Note(s): The descriptive statistics, namely, mean, standard deviation (StdDev), minimum, median and maximum of the variables deployed in the study are reported. They include log of bank Z score, FVI called as the Financial Vulnerability Index, year on year (yoy) OFI financial assets to TFA (YOYOFI/TFA), YOYEF2/TEF, which is the growth rate of ratio of financial assets of EF2 to financial assets of total economic function (TEF), yoy growth of OFI financial assets (YOYOFI), yoy growth of financial assets of EF2 (YOYEF2), Bank3conc refers to assets of 3 largest banks, Bank5conc refers to assets of 5 largest banks, BankO_Hcost/TA refers to ratio of bank overhead cost to total assets, BankC_I refers to cost to income ratio, BankNIM refers to NIM ratio of banks, BankROA refers to return on assets, BankNPL/grossLoans refers to the ratio of non-performing loans (NPL) to gross loans, stock turnover ratio (StockTr), the ratio of liquid assets to deposits and short-term funding (liquidity), GDP implies yoy growth of real GDP, the yoy growth rate of inflation (Inflation), outstanding public debt to GDP (OSpublicDebt), BankCRAR refers to capital adequacy ratio of banks, Central Bank policy rate, WGI refers to the world governance index and Crisis represents the dummy for global financial crisis of 2008.

Source(s): Authors' own creation