Has Competition in the Japanese Banking Sector Improved?



Table 3. Results of simultaneous estimation of eqs. (7), (8), and (9):

city banks

Parameter

MVR

3SLS

Estimate

P-value

Estimate

P-value

θ 1974

0.353

[.001]

0.297

[.006]

θ 1975

0.348

[.001]

0.261

[.010]

θ 1976

0.228

[.007]

0.178

[.046]

θ 1977

0.208

[.013]

0.115

[.176]

θ 1978

0.097

[.199]

0.016

[.850]

θ 1979

0.125

[.047]

0.085

[.210]

θ 1980

0.227

[.001]

0.157

[.011]

θ 1981

0.245

[.000]

0.222

[.003]

θ 1982

0.047

[.217]

0.001

[.985]

θ 1983

0.094

[.026]

0.072

[.132]

θ 1984

-0.025

[.446]

-0.045

[.262]

θ 1985

0.041

[.208]

0.016

[.654]

θ 1986

0.020

[.547]

0.002

[.951]

θ 1987

-0.036

[.258]

-0.054

[.182]

θ 1988

-0.002

[.941]

-0.026

[.458]

θ 1989

-0.028

[.188]

-0.027

[.372]

θ 1990

0.042

[.012]

0.023

[.223]

θ 1991

0.108

[.000]

0.082

[.003]

θ 1992

0.124

[.000]

0.101

[.004]

θ 1993

0.184

[.000]

0.133

[.003]

θ 1994

0.092

[.006]

0.057

[.117]

θ 1995

-0.005

[.862]

-0.056

[.167]

θ 1996

-0.024

[.475]

-0.050

[.296]

θ 1997

-0.007

[.822]

-0.040

[.407]

θ 1998

0.151

[.002]

0.136

[.044]

θ 1999

0.262

[.000]

0.215

[.009]

θ 2000

0.185

[.001]

0.152

[.024]

a 0

12.090

[.000]

12.094

[.000]

a 1

0.678

[.000]

0.947

[.000]

a 2

-0.677

[.326]

1.201

[.469]

a 3

0.110

[.166]

-0.113

[.629]

a 4

-1.928

[.007]

0.311

[.860]

a 5

-0.459

[.000]

-0.545

[.000]

a 6

-0.099

[.611]

-0.171

[.741]

a 7

0.412

[.148]

-0.893

[.255]

a 8

1.308

[.059]

-0.697

[.681]

a 9

-0.540

[.061]

0.687

[.396]

b0

5.917

[.014]

5.995

[.032]

b2

1.053

[.000]

1.063

[.000]

b3

0.000

[.780]

0.000

[.633]

b4

-0.291

[.000]

-0.294

[.000]

b5

0.070

[.470]

0.109

[.262]

1∕η 1974

0.707

[.000]

0.715

[.000]

1∕η 1975-76

0.710

[.000]

0.718

[.000]

1∕η 1977-78

0.723

[.000]

0.731

[.000]

1∕η 1979-80

0.709

[.000]

0.717

[.000]

1∕η 1981-82

0.700

[.000]

0.708

[.000]

1∕η 1983-84

0.704

[.000]

0.712

[.000]

1∕η 1985-86

0.709

[.000]

0.717

[.000]

1∕η 1987-88

0.711

[.000]

0.719

[.000]

1∕η 1989-90

0.691

[.000]

0.698

[.000]

1∕η 1991-92

0.691

[.000]

0.699

[.000]

1∕η1993-94

0.712

[.000]

0.719

[.000]

1∕η 1995-96

0.729

[.000]

0.737

[.000]

1∕η 1997-98

0.736

[.000]

0.743

[.000]

1∕η 1999-00

0.747

[.000]

0.755

[.000]

R2 ' for (7)

0.961

0.951

R2 for (8)

0.843

0.852

R2 for (9)

0.949

0.950

26



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