34 0.737 -.3096926 .2189443 lnom_gdp | .2856529 .1061897 2.69 0.007 .077525 .4937809 crisis_all | .1035358 .0254227 4.07 0.000 .0537082 .1533634 ------------------------------------------------------------------------------ Underidentification test (Kleibergen-Paap rk LM statistic): 12.915 Chi-sq(5) P-val = 0.0242 ------------------------------------------------------------------------------ Weak identification test (Cragg-Donald Wald F statistic): 2.828 (Kleibergen-Paap rk Wald F statistic): 4.945 Stock-Yogo weak ID test critical values: 5% maximal IV relative bias 18.37 10% maximal IV relative bias 10.83 20% maximal IV relative bias 6.77 30% maximal IV relative bias 5.25 10% maximal IV size 26.87 15% maximal IV size 15.09 20% maximal IV size 10.98 25% maximal IV size 8.84 Source: Stock-Yogo (2005). Reproduced by permission. NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors. ------------------------------------------------------------------------------ Hansen J statistic (overidentification test of all instruments): 2.343 Chi-sq(4) P-val = 0.6730 ------------------------------------------------------------------------------ Instrumented: llending_rate Included instruments: L.lfc llois lglobalcds1 lasset_vol linfl_qoq lgrowth_qoq lnom_gdp crisis_all Excluded instruments: ldepratio_old L.ldepratio_old L2.ldepratio_old L3.ldepratio_old L4.ldepratio_old ------------------------------------------------------------------------------ . estimates store I2 . xtivreg2 lfc L.lfc L(0/3).llois L(0/0).lglobalcds1 L(0/0).lasset_vol (llending_rate = L(0/4).ldepratio_old) linfl_q > oq lgrowth_qoq lnom_gdp crisis_all, fe i(cncode2) robust cluster(cncode2) first FIXED EFFECTS ESTIMATION ------------------------ Number of groups = 109 Obs per group: min = 5 avg = 24.9 max = 28 First-stage regressions ----------------------- First-stage regression of llending_rate: FIXED EFFECTS ESTIMATION ------------------------ Number of groups = 109 Obs per group: min = 5 avg = 24.9 max = 28 OLS estimation -------------- Estimates efficient for homoskedasticity only Statistics robust to heteroskedasticity and clustering on cncode2 Number of clusters (cncode2) = 109 Number of obs = 2713 F( 16, 108) = 438.11 Prob > F = 0.0000 Total (centered) SS = 4.158622844 Centered R2 = 0.2726 Total (uncentered) SS = 4.158622844 Uncentered R2 = 0.2726 Residual SS = 3.025039724 Root MSE = .03419 ------------------------------------------------------------------------------ | Robust llending_r~e | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lfc | L1. | -.0000599 .0031094 -0.02 0.985 -.0062234 .0061035 llois | --. | -.0005808 .0038634 -0.15 0.881 -.0082387 .007077 L1. | -.0011814 .0013273 -0.89 0.375 -.0038122 .0014495 L2. | -.0013474 .0014495 -0.93 0.355 -.0042205 .0015258 L3. | .0007286 .0009485 0.77 0.444 -.0011515 .0026087 lglobalcds1 | .0046985 .0039795 1.18 0.240 -.0031897 .0125866 lasset_vol | .008611 .0070945 1.21 0.227 -.0054516 .0226736 linfl_qoq | .1016555 .0032613 31.17 0.000 .0951911 .1081199 lgrowth_qoq | -.0339436 .0518672 -0.65 0.514 -.1367534 .0688662 lnom_gdp | -.0474769 .0195973 -2.42 0.017 -.0863221 -.0086317 crisis_all | -.0009138 .0043343 -0.21 0.833 -.0095051 .0076775 ldepratio_~d | --. | 2.240167 .8379064 2.67 0.009 .5792907 3.901042 L1. | -2.411279 1.018943 -2.37 0.020 -4.431 -.3915567 L2. | .4318177 .8238972 0.52 0.601 -1.201289 2.064925 L3. | -3.002237 1.399783 -2.14 0.034 -5.77685 -.2276244 L4. | 2.784913 1.414514 1.97 0.052 -.0188999 5.588726 ------------------------------------------------------------------------------ Included instruments: L.lfc llois L.llois L2.llois L3.llois lglobalcds1 lasset_vol linfl_qoq lgrowth_qoq lnom_gdp crisis_all ldepratio_old L.ldepratio_old L2.ldepratio_old L3.ldepratio_old L4.ldepratio_old ------------------------------------------------------------------------------ F test of excluded instruments: F( 5, 108) = 4.41 Prob > F = 0.0011 Angrist-Pischke multivariate F test of excluded instruments: F( 5, 108) = 4.41 Prob > F = 0.0011 Summary results for first-stage regressions ------------------------------------------- (Underid) (Weak id) Variable | F( 5, 108) P-val | AP Chi-sq( 5) P-val | AP F( 5, 108) llending_rat | 4.41 0.0011 | 22.39 0.0004 | 4.41 NB: first-stage test statistics cluster-robust Stock-Yogo weak ID test critical values for single endogenous regressor: 5% maximal IV relative bias 18.37 10% maximal IV relative bias 10.83 20% maximal IV relative bias 6.77 30% maximal IV relative bias 5.25 10% maximal IV size 26.87 15% maximal IV size 15.09 20% maximal IV size 10.98 25% maximal IV size 8.84 Source: Stock-Yogo (2005). Reproduced by permission. NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors. Underidentification test Ho: matrix of reduced form coefficients has rank=K1-1 (underidentified) Ha: matrix has rank=K1 (identified) Kleibergen-Paap rk LM statistic Chi-sq(5)=11.81 P-val=0.0375 Weak identification test Ho: equation is weakly identified Cragg-Donald Wald F statistic 2.95 Kleibergen-Paap Wald rk F statistic 4.41 Stock-Yogo weak ID test critical values for K1=1 and L1=5: 5% maximal IV relative bias 18.37 10% maximal IV relative bias 10.83 20% maximal IV relative bias 6.77 30% maximal IV relative bias 5.25 10% maximal IV size 26.87 15% maximal IV size 15.09 20% maximal IV size 10.98 25% maximal IV size 8.84 Source: Stock-Yogo (2005). Reproduced by permission. NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors. Weak-instrument-robust inference Tests of joint significance of endogenous regressors B1 in main equation Ho: B1=0 and orthogonality conditions are valid Anderson-Rubin Wald test F(5,108)= 0.47 P-val=0.7955 Anderson-Rubin Wald test Chi-sq(5)= 2.40 P-val=0.7913 Stock-Wright LM S statistic Chi-sq(5)= 2.34 P-val=0.8004 NB: Underidentification, weak identification and weak-identification-robust test statistics cluster-robust Number of clusters N_clust = 109 Number of observations N = 2713 Number of regressors K = 12 Number of endogenous regressors K1 = 1 Number of instruments L = 16 Number of excluded instruments L1 = 5 IV (2SLS) estimation -------------------- Estimates efficient for homoskedasticity only Statistics robust to heteroskedasticity and clustering on cncode2 Number of clusters (cncode2) = 109 Number of obs = 2713 F( 12, 108) = 366.07 Prob > F = 0.0000 Total (centered) SS = 688.6438554 Centered R2 = 0.8011 Total (uncentered) SS = 688.6438554 Uncentered R2 = 0.8011 Residual SS = 136.9975308 Root MSE = .2294 ------------------------------------------------------------------------------ | Robust lfc | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- llending_r~e | .8731945 1.725863 0.51 0.613 -2.509436 4.255825 lfc | L1. | .79653 .0292569 27.23 0.000 .7391876 .8538725 llois | --. | -.0271436 .0181113 -1.50 0.134 -.0626412 .0083539 L1. | .0046054 .0126284 0.36 0.715 -.0201458 .0293566 L2. | .0145889 .0163845 0.89 0.373 -.017524 .0467019 L3. | -.0167764 .012007 -1.40 0.162 -.0403097 .0067569 