Dependent variable: the natural logarithm of gross loan (Δln loans)	model 13	model 14	model 15	model 16	model 17	model 18
L.Δln loans	0.565∗∗∗	0.383∗∗∗	0.472∗∗∗	0.201∗∗∗	0.581∗∗∗	0.391∗∗∗
	(0.089)	(0.048)	(0.072)	(0.054)	(0.091)	(0.050)
GDP growth (${\mathbf{G}\mathbf{D}\mathbf{P}}_{\mathbf{t}}$)	0.512∗∗	0.110	-0.485	-1.014∗∗∗	0.528∗∗	0.064
	(0.225)	(0.151)	(0.307)	(0.251)	(0.235)	(0.148)
Δ Refinancing rate	-0.185∗		-0.065		-0.197∗
	(0.099)		(0.098)		(0.100)
Δ Discount rate		-0.050		0.084		-0.037
		(0.038)		(0.052)		(0.037)
${\mathbf{G}\mathbf{D}\mathbf{P}}_{\mathbf{t}}\times {\mathbf{D}\mathbf{c}\mathbf{s}\mathbf{m}}_{\mathbf{i},\mathbf{t}}$	-3.195∗∗∗	-0.316∗∗	-2.841∗∗∗	0.240∗	-3.249∗∗∗	-0.322∗∗∗
	(0.445)	(0.120)	(0.327)	(0.132)	(0.455)	(0.113)
$\Delta {\mathbf{i}\left(\mathbf{r}\mathbf{e}\mathbf{f}\mathbf{i}\mathbf{n}\mathbf{a}\mathbf{n}\mathbf{c}\mathbf{i}\mathbf{n}\mathbf{g}\mathbf{r}\mathbf{a}\mathbf{t}\mathbf{e}\right)}_{\mathbf{t}}{\times \mathbf{D}\mathbf{c}\mathbf{s}\mathbf{m}}_{\mathbf{i},\mathbf{t}}$	2.530∗∗∗		2.256∗∗∗		2.572∗∗∗
	(0.346)		(0.253)		(0.354)
$\Delta {\mathbf{i}\left(\mathbf{d}\mathbf{i}\mathbf{s}\mathbf{c}\mathbf{o}\mathbf{u}\mathbf{n}\mathbf{t}\mathbf{r}\mathbf{a}\mathbf{t}\mathbf{e}\right)}_{\mathbf{t}}{\times \mathbf{D}\mathbf{c}\mathbf{s}\mathbf{m}}_{\mathbf{i},\mathbf{t}}$		0.416∗∗∗		-0.165		0.423∗∗∗
		(0.125)		(0.151)		(0.116)
Inflation	-0.739∗∗∗	-0.139∗∗∗	-0.742∗∗∗	-0.088∗∗∗	-0.731∗∗∗	-0.148∗∗∗
	(0.099)	(0.033)	(0.085)	(0.025)	(0.103)	(0.033)
Δln deposits	0.004	-0.001	0.007	0.002	0.004	-0.001
	(0.008)	(0.003)	(0.007)	(0.002)	(0.008)	(0.003)
L.lnassets	-0.053	0.014	-0.260∗	-0.192∗∗	-0.07	0.043
	(0.120)	(0.068)	(0.135)	(0.088)	(0.132)	(0.069)
L.capital	0.135∗∗∗	0.124∗∗∗	0.044	0.000	0.131∗∗∗	0.131∗∗∗
	(0.035)	(0.030)	(0.044)	(0.023)	(0.038)	(0.032)
L.Loan Loss Provisions	0.653∗∗∗	-0.192	0.241	-0.353∗∗	0.704∗∗	-0.231
	(0.230)	(0.152)	(0.212)	(0.147)	(0.260)	(0.172)
L.crsin (efficiency score)			11.156∗∗∗	11.806∗∗∗
			(3.074)	(1.423)
L.aLerner (market power)					-0.004	-0.096∗∗
					(0.060)	(0.044)
Year fixed effects	Yes	Yes	Yes	Yes	Yes	Yes
Observations	260	260	260	260	260	260
Number of instruments	25	25	25	25	25	25
Hansen test of over-identification p-value	0.158	0.053	0.138	0.050	0.172	0.053
Arellano-Bond test for AR(1)	0.000	0.000	0.000	0.000	0.001	0.003
Arellano-Bond test for AR(2)	0.969	0.052	0.962	0.050	0.951	0.052