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 |
* |
|
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
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