REM (remuneration)

EL-Taylor Rule

EL-HP filter

EL-BK filter

REM (lag 1)

0.869***

0.888***

0.861***

(0.0335)

(0.0278)

(0.0297)

GL (gross loan)

−0.00789***

−0.00554***

−0.00612***

(0.00222)

(0.00168)

(0.00220)

RISK (loan loss provision)

−0.000994

−0.00287***

−0.00368***

(0.000887)

(0.000762)

(0.00107)

ROA (return on assets)

0.0272*

0.0149

0.0179

(0.0144)

(0.0154)

(0.0182)

GDP

0.0138***

0.0122***

0.0134***

(0.00248)

(0.00214)

(0.00298)

Country

0.0206

0.0305

0.0609**

(0.0320)

(0.0272)

(0.0271)

EL (excess liquidity)

0.0994***

0.0762***

0.0695*

(0.0265)

(0.0273)

(0.0376)

MP (monetary policy rate)

−0.00815*

−0.00671

−0.0126**

(0.00460)

(0.00517)

(0.00527)

EL × MP

−0.279***

−0.116*

−0.298***

(excess liquidity × monetary policy rate)

(0.0524)

(0.0688)

(0.0997)

Observations

610

610

610

Number of instruments

45

49

41

Number of groups

123

123

123

AR (1)

−3.128

−2.915

−2.854

Prob.

0.002

0.004

0.004

AR (2)

−1.466

−1.016

−1.183

Prob.

0.143

0.310

0.237

Hansen test

42.33

49.05

38.14

Prob.

0.217

0.154

0.210