Table A4. The individual and joint... | Emerald Publishing

Table A4.

The individual and joint impacts of EPU and inflation on loan price (adding gov bond yield)

	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	−0.010***	0.001	−0.038***	0.003	−0.011***	0.001	−0.039***	0.003
c.Inflation	0.411***	0.113	0.488***	0.128	1.025***	0.077	0.909***	0.154
c.Inflation × c.EPU					0.003***	0.000	0.008***	0.002
Interest expense to liabilities	2.696***	0.144	2.686***	0.154	2.690***	0.146	2.686***	0.154
Non-interest expenses to assets	0.063	0.372	0.622**	0.276	−0.104	0.318	0.572*	0.288
LLP to gross loans	0.664***	0.141	0.439**	0.187	0.577***	0.112	0.403**	0.158
Equity to assets	−0.009	0.025	−0.018	0.029	0.009	0.025	−0.007	0.031
Loan to deposits	−0.006	0.004	−0.007	0.004	−0.005	0.003	−0.006	0.004
Bank size	0.543*	0.291	0.580*	0.306	1.059***	0.186	0.896**	0.324
GDP growth	−0.251**	0.094	−0.494***	0.075	−0.126**	0.045	−0.382***	0.111
Govt bond yield	−0.673***	0.188	−0.898***	0.294	−0.820***	0.144	−1.021***	0.271
Constant	0.842	3.453	2.770	3.645	−4.809**	2.265	−0.904	4.157
Observations	1,625		1,625		1,625		1,625

	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	−0.010***	0.001	−0.038***	0.003	−0.011***	0.001	−0.039***	0.003
c.Inflation	0.411***	0.113	0.488***	0.128	1.025***	0.077	0.909***	0.154
c.Inflation × c.EPU					0.003***	0.000	0.008***	0.002
Interest expense to liabilities	2.696***	0.144	2.686***	0.154	2.690***	0.146	2.686***	0.154
Non-interest expenses to assets	0.063	0.372	0.622**	0.276	−0.104	0.318	0.572*	0.288
LLP to gross loans	0.664***	0.141	0.439**	0.187	0.577***	0.112	0.403**	0.158
Equity to assets	−0.009	0.025	−0.018	0.029	0.009	0.025	−0.007	0.031
Loan to deposits	−0.006	0.004	−0.007	0.004	−0.005	0.003	−0.006	0.004
Bank size	0.543*	0.291	0.580*	0.306	1.059***	0.186	0.896**	0.324
GDP growth	−0.251**	0.094	−0.494***	0.075	−0.126**	0.045	−0.382***	0.111
Govt bond yield	−0.673***	0.188	−0.898***	0.294	−0.820***	0.144	−1.021***	0.271
Constant	0.842	3.453	2.770	3.645	−4.809**	2.265	−0.904	4.157
Observations	1,625		1,625		1,625		1,625

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

Source(s): Authors’ own work