Table 3
DETERMINANTS OF DEPOSIT INTEREST RATES
PANEL ESTIMATION, 1990-99
Dependent variable: banks’ deposit rate in each province.
Independent variables: Herfindahl index for deposits’ market shares (HER); concentration ratio (R3), i.e.
sum of the first 3 banks’ market shares per province; staff costs per employee (COSPER); costs/total
assets (COSRAT); number of banks per province (NBANKS). Variables refer to end-of-year data, for
the period 1990-99. Regressions include time dummy variables, whose coefficients are not reported. t -
statistics in brackets. * Significant at 1 per cent. ** Significant at 5 per cent. *** Significant at 10 per cent.
|
(i) Fixed |
(ii) |
(iii) |
(iv) |
(v) Fixed | ||||||
|
effects |
effects |
effects |
effects |
effects | ||||||
|
HER |
-0.22 |
-0.25 | ||||||||
|
R3 |
(-0.79) |
-0.33 |
*** |
(-0.88) |
-0.36 |
** | ||||
|
NBANKS |
(-1.92) |
0.0028 |
* |
0.0028 |
* |
(-2.05) 0.0029 |
* | |||
|
COSPER |
-6.48 |
* |
-6.47 |
* |
(3.91) -6.35 |
* |
(3.93) -6.36 |
* |
(3.97) -6.34 |
* |
|
COSRAT |
(-4.50) 4.05 |
* |
(-4.49) 4.06 |
* |
(-4.41) 3.94 |
** |
(-4.41) 3.91 |
** |
(-4.40) 3.92 |
** |
|
(2.35) |
(2.35) |
(2.29) |
(2.27) |
(2.28) |
|
Number of |
10561 |
10561 |
10561 |
10561 |
10561 |
|
observations R2 |
0.95 |
0.95 |
0.95 |
0.95 |
0.95 |
|
Sum squared |
2839.1 |
2838.22 |
2834.67 |
2834.43 |
2833.38 |
|
Hausman test |
136.87 |
139.47 |
137.86 |
139.33 |
143.65 |
31
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