Factors affecting the liquidity of commercial banks in vietnam 2010 2020

MINISTRY OF EDUCATION AND TRAINING THE BANK OF VIET NAM -BANKING UNIVERSITY OF HO CHI MINH CITY NGUYEN MY KHANH FACTORS AFFECTING THE LIQUIDITY OF COMMERCIAL BANKS IN VIETNAM 2010-2020 GRADUATION THESIS SPECIALITY : FINANCE – BANKING NO.: 7340201 HO CHI MINH CITY, 2021 MINISTRY OF EDUCATION AND TRAINING THE BANK OF VIET NAM -BANKING UNIVERSITY OF HO CHI MINH CITY NGUYEN MY KHANH FACTORS AFFECTING THE LIQUIDITY OF COMMERCIAL BANKS IN VIETNAM 2010-2020 GRADUATION THESIS SPECIALITY : FINANCE – BANKING NO.: 7340201 INSTRUCTOR Dr NGUYEN DUY LINH HO CHI MINH CITY, 2021 i ABSTRACT Banking system in Vietnam has made a lot of significant changes since its first establishment on May 6th, 1951 Around 60 years later, in 2010, the banking system has revealed a number of flaws as a result of the global market's influence as well as the consequences of the previous rapid expansion Credit quality had deteriorated, and the system's liquidity had become more unstable than it has ever been As a result, at the beginning of 2012, the commercial banking system began the reforming process in accordance with the Project on restructuring the Credit Institution System from 2011 to 2015 (Project 254) After years of implementation, the project has largely met its objectives, dealt with weak commercial banking operation, and maintained the banking system stability Liquidity stress of the system during the period 2006 - 2011 occurred phases with different developments and characteristics: First phase was in 2008, then the second one happened in December 2009, and the third phase lasted from October 2010 to November 2011 The cause of liquidity risk of commercial banks during this time is due to many factors, from objective conditions to subjective factors of commercial banks Objective conditions can be mentioned as the effects of the world economic crisis and domestic macroeconomic conditions But the main cause is still the subjective factors of the system where commercial banks not meet the requirements on ensuring liquidity safety set forth by the State Bank as well as suffering from of handling information crisis related to the banking system The consequences later on affected further to the prestige and influence of the Bank's Board of Directors With such booming evolvement rate alongside the affection of macroeconomic and financial market developments, there has been a huge increase in many banks overall that are exposed to liquidity risk ii Many research about liquidity in commercial banking was carried out all over the world Some of the studies are: The management of Liquidity risk in Islamic Banks: The case of Indonesia (Ismal Rifki, 2010); Liquidity risk management by Zimbabwean Commercial Banks (Laurine Chikoko, 2012); Determinants of Banks Liquidity: Empirical Evidence on Turkish Banks (Amer Mohamad, 2016) Some even bring out the specific case study such as: Managing liquidity risk in bank – Case study Rural investment credit bank Cameroon (Anye Paul Tsi, 2018) or Effect of liquidity management on the performance of commercial banks – A case of Stanbic Bank Uganda Limited (Hillary Businge, 2017) However, these mentioned groundworks mainly talked about banks in foreign countries, not specifically referred to the current situation of the