Table 6.

Variables definitions

Variables	Definitions
Z-Score	A bank measure of financial risk calculated as $\frac{CAP+{\mu }_{\mathit{ROA}}}{{\sigma }_{\mathit{ROA}}}$; a larger value indicates lower overall bank risk
CVD	Growth rate of the total COVID cases
Bank-level variables
Size	The natural logarithm of gross total assets
Capital	Book value of equity over gross total assets
Asset_Quality	Non-performing loans/gross total assets
Loans	Total loans/gross total assets
Deposits	Total deposits/gross total assets
Growth	Loan growth over quarters
Earnings	Income before taxes, provisions recognized in income over gross total assets
Country-level variables
Healthcare	Natural logarithm of the total healthcare expenses per capita
GDP	GDP growth rate
Econ_Support	Govt. performance in economic support index
Stringency	Govt. performance in stringency index
Containment	Govt. performance in containment and health index
Gov_Resp	Govt. performance in overall govt. response index

This table presents the definitions of the main variables used in our analyses