Table 2.

Summary statistics.

Variables		Obs.	Mean	Std. dev.	Min	Max
Bank stability	ZSCORE	1727	0.7943	0.5429	−2.9666	3.0506
	ZSCORE_n	1727	0.5916	0.1767	0.0000	1.0000
Bank characteristics	SIZE	1727	6.7592	0.8057	4.6090	8.6916
	LTA	1727	0.6108	0.1316	0.1487	0.9162
	LLP	1727	0.9389	1.2659	−1.9634	13.1294
	NPL	1727	0.0347	0.1233	0.0001	1.4712
Banking system characteristics	ZSCORE(Country)	1727	0.1210	0.0927	0.0041	0.3693
	CONCEN(Country)	1727	0.4318	0.1807	0.0053	0.9526
Macroeconomic uncertainty	LnGPR	1727	4.5219	0.1066	4.3476	4.6763
	LnEPU	1727	5.0952	0.3193	4.6632	5.7685
	LnCPU	1727	4.8096	0.3246	4.3509	5.3872
	WPU	1727	1.6432	4.9313	0.0000	17.2288
	GSCP	1727	0.0373	0.5911	−0.6436	1.5043
	LnMPU	1727	4.2853	0.3936	3.6761	4.9575

Table 2 shows summary statistics of all variables, used in the baseline Model (1). All financial variables are winsorized at the 1 % and 99 % levels.