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B. Sample Selection, the Banking Crisis Variable, and the Control Variables
Turning now to the control variables, the rate of growth of real GDP, the change in the external terms of trade, and the rate of inflation capture macroeconomic developments that are likely to affect the quality of bank assets. The short-term real intere
Table 2 reports estimation results for the first model specification, which uses the simple explicit/implicit dummy as the deposit insurance variable. When the dummy is entered directly in the regression, it has a positive coefficient significant at the
In these regressions we ignore elements of the banking system safety net other than deposit insurance, but such elements could be as important as deposit insurance in determining bank fragility. Nonetheless, this omission is unlikely to drive the positi
In the last regression presented in Table 2, the binary deposit insurance dummy is replaced by a dummy variable taking the value of zero for observations with no deposit insurance, the value of one for observations with deposit insurance but interest rat
and the value of two for observations with deposit insurance and liberalized interest rates. This modified dummy variable, therefore, allows for a different impact of deposit insurance on bank fragility in systems in which interest rates are deregulate
IV. Deposit Insurance, Bank Fragility, and the Institutional Environment
Table 7. Deposit Insurance and Banking Crises – Two Stage Estimation
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