Variables	(1)		(2)		(3)
Variables	$L O A N G_{i, t}$	$C R E D I T G_{i, t}$	$L O A N G_{i, t}$	$C R E D I T G_{i, t}$	$L O A N G_{i, t}$	$C R E D I T G_{i, t}$
$L O A N G_{i, t - 1} / C R E D I T G_{i, t - 1}$	0.399***	0.258***	0.422***	0.257***	0.407***	0.255***
$L O A N G_{i, t - 1} / C R E D I T G_{i, t - 1}$	(0.0602)	(0.0689)	(0.0583)	(0.0682)	(0.0612)	(0.0661)
$C A P_{i, t - 1}$	−1.169**	−0.781	−0.914**	−1.059***	−0.892**	−1.227***
$C A P_{i, t - 1}$	(0.462)	(0.543)	(0.439)	(0.381)	(0.424)	(0.347)
$C A P_{i, t - 1} \times d$	0.682	−1.484	0.805	0.579	1.580	1.071
$C A P_{i, t - 1} \times d$	(0.815)	(1.098)	(0.734)	(2.046)	(1.680)	(8.793)
$L I Q_{i, t - 1}$	−0.354*	−0.342	−0.305*	−0.474***	−0.331**	−0.524***
$L I Q_{i, t - 1}$	(0.188)	(0.274)	(0.160)	(0.175)	(0.160)	(0.158)
$L I Q_{i, t - 1} \times d$	−0.181	−0.922	0.250	1.842	5.759**	5.039
$L I Q_{i, t - 1} \times d$	(0.537)	(0.755)	(0.512)	(1.538)	(2.357)	(16.01)
$C A P_{i, t - 1} \times L I Q_{i, t - 1}$	3.381***	2.548**	2.842***	2.976***	2.857***	3.154***
$C A P_{i, t - 1} \times L I Q_{i, t - 1}$	(1.015)	(1.068)	(1.013)	(0.809)	(1.015)	(0.790)
$C A P_{i, t - 1} \times L I Q_{i, t - 1} \times d$	1.407	6.723	−2.591	−13.87	−48.20**	−47.40
$C A P_{i, t - 1} \times L I Q_{i, t - 1} \times d$	(4.101)	(5.661)	(4.000)	(11.48)	(20.37)	(127.8)
$A S S E T_{i, t - 1}$	0.350	1.576*	0.196	0.265	−0.0316	−0.302
$A S S E T_{i, t - 1}$	(0.558)	(0.945)	(0.276)	(0.461)	(0.224)	(0.301)
$A S S E T_{i, t - 1} \times d$	−0.517	−2.576***	−0.355	−1.671**	3.541***	9.798**
$A S S E T_{i, t - 1} \times d$	(0.560)	(0.982)	(0.330)	(0.713)	(1.303)	(4.548)
$L O S S R E_{i, t - 1}$	0.850	1.031	0.265	0.670	0.539	0.844
$L O S S R E_{i, t - 1}$	(0.551)	(0.996)	(0.511)	(0.835)	(0.496)	(0.748)
$L O S S R E_{i, t - 1} \times d$	−0.778	−0.265	0.0384	1.080	9.893***	0.364
$L O S S R E_{i, t - 1} \times d$	(0.719)	(1.370)	(0.851)	(1.465)	(2.159)	(19.23)
$R O A A_{i, t - 1}$	2.715	0.272	1.577	1.764	1.641	1.369
$R O A A_{i, t - 1}$	(1.837)	(2.447)	(1.480)	(2.075)	(1.427)	(1.752)
$R O A A_{i, t - 1} \times d$	−5.290**	3.267	−3.166	2.230	14.76***	46.81
$R O A A_{i, t - 1} \times d$	(2.630)	(3.584)	(2.500)	(6.942)	(5.560)	(33.77)
$N O N L O A N_{i, t - 1}$	−1.040	−1.028	−0.394	−0.954	−0.723	−1.325
$N O N L O A N_{i, t - 1}$	(0.862)	(1.265)	(0.558)	(1.224)	(0.509)	(1.155)
$N O N L O A N_{i, t - 1} \times d$	0.260	−0.461	−1.153	−0.645	−1.027	16.87
$N O N L O A N_{i, t - 1} \times d$	(0.941)	(1.987)	(0.772)	(2.027)	(1.455)	(24.08)
$Δ G D P_{t}$	0.452	0.226	0.498	0.170	0.492	0.188
$Δ G D P_{t}$	(0.380)	(0.651)	(0.421)	(0.630)	(0.426)	(0.657)
$Δ S H I_{t}$	1.414***	2.419***	1.390***	2.405***	1.350***	2.292***
$Δ S H I_{t}$	(0.448)	(0.720)	(0.463)	(0.702)	(0.465)	(0.699)
AR(2)	0.287	0.961	0.280	0.990	0.279	0.906
Sargan test	0.472	0.752	0.713	0.814	0.215	0.749