banking industry in Vietnam This thesis emphasizes the importance of understanding and constructing comprehensive liquidity frameworks as a means of mitigating liquidity stress The author first chose the research time within 11 years during the period 2010-2020 The reason for this particular time phase is because of the Great Recession in America from 20072009 The 2007-2009 US economic crisis had profound impacts on all aspects of economies around the world It sparked the 2008-2010 global economic crisis The United States and many other countries were suffering heavy losses from this crisis until this days Huge recovery has been witnessed for the past decade, starting from 2010, there were many positive signs and the fact that the economy has started to recover from the swamp of crisis, albeit slowly The financial economy was stepping into a reform period, and within 11 years many fluctuations have been occurred, following by many promulgated laws and adjusted monetary policies The research time is not too long or too short, which perfectly portraits the inclines and declines of the financial trends The lessons and experiences drawn from this crisis will hopefully help the Vietnamese economy in particular and the world in general to develop firmly in the future iii Secondly, by using univariate regression model with the dependent variable representing the bank's liquidity and the independent variables which are the significant factors in the banking operations, the author is able to identify clearly the level of impacts on liquidity in commercial banks Hence, based on the analysis of the data, readers are able to understand thoroughly the existed significant relationship between liquidity and other independent variables that carry specific meanings to commercial banks activities, in addition to find better ways to reach more availability in liquidity The study's main goal is to determine factors making impact on liquidity in commercial bank, hence giving out suitable solutions and recommendations for the related parties iv TÓM TẮT Ngành ngân hàng coi ngành đời sớm tồn cầu, qua thể tầm quan trọng dịch vụ tài mà ngân hàng mang lại cho kinh tế bàn cãi Trong hầu hết trường hợp, ngành ngân hàng dùng để xác định khía cạnh phát triển kinh tế Tầm quan trọng ngân hàng hiểu rõ nhà kinh tế học ln đặt tổ chức tín dụng nằm trung tâm hệ thống tài giới "Họ tư vấn cho khoản đầu tư mà chúng tơi có ý định thực hiện, giúp hướng dẫn doanh nghiệp việc huy động vốn thị trường vốn tạo thị trường mà nơi tất khoản vay trao đổi mua bán với mục đích huy động tiền mặt nhằm tạo khoản vay " (Peter Rose Sylvia Hudgins, 2013, trang 19) Trong q trình tồn cầu hóa, đặc biệt bối cảnh xu hội nhập ngày quan tâm trọng, kiện kinh tế xem điểm nhấn cho thay đổi kinh tế Nổi bật kể đến kiện Việt Nam thức trở thành thành viên Tổ chức Thương mại Quốc tế (WTO) Vào ngày 30/9/2019, Việt Nam Hiệp hội Quốc gia Châu Âu thức ký kết EVFTA (Hiệp định Thương mại Tự Việt Nam - EU) IPA (Cam kết Bảo hộ Đầu tư) Việt Nam thức phê chuẩn Hiệp định vào năm 2020 Do đó, kinh tế liên tục có thay đổi biến động từ thị trường tài khiến ngân hàng phải đối mặt với nhiều loại rủi ro khác Những rủi ro bao gồm rủi ro thị trường, rủi ro lãi suất, rủi ro khoản, rủi ro hoạt động rủi ro tín dụng (Sensarma and Jayadev, 2009) Ngồi rủi ro cốt lõi rủi ro tín dụng hệ thống