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- ÎGDP ÎIR 11.0 12.3 13.6 15.0 16.3 17.6 18.9 20.2 21.6 13.0 13.2 13.4 13.6 13.8 14.0 14.2 14.4 14.6 14.8 1.01.41.82.2 2.6 3.0 3.4 3.8 4.2 4.6 5.0 5.4 5.8 6.2 6.5 6.9 7.3 7.7 SEMIâELASTICITY FIRMLIQUIDITYRATIO BANKLIQUIDITYRATIO 11.011.912.813.614.515.416.317.218.018.919.820.721.6 â8 â7 â6 â5 â4 â3 â2 1.0 1.8 2.6 3.4 4.2 5.0 5.8 6.5 7.3 SEMIâELASTICITY FIRMLIQUIDITYRATIO BANKLIQUIDITYRATIO TABLE 1. DESCRIPTIVE STATISTICS FOR THE VARIABLES USED IN THE ANALYSIS OF THE EXTENSIVE MARGIN OF LENDING The table lists the variables employed in the first set of empirical specifications and provides their unit, definition, mean, standard deviation, minimum, 25th , 50th , and 75th percentiles and maximum. The number of observations equals 560,020 for all variables. The sample period equals 2002:M2 â 2008:M12. All monetary amounts are in thousands of 2008 Euros (000 EUR).
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- ÎGDP ÎIR 4.04.24.34.54.64.85.05.15.35.45.65.85.9 8.0 9.8 11.6 13.4 15.2 17.1 18.9 20.7 22.5 24.3 26.1 27.9 29.7 31.5 SEMIâELASTICITY FIRMCAPITALRATIO BANKCAPITALRATIO 4.04.24.34.54.64.85.05.15.35.45.65.85.9 â8 â7 â6 â5 â4 â3 â2 â1 8.0 10.7 13.4 16.2 18.9 21.6 24.3 27.0 29.7 SEMIâELASTICITY FIRMCAPITALRATIO BANKCAPITALRATIO FIGURE 2. FIRM AND BANK LIQUIDITY RATIO AND THE EXTENSIVE MARGIN OF LENDING The figure plots the percentage change in the probability that a LOAN APPLICATION IS GRANTED for a one standard deviation increase in GDP growth (ïGDP) or a one standard deviation increase in the change in the short-term interest rate (ïIR) for values in the 25th to 75th percentile range of firm and bank LIQUIDITY RATIO, based on the estimates in Table 3 Model I. All variables are otherwise set equal to their mean. The sample period equals 2002:M2 â 2008:M12.
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- The dependent variable is LOAN APPLICATION IS GRANTEDibt which equals one if the loan application in month t by firm i is approved by bank b and the loan is granted, and equals zero otherwise. The definition of the other variables can be found in Table 1. Subscripts indicate the time of measurement of each variable. The sample period equals 2002:M2 â 2008:M12. For each model coefficients are listed in the first column and standard errors, clustered at the firm (I to II), firm-month (III), loan (IV) or bank-month (V) level, or not clustered (VI), are between parentheses in the second column. Significance levels are in the third column. *** Significant at 1%, ** significant at 5%, * significant at 10%.
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