Baseline Model (Bank-Year Level)

Baseline Model (Bank-Year Level)

Variable

Dependent Var. = ZSCORENEG

Dependent Var. = ZSCORENEG

Intercept

−3.016***

(−108.46)

−2.254***

(−2.10)

VAIC

−0.122***

(−9.40)

−0.025***

(−3.06)

TIER1

−7.937***

(−22.03)

LIQUIDITY

0.812***

(5.74)

NPL

10.626***

(33.40)

CI

0.461***

(4.67)

LOANS/DEP

0.306***

(7.74)

SIZE

−0.113***

(−11.09)

GDPPC

−0.145

(−1.44)

UNEMPLOYMENT

−0.027***

(−4.68)

POPULATION

0.190***

(22.78)

YEAR FIXED EFFECTS

YES

YES

Adj. R²

0.0221

0.2203

# of Observations

106,272

106,272