ngân hàng (Fatemi and Fooladi, 2006), rủi ro khoản điểm yếu cần giám sát chặt chẽ Ngoài ra, nguồn lợi nhuận mà ngân hàng thương mại mang lại hàng năm tâm điểm ý Giữa cạnh tranh gắt gao ngân hàng kinh tế không ngừng đổi mới, v ngân hàng tồn thông qua việc nâng cao hiệu suất hiệu hoạt động họ Lợi nhuận ngân hàng phụ thuộc vào số yếu tố bên bên ngồi Những yếu tố nguyên nhân làm thay đổi thu nhập ròng ngân hàng Nghiên cứu khảo sát ảnh hưởng hai yếu tố bên khả khoản quy mô ngân hàng đến tỷ suất sinh lời tài sản (ROA) ngân hàng thương mại lựa chọn Tính khoản giải thích khả ngân hàng hồn thành nghĩa vụ hạn mà khơng phải chịu tổn thất ý muốn Theo Shershneva (2020), khái niệm khoa học khoản ngân hàng khả đảm bảo thực kịp thời đầy đủ nghĩa vụ người gửi tiền, chủ nợ bên khác Một ngân hàng thương mại coi có tính khoản có đủ vốn để đáp ứng nghĩa vụ Vấn đề khoản ngân hàng vấn đề hoạt động quản lý tài họ Việc thiếu hụt tính khoản làm giảm khả đáp ứng nghĩa vụ ngân hàng ngược lại, khoản dư thừa nguyên nhân làm giảm lợi nhuận ngân hàng Có nhiều yếu tố ảnh hưởng đến vị khoản ngân hàng làm gián đoạn hoạt động tài ngân hàng gây cân khoản Những yếu tố bên bên ngồi Yếu tố bên yếu tố thuộc quyền quản lý ngân hàng lợi ích mà họ nhận được, chất lượng tài sản, nguồn vốn ngân hàng, quy mô ngân hàng, Trong đó, yếu tố bên ngồi yếu tố coi nằm trách nhiệm nhà quản lý ngân hàng bao gồm: tăng trưởng kinh tế, tỷ giá hối đoái, lạm phát lãi suất Tất yếu tố có sức ảnh hưởng quan trọng đến tính khoản ngân hàng cân khoản ngân hàng Đồng thời, giới hay Việt Nam có nhiều cơng trình nghiên cứu đề cập đến vấn đề khoản ngân hàng thương mại Tuy nhiên, nghiên cứu thảo luận chưa thể đầy đủ đặc điểm cạnh tranh tất ngân hàng thương mại Việt Nam Bên cạnh đó, khoảng thời gian nghiên cứu hạn chế chưa cập nhật thời gian Xuất phát vi từ thực tế trên, nghiên cứu nhằm tìm nhân tố vi mơ vĩ mơ ảnh hưởng đến tính khoản ngân hàng Từ đó, tìm biện pháp phù hợp để giảm thiểu rủi ro khoản thông qua đề tài “Các nhân tố ảnh hưởng đến khoản ngân hàng thương mại Việt Nam 2010-2020” nghiên cứu dựa số liệu 24 ngân hàng thương mại niêm yết sàn chứng khoán Việt Nam từ năm 2010 đến năm 2020 Từ số liệu thu thập từ báo cáo tài hợp 24 ngân hàng thương mại, tác giả tổng hợp dạng liệu bảng, sau dựa mơ hình gốc từ nghiên cứu trước để phân tích số liệu thu thập từ báo cáo tài hợp ngân hàng thương mại Để kiểm tra mối tương quan biến, trước hết tác giả sử dụng phương pháp phân tích tương quan Sau đó, sử dụng F-test để chọn phương pháp ước lượng Pooled-OLS FEM / REM Tiếp theo, tiếp tục tiến hành kiểm định Hausman để lựa chọn FEM REM chọn lọc để đến mơ hình phù hợp cuối Để tránh sai sót, kiểm tra khuyết tật đa cộng tuyến (multicollinearity), tự tương quan (autocorrelation) phương sai sai số thay đổi (heteroscedasticity) cần thiết Các khuyết tật sau khắc phục phương pháp ước lượng tác động ngẫu nhiên (FGSL) Qua sở lý thuyết nghiên cứu trước toàn giới, điểm chung tác giả họ chia biến độc lập thành hai nhóm: vi mơ vĩ mơ Từ đó, tùy theo đặc điểm cụ thể khơng gian thời gian rút kết luận khác Qua đó, nhà phân tích đưa giả thuyết quy mơ ngân hàng, hệ số an tồn vốn tối thiểu CA, ROA, tăng trưởng kinh tế GDP, tỷ lệ lạm phát, lãi suất ngân hàng có ảnh hưởng tích cực đến khoản ngân hàng Ở khía cạnh khác, tỷ lệ NII, NIM tỷ giá hối đối có ảnh hưởng tiêu cực đến khả khoản Trong đó, tiền