Table 7.

Summary statistics

Panel A:
Descriptive Statistics
Variable	Obs	Mean	Std. Dev	Min	Max
Z-Score	1953	29.785	18.311	.809	94.806
CVD	1953	1.344	1.053	.035	5.623
Size	1953	9.153	1.85	4.07	14.471
Capital	1953	.105	.06	.037	.651
Asset_Quality	1953	.033	.056	0	.417
Loans	1953	.623	.145	.084	.874
Deposits	1953	.768	.117	.213	.929
Growth	1953	.021	.068	-.159	.3
Earnings	1953	.016	.015	-.021	.098
Healthcare	1953	7.79	1.794	3.758	9.271
GDP	1953	1.83	1.449	-3.467	7.032
Econ_Support	1953	62.348	19.767	0	100
Stringency	1953	62.938	12.482	27.917	92.593
Containment	1953	60.732	8.32	26.457	84.829
Gov_Resp	1953	60.502	9.905	30.234	84.444

Panel B:
Pairwise correlations
Variables	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)	(13)	(14)
CVD	-0.116*	1.000
Size	0.098*	-0.098*	1.000
Capital	-0.039*	0.079*	-0.387*	1.000
Asset_Quality	-0.295*	0.037	-0.066*	0.228*	1.000
Loans	0.206*	-0.038	-0.114*	-0.270*	-0.303*	1.000
Deposits	0.141*	-0.073*	-0.068*	-0.523*	-0.139*	0.312*	1.000
Growth	0.020	-0.194*	-0.045*	-0.005	-0.088*	0.079*	0.064*	1.000
Earnings	-0.200*	0.100*	-0.024*	0.237*	0.129*	-0.141*	-0.216*	-0.031*	1.000
Healthcare	0.330*	-0.147*	-0.075*	-0.126*	-0.335*	0.335*	0.229*	0.088*	-0.247*	1.000
GDP	-0.073*	-0.005	0.064*	-0.063*	0.040*	-0.036*	0.100*	0.039*	0.003	-0.424*	1.000
Econ_Support	0.006	-0.038*	0.083*	-0.069*	-0.020	0.013	0.056*	0.014	-0.052*	0.055*	-0.045*	1.000
Stringency	-0.027*	0.361*	0.033*	-0.005	0.003	-0.015	-0.001	-0.007	0.018	-0.008	0.002	0.893*	1.000
Containment	-0.016	0.147*	0.046*	-0.021*	-0.004	-0.007	0.014	0.002	0.000	0.009	-0.007	0.930*	0.993*	1.000
Gov_Resp	-0.019*	0.163*	0.040*	-0.014	-0.002	-0.010	0.009	0.000	0.007	0.002	-0.002	0.910*	0.996*	0.999*

In this table, we report the summary statistics of our main variables. Panel A presents the descriptive statistics, whereas Panel B provides the pair-wise correlations among the key variables. * represents statistical significance at 1% level