| Variables | Explanation |
| Shadow | 0.0102** (0.00450) |
| NPL | 0.187*** (0.0397) |
| Loan | −12.73*** (3.039) |
| EBPT | −0.0000 (0.0000) |
| HCAP | −0.0137 (0.0240) |
| TCAP | 0.00857 (0.0249) |
| NCO | 1275*** (120.8) |
| Size | 0.000267 (0.0212) |
| GDP | 0.00598 (0.0155) |
| Constant | 0.851 (0.616) |
| Observations | 676 |
| R-squared | 0.504 |