gửi ngân hàng, chất lượng tài sản, hiệu hoạt động không cho thấy tác động đến khả khoản ngân hàng thương mại vii Từ kết luận trên, kết hợp với nghiên cứu tác giả để đưa giải pháp khuyến nghị đưa nhằm hỗ trợ hệ thống ngân hàng Việt Nam Tác giả kỳ vọng phát nghiên cứu thực hữu ích cho tất bên liên quan thân ngân hàng nghiên cứu, Ngân hàng nhà nước kinh tế nói chung Nghiên cứu khơng tránh khỏi việc thiếu sót có hạn chế sở liệu số ngân hàng không thu thập đủ số liệu năm định Do đó, tác giả loại trừ ngân hàng hợp với ngân hàng khác khơng có sẵn liệu cho mục đích phân tích, đồng thời lựa chọn Ngân hàng thương mại niêm yết sàn chứng khốn để đảm bảo độ xác cao cho liệu thu thập Hơn nữa, nghiên cứu khuyến nghị nhà phân tích kinh tế nên tìm hiểu nghiên cứu xem vấn đề khoản Ngân hàng thương mại có giống loại ngân hàng hay khơng liệu khoản có tạo vấn đề tác động kinh tế quốc gia hay không Đặc biệt, điều quan trọng điều tra xem việc khoản có tạo thêm chi phí cho ngân hàng thời gian ngắn trung hạn hay không Nghiên cứu mở rộng để khám phá tác động yếu tố bên đến khả khoản ngân hàng riêng biệt (như tác động đến khoản ngân hàng vừa, nhỏ lớn) Cuối cùng, nỗ lực từ bên ngân hàng thương mại, Nhà nước Chính phủ cần ban hành sách văn phù hợp để hỗ trợ thúc đẩy hoạt động kinh doanh ngân hàng Các quan chức nên theo dõi yếu tố nội xác định có ảnh hưởng tiêu cực đến khoản ngân hàng để giảm nguy rủi ro hoạt động ngân hàng, đưa giải pháp giải kịp thời khủng hoảng viii ASSURANCE LETTER This thesis is the author's own research work, the research results are honest, in which there are no previously published contents or content made by others except for the cited references Full source in the thesis Author Nguyễn Mỹ Khánh 77 11 Donjeta, M (2021) Factors That Affect Liquidity of Commercial Banks in Kosovo European Journal of Sustainable Development 12 Eissa A Al-Homaidi, Mosab I Tabash, Najib H Farhan and Faozi A Almaqtari | Stephanos Papadamou (Reviewing editor) (2019) The determinants of liquidity of Indian listed commercial banks: A panel data approach, Cogent Economics and Finance, 7:1, DOI: 10.1080/23322039.2019.1616521 13 Gatev, E., Schuermann, T., and Strahan, P (2009) Managing Bank Liquidity Risk: How Deposit-Loan Synergies Vary with Market Conditions The Review of Financial Studies, 22(3), 995-1020 Retrieved July 31, 2021, from http://www.jstor.org/stable/3022568 14 Horváth, R., Seidler, J., and Weill, L (2014).Bank capital and liquidity creation: Granger causality evidence Journal of Financial Services Research, 45(3), 341– 361 doi: 10.1007/s10693-013-0164-4 15 Ismal Rifkin, “The Management of Liquidity Risk in Islamic Banks: The case of Indonesia” Ph.D Thesis, Durham University, July 2010 16 L Singh, K.S Bhangoo and R Sharma 2016 Agrarian Distress and Farmer Suicides in North India London: Routledge India, South Asia Edition, pp 250 ₹895 ISBN: 978-1-138-66862-1 17 Martinez Peria, Maria Soledad; Mody, Ashoka 2004 How Foreign Participation and Market Concentration Impact Bank Spreads: Evidence from Latin America Policy Research Working Paper; No.3210 World Bank, Washington, D.C 18 Moussa, M A B (2015) The determinants of bank liquidity : Case of Tunisia International Journal of Economics and Financial Issues, 5(1), 249–259 19 Munteanu, I (2012) Bank liquidity and its determinants in Romania Procedia Social and