Table VI. Determinants NIM 1 2 3 4 5 6...

Table VI.

Determinants NIM

	1	2	3	4	5	6
EQ/TAt−1	0.01 (3.41)***	0.01 (2.84)***	0.01 (1.98)**	0.01 (1.32)	0.01 (1.96)**	0.02 (3.43) ***
EQAGDP₍₋₁₎	0.00 (0. 12)	0.00 (1.09)	0.00 (1.78)*	0.00 (2.25)**	0.00 (1.76)*	−0.00 (−0.06)
LOTA	0.01 (3.32)**	0.00 (2.14)**	0.00 (1.04)	0.00 (0.774)	0.00 (0.93)	−0.00 (−0.03)
LOAGDP	−0.00 (−0.32)	0.00 (1.82)*	0.00 (1.95)*	0.00 (2.16)**	0.00 (1.97)**	0.00 (0.90)
DSTA	−0.00 (−0.83)	−0.01 (−0.91)	−0.01 (−1.02)	−0.01 (−1.75)*	−0.01 (−1.19)	0.00 (0.45)
DSTGDP	0.00 (0.43)	0.00 (1.09)	0.00 (0.58)	0.00 (1.07)	0.00 (0.67)	−0.00 (−0.52)
OHTA	−0.058 (−1.80)***	−0.128 (−3.66)***	−0.161 (−3.85)***	−0.211 (−4.20)***	−0.159 (−3.78)***	−0.204 (−3.25)***
OHAGDP	0.00 (3.77)***	0.00 (4.12)***	0.00 (4.54)***	0.00 (5.04)***	0.000 (4.51)***	0.00 (4.78)***
OOI	0.42 (24.97)***	0.00 (29.29)***	0.59 (27.06)***	0.63 (27.75)***	0.59 (26.87)***	0.65 (22.42)***
OOIGDP	−0.00 (−3.34)***	−0.00 (−4.45)***	−0.00 (−5.21)***	−0.00 (−6.10)***	−0.00 (−5.17)***	−0.00 (−7.39)***
FRGN	0.15 (2.73)***	0.15 (2.62)***	0.14 (2.45)**	0.14 (2.43)**	0.14 (2.45)**	0.38 (0.92)
FRNGDP	−0.00 (−2.84)***	−0.00 (−2.74)***	−0.00 (−2.53)**	−0.00 (−2.51)***	−0.00 (−2.51)**	−0.00 (−2.63)***
GDPPC		−0.00 (−1.01)	−0.00 (−0.44)	−0.00 (−0.89)	−0.00 (−0.50)	0.00 (1.28)
GDPGR		−0.00 (−0.44)	−0.01 (−1.34)	−0.01 (−1.00)	−0.01 (−1.65)*	−0.02 (−1.78)*
RI		0.02 (1.28)	0.02 (2.62)***	0.02 (3.03)***	0.02 (2.68)***	0.03 (3.47)***
RIGDP		0.00 (1.10)	0.00 (0.51)	0.00 (0.85)	0.00 (0.49)	0.00 (0.69)
TAX			0.00 (0.32)	0.00 (0.14)	0.00 (0.27)	0.02 (0.08)
TAXGDP			−0.00 (−0.15)	0.00 (0.02)	−0.00 (−0.14)	0.00 (0.114)
RES			−0.00 (−0.30)	−0.00 (−0.15)	−0.00 (−0.27)	−0.00 (−0.31)**
RESGDP			0.01 (2.20)**	0.01 (2.19)**	0.01 (2.22)**	0.01 (0.51)
OILGDP				0.00 (1.65)*
INSUR					0.01 (1.17)
MCAP						−0.00 (−0.37)
MCPGDP						0.00 (1.64)
BNK						0.00 (0.67)
BNKGDP						−0.00 (−2.59)***
Assets						−0.00 (−1.48)
C3						0.01 (1.80)*
Adjusted R²	0.80	0.83	0.81	0.81	0.81	0.78
F-STA	23.65***	26.72***	22.13***	22.09***	22.08***	18.33***
DW	1.18	1.15	1.10	1.11	1.10	1.12
Observations	2,503	2,213	1,922	1,899	1,922	1,332

