Dependent variable: the natural logarithm of gross loan (Δln loans)	model 19	model 20	model 21	model 22	model 23	model 24
L.Δln loans	0.266∗∗∗	0.241∗∗∗	0.203∗∗∗	0.186∗∗∗	0.250∗∗∗	0.234∗∗∗
	(0.067)	(0.067)	(0.057)	(0.061)	(0.062)	(0.065)
GDP growth (${\mathbf{G}\mathbf{D}\mathbf{P}}_{\mathbf{t}}$)	1.189∗∗∗	0.732∗∗	1.102∗∗∗	0.744∗∗	1.228∗∗∗	0.874∗∗
	(0.351)	(0.351)	(0.351)	(0.342)	(0.346)	(0.340)
Δ lending rate	-0.336∗∗∗		-0.322∗∗∗		-0.324∗∗∗
	(0.085)		(0.083)		(0.082)
Δ Deposit rate		-0.238∗∗∗		-0.253∗∗∗		-0.253∗∗∗
		(0.077)		(0.081)		(0.075)
${\mathbf{G}\mathbf{D}\mathbf{P}}_{\mathbf{t}}\times {\mathbf{D}\mathbf{c}\mathbf{s}\mathbf{m}}_{\mathbf{i},\mathbf{t}}$	-0.120∗	-0.099∗	-0.125∗	-0.098∗	-0.114∗	-0.095∗
	(0.069)	(0.057)	(0.071)	(0.057)	(0.066)	(0.053)
$\Delta {\mathbf{i}\left(\mathbf{l}\mathbf{e}\mathbf{n}\mathbf{d}\mathbf{i}\mathbf{n}\mathbf{g}\mathbf{r}\mathbf{a}\mathbf{t}\mathbf{e}\right)}_{\mathbf{t}}{\times \mathbf{D}\mathbf{c}\mathbf{s}\mathbf{m}}_{\mathbf{i},\mathbf{t}}$	0.116∗∗		0.115∗∗		0.097∗∗
	(0.046)		(0.048)		(0.045)
$\Delta {\mathbf{i}\left(\mathbf{d}\mathbf{e}\mathbf{p}\mathbf{o}\mathbf{s}\mathbf{i}\mathbf{t}\mathbf{r}\mathbf{a}\mathbf{t}\mathbf{e}\right)}_{\mathbf{t}}{\times \mathbf{D}\mathbf{c}\mathbf{s}\mathbf{m}}_{\mathbf{i},\mathbf{t}}$		0.137∗∗∗		0.132∗∗		0.113∗∗
		(0.047)		(0.049)		(0.045)
Inflation	-0.059∗	-0.123∗∗∗	-0.068∗∗	-0.122∗∗∗	-0.072∗∗	-0.128∗∗∗
	(0.034)	(0.026)	(0.032)	(0.025)	(0.033)	(0.026)
Δln deposits	0.000	0.000	0.001	0.001	0.000	0.000
	(0.003)	(0.004)	(0.003)	(0.004)	(0.004)	(0.004)
L.lnassets	-1.371∗∗∗	-1.465∗∗∗	-1.615∗∗∗	-1.717∗∗∗	-1.766∗∗∗	-1.890∗∗∗
	(0.400)	(0.429)	(0.214)	(0.241)	(0.263)	(0.289)
L.capital	0.060	0.062	0.001	0.000	0.029	0.028
	(0.042)	(0.044)	(0.033)	(0.034)	(0.029)	(0.030)
L.Loan Loss Provisions	-0.416	-0.461	-0.208	-0.233	-0.374	-0.407
	(0.288)	(0.305)	(0.256)	(0.266)	(0.275)	(0.287)
L.crsin (efficiency score)			14.439∗∗∗	15.019∗∗∗
			(3.566)	(3.759)
L.aLerner (market power)					0.408∗∗∗	0.437∗∗∗
					(0.074)	(0.081)
Constant	9.356∗	13.826∗∗∗	-0.074	3.238	13.870∗∗∗	17.941∗∗∗
	(4.843)	(4.699)	(4.123)	(3.945)	(3.229)	(3.354)
Year fixed effects	Yes	Yes	Yes	Yes	Yes	Yes
Observations	260	260	260	260	260	260