Behavioral 5671(12)00263-8 Sciences, 3(12), 993–998 doi:10.1016/S2212- 78 20 Munteanua, I (2012) Bank liquidity and its determinants in Romania Procedia Economics and Finance, 3, 993–998 21 Ongore, V O., & Kusa, G B (2013) Determinants of financial performance of commercial banks in Kenya International Journal of Economics and Financial Issues, 3(1), 237–252 doi:10.15520/jbme.2015.vol3.iss11.158.pp33-40 22 Praet, P., and Herzberg, V (2008) Market liquidity and banking liquidity: Linkages, vulnerabilities and the role of disclosure Financial Stability Review, Banque de France, 11, 95–109 23 Pushpa O (2017), Macroeconomics And Bank-Specific Factors Affecting Liquidity: A Study Of Nepali Commercial Banks Journal of Business and Social Sciences (JBSS) 24 Rashid, A., and Jabeen, S (2016) Analyzing performance determinants: Conventional versus Islamic Banks in Pakistan Borsa Istanbul Review, 16(2), 92–107 doi:10.1016/j.bir.2016.03.002 25 Saona, P (2016) Intra- and extra-bank determinants of Latin American banks ’ profitability International Review of Economics and Finance, 45, 197–214 doi:10.1016/j.iref.2016.06.004 [Crossref], [Web of Science ®], [Google Scholar] 26 Shah, S.Q.A, Khan, I, Shah, S.S.A and Tahir, M (2018) Factors affecting liquidity of banks: Empirical evidence from the banking sector of Pakistan Colombo Business Journal (9)1, 1-18 27 Singh, A., and Sharma, A K (2016) An empirical analysis of macroeconomic and bank-specific factors affecting liquidity of Indian banks Future Business Journal, (1), 40–53 doi:10.1016/j.fbj.2016.01.001 28 Sopan, J., and Dutta, A (2018) Determinants of liquidity risk in Indian banks: A panel data analysis Asian Journal of Research in Banking and Finance, 8(6), 47– 59 doi:10.5958/2249-7323.2018.00043.3 79 29 TANG MY SANG (2018), https://tapchicongthuong.vn/bai-viet/tac-dong-cuaquan-tri-thanh-khoan-den-kha-nang-sinh-loi-cua-he-thong-ngan-hang-thuongmai-viet-nam-68518.htm 30 Tan, Yong, & Floros, Christos (2012) Bank profitability and inflation: The case of China Journal of Economic Studies, 39(6), 675-696 doi: 10.1108/ 01443581211274610 31 Trương Quang Thông (2013) Các nhân tố tác động đến rủi ro khoản hệ thống ngân hàng thương mại Việt Nam Tạp chí Phát triển Kinh tế, 276, 50– 62 32 Tseganesh (2012) Determinants of banks liquidity and their impact on financial performance: Empirical study on commercial banks in Ethiopia Unpublished (Ph.D dissertation) Addis Ababa: Addis Ababa University 33 Vodová, P (2013) Determinants of commercial bank liquidity in Hungary E-Finanse, 9(3), 64 Retrieved July 6th, 2021 34 Vodová, P., and Republic, C (2011) Determinants of com- mercial banks’ liquidity in the Czech Republic Recent Research in Applied and Computational Mathematics Determinants, 50(3), 92–97 80 APPENDIX APPENDIX RESEARCH DATA SHO RTC UT YEA R LIQ LOGA S CA DP AQ ROA OPE F NII NIM GDP INF EXCH INTR T ABB 2010 0.253 17.454 0.111 0.617 0.878 0.013 0.015 0.003 0.042 0.064 0.092 1.073 0.010 ABB 2011 0.222 17.542 0.102 0.487 0.886 0.007 0.021 0.000 0.055 0.062 0.187 1.133 -0.004 ABB 2012 0.287 17.644 0.092 0.624 0.857 0.009 0.024 0.001 0.046 0.053 0.091 0.993 0.002 ABB 2013 0.311 17.870 0.091 0.645 0.900 0.002 0.019 0.006 0.028 0.054 0.066 1.010 0.005 ABB 2014 0.307 18.027 0.085 0.669 0.632 0.002 0.016 0.003 0.026 0.060 0.041 1.011 0.005 ABB 2015 0.216 17.980 0.090 