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
Parameter	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

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