Table A1

Variable description

Indicator nameShort definitionSource
LLPLoan loss provisions to gross loan ratioGlobal financial development indicators
LLCProvisions to nonperforming loans (%)Financial Soundness Indicators Database (fsi.imf.org), International Monetary Fund (IMF)
NPLBank nonperforming loans to gross loans (%)Financial Soundness Indicators Database (fsi.imf.org), International Monetary Fund (IMF)
EPUEPU index developed by Baker et al. (2016) https://www.policyuncertainty.com

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