0.738 0.640 0.001 0.018 0.005 0.027 0.067 0.009 1.044 0.007 ABB 2016 0.196 18.122 0.079 0.695 0.921 0.003 0.018 0.006 0.029 0.062 0.032 1.018 0.006 ABB 2017 0.185 18.252 0.072 0.685 0.928 0.006 0.019 0.006 0.030 0.068 0.035 1.006 0.003 ABB 2018 0.135 18.315 0.059 0.692 0.924 0.008 0.019 0.010 0.025 0.071 0.035 0.998 0.004 ABB 2019 0.248 18.446 0.056 0.678 0.924 0.010 0.018 0.011 0.027 0.070 0.028 1.023 0.006 ABB 2020 0.258 18.572 0.049 0.623 0.923 0.012 0.016 0.012 0.023 0.029 0.023 1.000 0.006 ACB 2010 0.233 17.682 0.055 0.521 0.945 0.011 0.011 0.006 0.027 0.064 0.092 1.073 0.010 ACB 2011 0.338 18.370 0.043 0.506 0.957 0.011 0.011 0.003 0.034 0.062 0.187 1.133 -0.004 ACB 2012 0.199 17.360 0.072 0.718 0.939 0.004 0.025 0.004 0.037 0.053 0.091 0.993 0.002 ACB 2013 0.074 16.327 0.075 0.829 0.925 0.005 0.023 0.007 0.029 0.054 0.066 1.010 0.005 ACB 2014 0.058 16.159 0.069 0.861 0.931 0.005 0.021 0.006 0.030 0.060 0.041 1.011 0.005 ACB 2015 0.087 16.680 0.063 0.893 0.937 0.005 0.020 0.002 0.034 0.067 0.009 1.044 0.007 ACB 2016 0.072 16.638 0.060 0.886 0.940 0.006 0.020 0.000 0.034 0.062 0.032 1.018 0.006 ACB 2017 0.077 16.903 0.056 0.849 0.944 0.007 0.022 0.010 0.035 0.068 0.035 1.006 0.003 ACB 2018 0.108 17.387 0.064 0.820 0.936 0.016 0.020 0.011 0.036 0.071 0.035 0.998 0.004 ACB 2019 0.123 17.670 0.072 0.803 0.928 0.016 0.022 0.010 0.036 0.070 0.028 1.023 0.006 ACB 2020 0.124 17.827 0.080 0.795 0.920 0.017 0.017 0.008 0.037 0.029 0.023 1.000 0.006 BID 2010 0.189 18.052 0.045 0.668 0.933 0.010 0.015 0.006 0.029 0.064 0.092 1.073 0.010 BID 2011 0.169 18.042 0.037 0.593 0.939 0.008 0.016 0.007 0.034 0.062 0.187 1.133 -0.004 BID 2012 0.153 18.119 0.050 0.625 0.945 0.005 0.009 0.005 0.022 0.053 0.091 0.993 0.002 BID 2013 0.117 17.980 0.051 0.618 0.941 0.007 0.014 0.012 0.029 0.054 0.066 1.010 0.005 BID 2014 0.121 18.179 0.043 0.677 0.948 0.008 0.013 0.009 0.030 0.060 0.041 1.011 0.005 BID 2015 0.112 18.375 0.040 0.664 0.950 0.007 0.013 0.006 0.027 0.067 0.009 1.044 0.007 BID 2016 0.105 18.476 0.034 0.721 0.956 0.006 0.013 0.007 0.026 0.062 0.032 1.018 0.006 BID 2017 0.130 18.865 0.029 0.715 0.959 0.006 0.013 0.007 0.029 0.068 0.035 1.006 0.003 BID 2018 0.126 18.920 0.026 0.754 0.958 0.006 0.012 0.007 0.029 0.071 0.035 0.998 0.004 BID 2019 0.137 19.132 0.037 0.748 0.948 0.006 0.012 0.008 0.027 0.070 0.028 1.023 0.006 BID 2020 0.097 18.806 0.036 0.809 0.947 0.005 0.012 0.011 0.025 0.029 0.023 1.000 0.006 81 BAB 2011 0.108 14.836 0.126 0.363 0.874 0.006 0.015 0.000 0.062 0.187 1.133 -0.004 BAB 2012 0.125 15.258 0.093 0.860 0.907 0.010 0.018 0.002 BAB 2013 0.052 14.769 0.066 0.843 0.934 0.004 0.014 0.001 0.028 0.053 0.091 0.993 0.002 0.034 0.054 0.066 1.010 0.005 BAB 2014 0.048 14.827 0.072 0.810 0.928 0.005 0.010 0.002 0.023 0.060 0.041 1.011 0.005 BAB 2015 0.046 14.877 0.079 0.834 0.921 0.006 BAB 2016 0.094 15.777 0.076 0.779 0.924 0.007 0.009 0.001 0.020 0.067 0.009 1.044 0.007 0.009 0.001 0.020 0.062 0.032 1.018 0.006 BAB 2017 0.154 16.463 0.069 0.691 0.931 BAB 2018 0.122 16.284 0.073 0.748 0.927 0.007 0.008 0.001 0.021 0.068 0.035 1.006 0.003 0.007 0.009 0.003 0.019 0.071 0.035 0.998 0.004 BAB 2019 0.126 16.424 0.072 0.706 BAB 2020 0.117 16.436 0.071 0.738 0.928 0.007 0.010 0.002 0.020 0.070 0.028 1.023 0.006 0.929 0.005 0.011 0.002 0.019 0.029 0.023 1.000 0.006 EIB 2010 0.306 17.506 0.096 0.444 0.897 