A COMPARATIVE STUDY OF ALTERNATIVE ECONOMETRIC PACKAGES: AN APPLICATION TO ITALIAN DEPOSIT INTEREST RATES



Table 8

DETERMINANTS OF CERTICATES OF DEPOSIT INTEREST RATES
PANEL ESTIMATION , 1990-96

Dependent variable: rates on certificates of deposit in each province.

Independent variables: Herfindahl index for market shares of certificates of deposit (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 1990-96. 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)

(ii)

(iii)

(iv)

(v)

Fixed

Fixed

Fixed

Fixed

Fixed

effects

effects

Effects

effects

effects

HER

-0.45

(-1.22)

-0.41

(-1.10)

R3

NBANKS

COSPER

12.93

*

0.50

(1.22)

12.76

*

0.009

(1.33)

12.80

*

0.009

(1.22)

12.84

*

0.59
(1.41)
0.01
(1.51)
12.63

*

COSRAT

(3.16)

-19.54

*

(3.12)

-19.35

*

(3.13)

-19.35

*

(3.14)

-19.41

*

(3.09)

-19.18

*

(-3.29)

(-3.25)

(-3.25)

(-3.26)

(-3.23)

N. observat.

8017

8017

8017

8017

8017

R2

0.71

0.71

0.71

0.71

0.71

Sum squared

7641.80

7641.81

7641.49

7640.10

7639.20

residuals

Hausman test

66.63

66.73

65.69

68.05

67.49

37



More intriguing information

1. The name is absent
2. Ein pragmatisierter Kalkul des naturlichen Schlieβens nebst Metatheorie
3. Nonlinear Production, Abatement, Pollution and Materials Balance Reconsidered
4. CGE modelling of the resources boom in Indonesia and Australia using TERM
5. Handling the measurement error problem by means of panel data: Moment methods applied on firm data
6. Innovation and business performance - a provisional multi-regional analysis
7. The name is absent
8. XML PUBLISHING SOLUTIONS FOR A COMPANY
9. THE AUTONOMOUS SYSTEMS LABORATORY
10. The Economic Value of Basin Protection to Improve the Quality and Reliability of Potable Water Supply: Some Evidence from Ecuador