Table 4.

Regression results for the relationship between life insurance market growth and bank stability.

Dependent variable	Z-score		1/NPL
	(1)		(2)
	Co.eff	t.stat	Co.eff	t.stat
LIMG	0.117∗∗∗	−2.59	0.026∗	1.64
LIMG2	−0.001∗∗	−2.19	−0.003∗∗∗	−3.02
HHI	2.237	1.23	0.139	1.00
BCON	0.009	0.71	0.001	0.93
GDP	0.914	1.39	0.127∗∗∗	3.22
PPG	0.656∗	1.66	−0.016	−0.64
CISH	0.076∗∗	1.95	0.004∗	1.75
LER	0.048	1.19	−0.001	−0.41
WGI	3.404∗∗∗	3.07	0.159∗∗∗	2.40
NII	−0.035∗∗∗	−2.87	−0.004∗∗∗	−4.24
Cons	9.003	1.62	−0.632∗	−1.89
Year fixed-effect	Yes		Yes
Observation	571		414
F-test (p.value)	0.00		0.00

Note: This table reports the fixed-effect estimation results for Equation (2) using the Z-score and 1/NPL as dependent variables. ∗, ∗∗, and ∗∗∗ indicate statistical significance at the 10 %, 5 %, and 1 % levels, respectively. All variables are defined in Appendix A.