0.014 0.008 0.006 0.034 0.064 0.092 1.073 0.010 EIB 2011 0.403 18.119 EIB 2012 0.429 18.106 0.068 0.292 0.911 0.017 0.010 0.005 0.037 0.062 0.187 1.133 -0.004 0.074 0.414 0.907 0.013 0.013 0.003 0.031 0.053 0.091 0.993 0.002 EIB 2013 0.363 EIB 2014 0.277 17.936 0.074 0.468 0.914 0.004 0.012 0.002 0.017 0.054 0.066 1.010 0.005 17.607 0.082 0.633 0.918 0.002 0.013 0.003 0.017 0.060 0.041 1.011 0.005 EIB 2015 0.101 16.348 0.105 0.788 0.895 0.000 0.018 0.003 0.026 0.067 0.009 1.044 0.007 EIB EIB 2016 0.109 16.459 0.104 0.795 0.896 0.002 0.018 0.005 0.027 0.062 0.032 1.018 0.006 2017 0.139 16.851 0.095 0.787 0.905 0.006 0.015 0.007 0.021 0.068 0.035 1.006 0.003 EIB 2018 0.182 17.141 0.097 0.778 0.903 0.004 0.019 0.005 0.023 0.071 0.035 0.998 0.004 EIB 2019 0.204 17.348 0.094 0.831 0.906 0.005 0.016 0.008 0.021 0.070 0.028 1.023 0.006 EIB 2020 0.239 17.463 0.105 0.835 0.895 0.007 0.015 0.007 0.021 0.029 0.023 1.000 0.006 HDB 2010 0.293 16.127 0.058 0.407 0.931 0.008 0.010 0.005 0.023 0.064 0.092 1.073 0.010 HDB 2011 0.262 16.285 0.067 0.424 0.921 0.009 0.013 0.000 0.041 0.062 0.187 1.133 -0.004 HDB 2012 0.168 16.000 0.095 0.649 0.898 0.006 0.015 0.012 0.022 0.053 0.091 0.993 0.002 HDB 2013 0.157 16.423 0.094 0.723 0.900 0.003 0.012 0.011 0.006 0.054 0.066 1.010 0.005 HDB 2014 0.202 16.814 0.081 0.657 0.908 0.005 0.018 0.008 0.021 0.060 0.041 1.011 0.005 HDB 2015 0.152 16.601 0.076 0.700 0.908 0.006 0.023 0.003 0.036 0.067 0.009 1.044 0.007 HDB 2016 0.150 16.934 0.054 0.687 0.934 0.006 0.022 0.005 0.041 0.062 0.032 1.018 0.006 HDB 2017 0.134 17.046 0.063 0.637 0.922 0.010 0.022 0.006 0.040 0.068 0.035 1.006 0.003 HDB 2018 0.194 17.505 0.057 0.621 0.927 0.013 0.013 0.006 0.025 0.071 0.035 0.998 0.004 HDB 2019 0.141 17.242 0.054 0.578 0.916 0.016 0.014 0.005 0.031 0.070 0.028 1.023 0.006 HDB 2020 0.172 17.820 0.051 0.547 0.923 0.015 0.019 0.006 0.046 0.029 0.023 1.000 0.006 KLB 2010 0.176 14.612 0.256 0.521 0.744 0.016 0.014 0.001 0.055 0.064 0.092 1.073 0.010 KLB 2011 0.289 15.455 0.194 0.456 0.806 0.022 0.020 0.002 0.064 0.062 0.187 1.133 -0.004 KLB 2012 0.200 15.127 0.185 0.573 0.815 0.019 0.031 0.002 0.065 0.053 0.091 0.993 0.002 KLB 2013 0.190 15.218 0.163 0.622 0.837 0.015 0.027 0.001 0.057 0.054 0.066 1.010 0.005 KLB 2014 0.181 15.247 0.146 0.717 0.854 0.008 0.023 0.002 0.040 0.060 0.041 1.011 0.005 KLB 2015 0.107 14.809 0.133 0.793 0.867 0.007 0.023 0.001 0.039 0.067 0.009 1.044 0.007 KLB 2016 0.141 15.272 0.110 0.752 0.890 0.004 0.022 0.004 0.032 0.062 0.032 1.018 0.006 KLB 2017 0.183 15.740 0.095 0.700 0.905 0.005 0.022 0.002 0.035 0.068 0.035 1.006 0.003 KLB 2018 0.184 15.866 0.089 0.690 0.911 0.005 0.022 0.007 0.027 0.071 0.035 0.998 0.004 KLB 2019 0.266 16.423 0.074 0.644 0.926 0.001 0.020 0.004 0.024 0.070 0.028 1.023 0.006 82 KLB 2020 0.282 16.599 0.068 0.734 0.932 0.002 0.019 0.005 0.019 0.029 0.023 1.000 0.006 LPB 2010 0.172 15.613 0.106 0.352 0.883 0.020 0.015 0.003 0.052 0.064 0.092 1.073 0.010 LPB 2011 1.028 17.871 0.117 0.457 0.883 0.017 0.017 0.001 0.058 0.062 0.187 1.133 -0.004 LPB 2012 1.051 18.061 0.111 0.622 0.889 0.013 0.016 0.001 0.051 0.053 0.091 0.993 0.002 LPB 2013 0.233 16.737 0.091 0.698 0.909 0.007 0.014 0.001 0.036 0.054 0.066 1.010 0.005 LPB 2014 0.115 16.269 0.073 0.772 0.927 0.005 0.013 0.001 0.029 0.060 0.041 1.011 0.005 LPB 2015 0.072 15.868 0.071 0.722 0.929 