	1	2	3	4	5	6
EQ/TAt−1	0.01 (3.41)***	0.01 (2.84)***	0.01 (1.98)**	0.01 (1.32)	0.01 (1.96)**	0.02 (3.43) ***
EQAGDP₍₋₁₎	0.00 (0. 12)	0.00 (1.09)	0.00 (1.78)*	0.00 (2.25)**	0.00 (1.76)*	−0.00 (−0.06)
LOTA	0.01 (3.32)**	0.00 (2.14)**	0.00 (1.04)	0.00 (0.774)	0.00 (0.93)	−0.00 (−0.03)
LOAGDP	−0.00 (−0.32)	0.00 (1.82)*	0.00 (1.95)*	0.00 (2.16)**	0.00 (1.97)**	0.00 (0.90)
DSTA	−0.00 (−0.83)	−0.01 (−0.91)	−0.01 (−1.02)	−0.01 (−1.75)*	−0.01 (−1.19)	0.00 (0.45)
DSTGDP	0.00 (0.43)	0.00 (1.09)	0.00 (0.58)	0.00 (1.07)	0.00 (0.67)	−0.00 (−0.52)
OHTA	−0.058 (−1.80)***	−0.128 (−3.66)***	−0.161 (−3.85)***	−0.211 (−4.20)***	−0.159 (−3.78)***	−0.204 (−3.25)***
OHAGDP	0.00 (3.77)***	0.00 (4.12)***	0.00 (4.54)***	0.00 (5.04)***	0.000 (4.51)***	0.00 (4.78)***
OOI	0.42 (24.97)***	0.00 (29.29)***	0.59 (27.06)***	0.63 (27.75)***	0.59 (26.87)***	0.65 (22.42)***
OOIGDP	−0.00 (−3.34)***	−0.00 (−4.45)***	−0.00 (−5.21)***	−0.00 (−6.10)***	−0.00 (−5.17)***	−0.00 (−7.39)***
FRGN	0.15 (2.73)***	0.15 (2.62)***	0.14 (2.45)**	0.14 (2.43)**	0.14 (2.45)**	0.38 (0.92)
FRNGDP	−0.00 (−2.84)***	−0.00 (−2.74)***	−0.00 (−2.53)**	−0.00 (−2.51)***	−0.00 (−2.51)**	−0.00 (−2.63)***
GDPPC		−0.00 (−1.01)	−0.00 (−0.44)	−0.00 (−0.89)	−0.00 (−0.50)	0.00 (1.28)
GDPGR		−0.00 (−0.44)	−0.01 (−1.34)	−0.01 (−1.00)	−0.01 (−1.65)*	−0.02 (−1.78)*
RI		0.02 (1.28)	0.02 (2.62)***	0.02 (3.03)***	0.02 (2.68)***	0.03 (3.47)***
RIGDP		0.00 (1.10)	0.00 (0.51)	0.00 (0.85)	0.00 (0.49)	0.00 (0.69)
TAX			0.00 (0.32)	0.00 (0.14)	0.00 (0.27)	0.02 (0.08)
TAXGDP			−0.00 (−0.15)	0.00 (0.02)	−0.00 (−0.14)	0.00 (0.114)
RES			−0.00 (−0.30)	−0.00 (−0.15)	−0.00 (−0.27)	−0.00 (−0.31)**
RESGDP			0.01 (2.20)**	0.01 (2.19)**	0.01 (2.22)**	0.01 (0.51)
OILGDP				0.00 (1.65)*
INSUR					0.01 (1.17)
MCAP						−0.00 (−0.37)
MCPGDP						0.00 (1.64)
BNK						0.00 (0.67)
BNKGDP						−0.00 (−2.59)***
Assets						−0.00 (−1.48)
C3						0.01 (1.80)*
Adjusted R²	0.80	0.83	0.81	0.81	0.81	0.78
F-STA	23.65***	26.72***	22.13***	22.09***	22.08***	18.33***
DW	1.18	1.15	1.10	1.11	1.10	1.12
Observations	2,503	2,213	1,922	1,899	1,922	1,332

Notes

: t-statistics are in parentheses;

***p < 0.01;

**p < 0.05;

*p < 0.10

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