Table 5.
Moderating effects of government responses
| Econ_Support | Stringency | Gov_Resp | Containment | |
|---|---|---|---|---|
| (1) | (2) | (3) | (4) | |
| CVD |
-0.217*** (0.046) |
-1.145*** (0.061) |
0.644* (0.378) |
1.846*** (0.271) |
| CVD*X |
0.015*** (0.001) |
0.019*** (0.000) |
-0.001 (0.005) |
-0.016*** (0.003) |
| Size |
1.579 (1.729) |
1.579 (1.729) |
1.579 (1.729) |
1.579 (1.729) |
| Capital |
39.391*** (8.270) |
39.391*** (8.270) |
39.391*** (8.270) |
39.391*** (8.270) |
| Asset_Quality |
1.470 (1.573) |
1.470 (1.573) |
1.470 (1.573) |
1.470 (1.573) |
| Loans |
9.555*** (2.499) |
9.555*** (2.499) |
9.555*** (2.499) |
9.555*** (2.499) |
| Deposits |
1.607 (1.355) |
1.607 (1.355) |
1.607 (1.355) |
1.607 (1.355) |
| Growth |
-2.739** (1.080) |
-2.739** (1.080) |
-2.739** (1.080) |
-2.739** (1.080) |
| Earnings |
-25.662*** (7.285) |
-25.662*** (7.285) |
-25.662*** (7.285) |
-25.662*** (7.285) |
| Constant |
2.743 (18.673) |
4.232 (18.729) |
3.383 (18.705) |
2.185 (18.709) |
| Observations | 1,953 | 1,953 | 1,953 | 1,953 |
| AdjR2 | 0.205 | 0.205 | 0.205 | 0.205 |
| #Banks | 547 | 547 | 547 | 547 |
| FE | Yes | Yes | Yes | Yes |
| F Statistic | 2736.80*** | 2058.91*** | 284.56*** | 281.01*** |
In this table, we document the moderating effects of government interventions on the association between CVD and Z-Score. In all models, we regress Z-Score on CVD, CVD*X, all bank- and macro-controls, while including the country-year and bank-fixed effects. CVD*X is our variable of interest, where X represents Econ_Supp, Stringency, Gov_Resp, and Containment in models 1, 2, 3, and 4, respectively. ***, **, and * represent statistical significance at 1%, 5%, and 10% levels, respectively. Standard errors are reported in parentheses