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Banking Reform in India∗ - page 55 / 57

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Growth

1.412 (0.624) -0.175

1.538 (1.209) -0.137

Spread * Growth, when spread > 0

(+ in equations 5 and 6) Spread * Growth, when spread < 0

(0.110) 0.480

(0.119) 0.592

(- in equations 5 and 6)

(0.521)

(0.405)

Time Period

2.195

2.634

(0.970)

(1.165)

-0.257

-0.219

(0.104)

(0.103)

-0.079

0.473

(0.791)

(0.562)

Table 10: Government Securities Interest

Rate and Bank Credita

State Growth 1985-2000 1992-2000

Synthetic Growth Index 1985-2000 1992-2000

(1)

(2)

(3)

(4)

0.46

0.43

415

730

0.71

0.63

402

710

R2 Nobs

Yes

Yes

Yes

Yes

No

No

Yes

Yes

No

No

Yes

Yes

Year Fixed Effects State Fixed Effects Bank Fixed Effects

Notes: Sources: Authors' calcluations from data from the Reserve Bank of India a - Standard errors (robust to heteroskedasticity and serial correlation) are in parentheses. The dependent varaible in all regressions is the natural log of the credit deposit ratio. Data are a panel of 25 public sector, and 20 private sector banks, over the period 1985 to 2000. The growth varaible in columns (1) and (2) is growth in the state in which the headquarters of each bank is located, while columns (3) and (4) use a weighted average of growth rates in which each bank operates. All data are described in the text. There are fewer observations when we use the synthetic growth index because branch location was not available for one bank.

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