Table 7 Robustness test for effect of monetary policy on bank lending over business cycles

iav

−1.2488^a

−1.6186^a

−1.7002^a

−1.9325^a

−1.9043^a

−2.0999^b

(−5.63)

(−6.09)

(−6.30)

(−6.14)

(−6.01)

(−6.68)

crisis

0.0192^c

0.0189^c

0.0221^b

0.0187^c

0.0187^c

0.0212^b

(1.83)

(1.79)

(2.12)

(1.77)

(1.77)

(2.04)

car

−0.7806^a

−0.8448^a

−0.8338^b

−0.8306^a

−0.8521^a

−0.8589^a

(−2.81)

(−2.94)

(−2.92)

(−2.98)

(−2.98)

(−2.99)

dtl

0.1551^a

0.1651^a

0.1594^a

0.1738^a

0.1729^a

0.1720^a

(5.24)

(5.35)

(5.22)

(5.36)

(5.23)

(5.16)

size

−0.0958^a

−0.1053^a

−0.1061^a

−0.1026^a

−0.1060^a

−0.1088^a

(−4.28)

(−4.49)

(−4.59)

(−4.41)

(−4.48)

(−4.62)

roa

9.5372^b

9.5020^b

9.1372^b

10.0551^b

9.8335^b

9.5914^b

(2.24)

(2.25)

(2.16)

(2.34)

(2.28)

(2.22)

dep_r

−1.5747^a

−0.6822

(−5.11)

(−1.42)

loan_r

−1.5888^a

−0.7075

(−5.08)

(−1.38)

res_r

−1.1088^a

−1.2598^a

−1.2645^a

(−3.44)

(−3.24)

(−3.22)

R-squ (within)

0.3638

0.3983

0.3980

0.4015

0.4018

0.4081

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