Table A3. The individual and joint... | Emerald Publishing

Table A3.

The individual and joint impacts of EPU and inflation on loan price (adding CR5)

	China’s EPU		Global EPU		China’s EPU		Global EPU
	Med EPU SCMP		Global med EPU		Med EPU SCMP		Global med EPU
EPU measures	Coef.	Std. err	Coef.	Std. err	Coef.	Std. err	Coef.	Std. err
c.EPU	−0.009***	0.001	−0.032***	0.003	−0.010***	0.001	−0.032***	0.003
c.Inflation	0.324**	0.120	0.359**	0.143	0.969***	0.100	0.670***	0.170
c.Inflation × c.EPU					0.003***	0.000	0.006*	0.003
Interest expense to liabilities	2.683***	0.149	2.666***	0.163	2.677***	0.152	2.666***	0.162
Non-interest expenses to assets	−0.201	0.514	0.084	0.380	−0.428	0.455	0.041	0.412
LLP to gross loans	0.628***	0.155	0.454**	0.190	0.581***	0.139	0.452**	0.181
Equity to assets	−0.009	0.028	−0.010	0.032	0.015	0.029	0.000	0.034
Loan to deposits	−0.006	0.004	−0.005	0.003	−0.005	0.003	−0.005	0.003
Bank size	0.596*	0.322	0.726**	0.320	1.199***	0.231	0.991**	0.351
GDP growth	−0.258**	0.107	−0.480***	0.102	−0.068	0.076	−0.360**	0.133
CR5	0.019***	0.006	0.035***	0.005	0.019***	0.006	0.035***	0.005
Constant	−2.864	4.027	−3.638	3.805	−10.497***	2.785	−7.380*	4.198
Observations	1,493		1,493		1,493		1,493

	China’s EPU		Global EPU		China’s EPU		Global EPU
	Med EPU SCMP		Global med EPU		Med EPU SCMP		Global med EPU
EPU measures	Coef.	Std. err	Coef.	Std. err	Coef.	Std. err	Coef.	Std. err
c.EPU	−0.009***	0.001	−0.032***	0.003	−0.010***	0.001	−0.032***	0.003
c.Inflation	0.324**	0.120	0.359**	0.143	0.969***	0.100	0.670***	0.170
c.Inflation × c.EPU					0.003***	0.000	0.006*	0.003
Interest expense to liabilities	2.683***	0.149	2.666***	0.163	2.677***	0.152	2.666***	0.162
Non-interest expenses to assets	−0.201	0.514	0.084	0.380	−0.428	0.455	0.041	0.412
LLP to gross loans	0.628***	0.155	0.454**	0.190	0.581***	0.139	0.452**	0.181
Equity to assets	−0.009	0.028	−0.010	0.032	0.015	0.029	0.000	0.034
Loan to deposits	−0.006	0.004	−0.005	0.003	−0.005	0.003	−0.005	0.003
Bank size	0.596*	0.322	0.726**	0.320	1.199***	0.231	0.991**	0.351
GDP growth	−0.258**	0.107	−0.480***	0.102	−0.068	0.076	−0.360**	0.133
CR5	0.019***	0.006	0.035***	0.005	0.019***	0.006	0.035***	0.005
Constant	−2.864	4.027	−3.638	3.805	−10.497***	2.785	−7.380*	4.198
Observations	1,493		1,493		1,493		1,493

Note(s): ***, ** and * indicate 1, 5 and 10% levels of significance, respectively

Source(s): Authors’ own work