Table 5 Effect of monetary policy on bank lending over business cycles

gdp

−2.6929^***

−3.1378^***

−3.1451^***

−4.0962^***

−4.0920^***

−4.0970^***

(−8.79)

(−9.34)

(−9.23)

(−10.06)

(−9.38)

(−10.08)

crisis

0.0364^***

0.0411^***

0.0441^***

0.0488^***

0.0488^***

0.0504^***

(3.51)

(3.94)

(4.20)

(4.28)

(4.21)

(4.53)

car

−0.6160^**

−0.6732^**

−0.6603^**

−0.6463^**

−0.6470^**

−0.6603^**

(−2.48)

(−2.64)

(−2.61)

(−2.68)

(−2.64)

(−2.67)

dtl

0.1430^***

0.1507^***

0.1449^***

0.1629^***

0.1629^***

0.1611^***

(4.87)

(5.00)

(4.79)

(5.32)

(5.27)

(5.08)

size

−0.1165^***

−0.1227^***

−0.1213^***

−0.1242^***

−0.1242^***

−0.1251^***

(−6.05)

(−6.24)

(−6.26)

(−6.30)

(−6.26)

(−6.35)

roa

8.9119^**

8.6661^**

8.3480^**

9.0760^**

9.0695^**

8.8251^**

(2.28)

(2.22)

(2.12)

(2.37)

(2.34)

(2.25)

dep_r

−1.4844^***

−0.0301

(−5.86)

(−0.05)

loan_r

−1.3192^***

−0.5369

(−4.61)

(−1.28)

res_r

−1.5158^***

−1.5014^***

−1.3178^***

(−4.95)

(−2.83)

(−3.22)

R-squ (within)

0.4035

0.4493

0.4493

0.4659

0.4659

0.4678

Observations

241

241

241

241

241

241

No of banks

33

33

33

33

33

33

Hausman test p value

0.0000

0.0000

0.0000

0.0000

0.0000

0.0000