lglobalcds1 | -.0031461 .0103886 -0.30 0.762 -.0235073 .0172151 lasset_vol | -.0389064 .0271086 -1.44 0.151 -.0920382 .0142254 linfl_qoq | -.0850691 .1767456 -0.48 0.630 -.4314842 .261346 lgrowth_qoq | -.0436264 .1432462 -0.30 0.761 -.3243838 .237131 lnom_gdp | .3009741 .1016202 2.96 0.003 .1018021 .5001461 crisis_all | .0814117 .026917 3.02 0.002 .0286553 .1341681 ------------------------------------------------------------------------------ Underidentification test (Kleibergen-Paap rk LM statistic): 11.812 Chi-sq(5) P-val = 0.0375 ------------------------------------------------------------------------------ Weak identification test (Cragg-Donald Wald F statistic): 2.950 (Kleibergen-Paap rk Wald F statistic): 4.412 Stock-Yogo weak ID test critical values: 5% maximal IV relative bias 18.37 10% maximal IV relative bias 10.83 20% maximal IV relative bias 6.77 30% maximal IV relative bias 5.25 10% maximal IV size 26.87 15% maximal IV size 15.09 20% maximal IV size 10.98 25% maximal IV size 8.84 Source: Stock-Yogo (2005). Reproduced by permission. NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors. ------------------------------------------------------------------------------ Hansen J statistic (overidentification test of all instruments): 1.999 Chi-sq(4) P-val = 0.7360 ------------------------------------------------------------------------------ Instrumented: llending_rate Included instruments: L.lfc llois L.llois L2.llois L3.llois lglobalcds1 lasset_vol linfl_qoq lgrowth_qoq lnom_gdp crisis_all Excluded instruments: ldepratio_old L.ldepratio_old L2.ldepratio_old L3.ldepratio_old L4.ldepratio_old ------------------------------------------------------------------------------ . estimates store I3 . bootstrap, reps(200): xtivreg2 lfc Laglfc llois llois_crisis lglobalcds1 lglobalcds1_crisis lasset_vol lasset_vol_c > risis (llending_rate = Lag1ldepratio_old Lag2ldepratio_old Lag3ldepratio_old Lag4ldepratio_old) linfl_qoq lgrowth_q > oq lnom_gdp crisis_all, fe i(cncode2) robust first (running xtivreg2 on estimation sample) Bootstrap replications (200) ----+--- 1 ---+--- 2 ---+--- 3 ---+--- 4 ---+--- 5 .................................................. 50 .................................................. 100 .................................................. 150 .................................................. 200 FIXED EFFECTS ESTIMATION ------------------------ Number of groups = 109 Obs per group: min = 5 avg = 25.5 max = 29 IV (2SLS) estimation -------------------- Estimates efficient for homoskedasticity only Statistics robust to heteroskedasticity Number of obs = 2782 F( 12, 2661) = . Prob > F = 0.0000 Total (centered) SS = 712.6387867 Centered R2 = 0.7972 Total (uncentered) SS = 712.6387867 Uncentered R2 = 0.7972 Residual SS = 144.5570556 Root MSE = .2326 ------------------------------------------------------------------------------ | Bootstrap lfc | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- llending_r~e | -1.520314 2.560504 -0.59 0.553 -6.53881 3.498182 Laglfc | .7986721 .0225502 35.42 0.000 .7544744 .8428697 llois | -.0290062 .0240897 -1.20 0.229 -.0762212 .0182087 llois_crisis | -.0061861 .0463701 -0.13 0.894 -.0970699 .0846976 lglobalcds1 | .0081191 .0110414 0.74 0.462 -.0135217 .0297599 lglobalcd~is | -.0082085 .0161795 -0.51 0.612 -.0399197 .0235027 lasset_vol | .028628 .0644166 0.44 0.657 -.0976263 .1548823 las~l_crisis | -.0476265 .0832498 -0.57 0.567 -.2107932 .1155402 linfl_qoq | .1570218 .3338306 0.47 0.638 -.4972741 .8113177 lgrowth_qoq | -.1404826 .1848947 -0.76 0.447 -.5028696 .2219043 lnom_gdp | .1740361 .1273825 1.37 0.172 -.075629 .4237013 crisis_all | .1746306 .138366 1.26 0.207 -.0965618 .445823 ------------------------------------------------------------------------------ Underidentification test (Kleibergen-Paap rk LM statistic): 11.917 Chi-sq(4) P-val = 0.0180 ------------------------------------------------------------------------------ Weak identification test (Cragg-Donald Wald F statistic): 2.003 (Kleibergen-Paap rk Wald F statistic): 4.639 Stock-Yogo weak ID test critical values: 5% maximal IV relative bias 16.85 10% maximal IV relative bias 10.27 20% maximal IV relative bias 6.71 30% maximal IV relative bias 5.34 10% maximal IV size 24.58 15% maximal IV size 13.96 20% maximal IV size 10.26 25% maximal IV size 8.31 Source: Stock-Yogo (2005). Reproduced by permission. NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors. ------------------------------------------------------------------------------ Sargan statistic (overidentification test of all instruments): 0.209 Chi-sq(3) P-val = 0.9761 ------------------------------------------------------------------------------ Instrumented: llending_rate Included instruments: Laglfc llois llois_crisis lglobalcds1 lglobalcds1_crisis lasset_vol lasset_vol_crisis linfl_qoq lgrowth_qoq lnom_gdp crisis_all Excluded instruments: Lag1ldepratio_old Lag2ldepratio_old Lag3ldepratio_old Lag4ldepratio_old ------------------------------------------------------------------------------ . estimates store I4 . . estout I* using "./Output/ivresults.tex", replace style(tex) varlabels(_cons Constant) cells (b(fmt(%9.3f)) se(star > par fmt(%9.2f))) stats (r2_a r2_w N, labels("Adj. $R^2$" "$R^2$ (within)" "N") fmt(%8.3f %8.3f %6.0f)) starlevels( > * 0.10 ** 0.05 *** 0.01) & I1 & I2 & I3 & I4 \\ & b/se & b/se & b/se & b/se \\ L.lfc & 0.788 & 0.796 & 0.797 & \\ & (0.03)***& (0.03)***& (0.03)***& \\ llois & -0.040 & -0.035 & -0.027 & -0.029 \\ & (0.01)***& (0.01)** & (0.02) & (0.02) \\ lglobalcds1 & 0.007 & -0.000 & -0.003 & 0.008 \\ & (0.01) & (0.01) & (0.01) & (0.01) \\ lasset_vol & -0.024 & -0.029 & -0.039 & 0.029 \\ & (0.02) & (0.03) & (0.03) & (0.06) \\ llending_rate& 0.110 & 0.641 & 0.873 & -1.520 \\ & (0.11) & (1.82) & (1.73) & (2.56) \\ linfl_qoq & -0.007 & -0.061 & -0.085 & 0.157 \\ & (0.02) & (0.19) & (0.18) & (0.33) \\ lgrowth_qoq & -0.075 & -0.045 & -0.044 & -0.140 \\ & (0.15) & (0.13) & (0.14) & (0.18) \\ lnom_gdp & 0.261 & 0.286 & 0.301 & 0.174 \\ & (0.04)***& (0.11)***& (0.10)***& (0.13) \\ crisis_all & 0.106 & 0.104 & 0.081 & 0.175 \\ & (0.02)***& (0.03)***& (0.03)***& (0.14) \\ L.llois & & & 0.005 & \\ & & & (0.01) & \\ L2.llois & & & 0.015 & \\ & & & (0.02) & \\ L3.llois & & & -0.017 & \\ & & & (0.01) & \\ Laglfc & & & & 0.799 \\ & & & & (0.02)***\\ llois_crisis& & & & -0.006 \\ & & & & (0.05) \\ lglobalcds1_crisis& & & & -0.008 \\ & & & & (0.02) \\ lasset_vol_crisis& & & & -0.048 \\ & & & & (0.08) \\ Constant & -0.691 & & & \\ & (0.28)** & & & \\ Adj. ^2$ & 0.801 & 0.793 & 0.792 & 0.788 \\ ^2$ (within)& 0.802 & & & \\ N & 2849 & 2713 & 2713 & 2782 \\ . estimates clear . end of do-file . . clear . set more on . set mem 1m (1024k) . log close log: M:\Share\Intl Banking project\Liquidity data\STATA\TransChannelCrisis.log log type: text closed on: 2 Mar 2012, 17:59:38 ---------------------------------------------------------------------------------------------------------------------