Has Competition in the Japanese Banking Sector Improved?



Table 4. Results of simultaneous estimation of eqs. (7), (8), and (9):

regional banks_______________________________________

Parameter

________________________________________________E

MVR

Estimate

P-value

3SLS

Estimate

P-value

θ 1974

0.624

[.000]

0.380

[.000]

θ 1975

0.511

[.000]

0.274

[.000]

θ 1976

0.473

[.000]

0.226

[.000]

θ 1977

0.365

[.000]

0.137

[.000]

θ 1978

0.407

[.000]

0.165

[.000]

θ 1979

0.487

[.000]

0.261

[.000]

θ 1980

0.389

[.000]

0.247

[.000]

θ 1981

0.264

[.000]

0.135

[.000]

θ 1982

0.334

[.000]

0.200

[.000]

θ 1983

0.323

[.000]

0.193

[.000]

θ 1984

0.239

[.000]

0.142

[.000]

θ 1985

0.242

[.000]

0.160

[.000]

θ 1986

0.259

[.000]

0.187

[.000]

θ 1987

0.180

[.000]

0.148

[.000]

θ 1988

0.337

[.000]

0.307

[.000]

θ 1989

0.365

[.000]

0.335

[.000]

θ 1990

0.282

[.000]

0.283

[.000]

θ 1991

0.337

[.000]

0.314

[.000]

θ 1992

0.338

[.000]

0.304

[.000]

θ 1993

0.274

[.000]

0.246

[.000]

θ 1994

0.392

[.000]

0.376

[.000]

θ 1995

0.285

[.000]

0.316

[.000]

θ 1996

0.391

[.000]

0.413

[.000]

θ 1997

0.381

[.000]

0.417

[.000]

θ 1998

0.563

[.000]

0.555

[.000]

θ 1999

0.693

[.000]

0.698

[.000]

θ 2000

0.720

[.000]

0.722

[.000]

a 0

9.637

[.000]

9.635

[.000]

a 1

0.178

[.000]

0.575

[.000]

a 2

0.316

[.000]

0.837

[.000]

a 3

0.698

[.000]

0.288

[.000]

a 4

0.146

[.102]

0.807

[.000]

a 5

-0.263

[.000]

-0.239

[.000]

a 6

-0.393

[.000]

-0.140

[.358]

a 7

0.226

[.000]

-0.672

[.000]

a 8

-0.251

[.004]

-0.809

[.000]

a 9

-0.180

[.007]

0.525

[.001]

b0

3.331

[.000]

3.448

[.000]

b2

0.360

[.000]

0.356

[.000]

b3

-0.005

[.000]

-0.006

[.000]

b4

0.353

[.000]

0.318

[.000]

b5

-0.019

[.454]

-0.071

[.008]

1∕η 1974

0.428

[.000]

0.430

[.000]

1∕η 1975-76

0.427

[.000]

0.428

[.000]

1∕η 1977-78

0.436

[.000]

0.437

[.000]

1∕η 1979-80

0.429

[.000]

0.431

[.000]

1∕η 1981-82

0.424

[.000]

0.425

[.000]

1∕η 1983-84

0.425

[.000]

0.427

[.000]

1∕η 1985-86

0.427

[.000]

0.428

[.000]

1∕η 1987-88

0.433

[.000]

0.435

[.000]

1∕η 1989-90

0.421

[.000]

0.423

[.000]

1∕η 1991-92

0.417

[.000]

0.420

[.000]

1∕η1993-94

0.434

[.000]

0.437

[.000]

1∕η 1995-96

0.453

[.000]

0.455

[.000]

1∕η 1997-98

0.461

[.000]

0.463

[.000]

1∕η 1999-00

0.466

[.000]

0.468

[.000]

R2 ' for (7)

0.980

0.975

R2 for (8)

0.964

0.966

R2 for (9)__________

0.939

0.939

27



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