Table 5.

Robustness: results from event study regressions using alternative definitions of the credit-to-GDP gap

	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)
Credit-to-GDP gap (baseline) (change from t−3 to t−1)	0.07***
	(0.02)
Credit-to-GDP gap (HP filter) (change from t−3 to t−1)		0.07***
		(0.03)
Credit-to-GDP gap (Hamilton) (change from t−3 to t−1)			0.07***
			(0.02)
Credit-to-GDP gap (change from t−2 to t−1)				0.05*
				(0.03)
Credit-to-GDP gap (change from t−4 to t−1)					0.05*
					(0.03)
Credit-to-GDP gap (change from t−5 to t−1)						0.02
						(0.02)
Credit-to-GDP gap (change from t−6 to t−1)							0.04
							(0.03)
Credit-to-GDP gap (t−1)								0.07**
								(0.03)
Credit-to-GDP gap (t−2)								0.02
								(0.05)
Credit-to-GDP gap (t−3)								−0.08
								(0.05)
Dummy: Civil conflict	1.67**	1.68**	1.69**	1.64**	1.56	1.51**	1.64**	1.71**
	(0.65)	(0.66)	(0.66)	(0.65)	(0.68)	(0.69)	(0.72)	(0.66)
Output growth (t−1)	0.12**	0.12**	0.12**	0.11**	0.11**	0.11**	0.13**	0.12**
	(0.05)	(0.05)	(0.05)	(0.05)	(0.05)	(0.05)	(0.06)	(0.05)
Dummy: 2019	3.87***	3.89***	3.91***	3.74***	3.87***	3.80***	3.77***	3.90***
	(0.91)	(0.91)	(0.90)	(0.90)	(0.91)	(0.90)	(0.91)	(0.92)
Constant	−0.45	−0.43	−0.44	−0.39	−0.44	−0.37	−0.42	−0.53*
	(0.27)	(0.27)	(0.27)	(0.27)	(0.28)	(0.30)	(0.30)	(0.30)
Sample	Full	Full	Full	Full	Full	Full	Full	Full
Observations	218	218	218	218	214	211	204	218
Time period	2000–2019	2000–2019	2000–2019	2000–2019	2000–2019	2000–2019	2010–2019	2000–2019
R2	0.13	0.13	0.14	0.12	0.12	0.11	0.12	0.13
Mean of dep. variable (${\widehat{g}}_i$)	0.70	0.70	0.70	0.70	0.67	0.69	0.76	0.70

White heteroskedasticity-robust standard errors clustered by country are shown in parentheses. The use of *** denotes a coefficient significantly different from zero at the 0.01 confidence level; **0.05; *0.10