0.003 0.015 0.000 0.029 0.067 0.009 1.044 0.007 LPB 2016 0.156 16.913 0.059 0.782 0.941 0.007 0.014 0.000 0.035 0.062 0.032 1.018 0.006 LPB 2017 0.148 17.001 0.057 0.785 0.943 0.008 0.017 0.000 0.036 0.068 0.035 1.006 0.003 LPB 2018 0.066 16.261 0.058 0.714 0.942 0.005 0.017 0.000 0.031 0.071 0.035 0.998 0.004 LPB 2019 0.097 16.786 0.063 0.677 0.938 0.008 0.020 0.002 0.034 0.070 0.028 1.023 0.006 LPB 2020 0.100 17.003 0.059 0.720 0.941 0.008 0.019 0.004 0.032 0.029 0.023 1.000 0.006 MBB 2010 0.322 17.378 0.069 0.600 0.911 0.016 0.011 0.004 0.043 0.064 0.092 1.073 0.010 MBB 2011 0.350 17.699 0.054 0.645 0.926 0.014 0.014 0.000 0.046 0.062 0.187 1.133 -0.004 MBB 2012 0.283 17.722 0.073 0.671 0.923 0.013 0.015 0.006 0.046 0.053 0.091 0.993 0.002 MBB 2013 0.174 17.264 0.084 0.754 0.913 0.013 0.015 0.008 0.037 0.054 0.066 1.010 0.005 MBB 2014 0.143 17.173 0.086 0.836 0.915 0.012 0.016 0.006 0.040 0.060 0.041 1.011 0.005 MBB 2015 0.172 17.455 0.105 0.821 0.895 0.011 0.016 0.006 0.037 0.067 0.009 1.044 0.007 MBB 2016 0.150 17.466 0.104 0.760 0.896 0.011 0.016 0.007 0.036 0.062 0.032 1.018 0.006 MBB 2017 0.198 17.943 0.094 0.701 0.906 0.011 0.019 0.008 0.042 0.068 0.035 1.006 0.003 MBB 2018 0.158 17.865 0.060 0.662 0.906 0.017 0.024 0.013 0.046 0.071 0.035 0.998 0.004 MBB 2019 0.137 17.848 0.055 0.663 0.903 0.020 0.024 0.016 0.049 0.070 0.028 1.023 0.006 MBB 2020 0.138 18.039 0.058 0.628 0.899 0.017 0.021 0.014 0.048 0.029 0.023 1.000 0.006 MSB 2010 0.276 17.276 0.048 0.422 0.945 0.010 0.008 0.005 0.025 0.064 0.092 1.073 0.010 MSB 2011 0.271 17.248 0.073 0.545 0.917 0.007 0.011 0.006 0.016 0.062 0.187 1.133 -0.004 MSB 2012 0.314 17.356 0.083 0.542 0.917 0.002 0.017 0.004 0.021 0.053 0.091 0.993 0.002 MSB 2013 0.245 17.084 0.088 0.611 0.912 0.003 0.016 0.006 0.018 0.054 0.066 1.010 0.005 MSB 2014 0.191 16.808 0.079 0.606 0.909 0.001 0.012 0.009 0.014 0.060 0.041 1.011 0.005 MSB 2015 0.146 16.537 0.115 0.600 0.869 0.001 0.017 0.007 0.018 0.067 0.009 1.044 0.007 MSB 2016 0.119 16.211 0.128 0.622 0.853 0.002 0.020 0.016 0.027 0.062 0.032 1.018 0.006 MSB 2017 0.125 16.458 0.106 0.506 0.878 0.001 0.018 0.015 0.019 0.068 0.035 1.006 0.003 MSB 2018 0.199 17.127 0.100 0.461 0.900 0.006 0.021 0.013 0.028 0.071 0.035 0.998 0.004 MSB 2019 0.173 17.117 0.095 0.515 0.905 0.007 0.016 0.010 0.025 0.070 0.028 1.023 0.006 MSB 2020 0.119 16.862 0.096 0.495 0.904 0.011 0.020 0.013 0.034 0.029 0.023 1.000 0.006 NAB 2010 0.219 14.971 0.138 0.399 0.850 0.010 0.012 0.009 0.025 0.064 0.092 1.073 0.010 NAB 2011 0.219 15.241 0.158 0.339 0.827 0.013 0.013 0.011 0.031 0.062 0.187 1.133 -0.004 NAB 2012 0.215 15.054 0.188 0.545 0.795 0.011 0.020 0.008 0.034 0.053 0.091 0.993 0.002 NAB 2013 0.275 15.884 0.104 0.475 0.887 0.005 0.014 0.008 0.021 0.054 0.066 1.010 0.005 NAB 2014 0.415 16.554 0.081 0.545 0.911 0.005 0.012 0.002 0.023 0.060 0.041 1.011 0.005 NAB 2015 0.224 15.888 0.085 0.687 0.904 0.005 0.017 0.002 0.029 0.067 0.009 1.044 0.007 NAB 2016 0.102 15.287 0.071 0.795 0.920 0.001 0.018 0.003 0.033 0.062 0.032 1.018 0.006 NAB 2017 0.116 15.660 0.067 0.732 0.933 0.004 0.016 0.009 0.027 0.068 0.035 1.006 0.003 83 NAB 2018 0.176 16.394 0.045 0.722 0.944 0.008 0.015 0.001 0.006 0.071 0.035 0.998 0.004 NAB 2019 0.167 16.575 0.041 0.747 0.948 0.008 0.016 0.003 0.007 0.070 0.028 1.023 0.006 NAB 2020 0.129 16.667 0.035 0.732 0.951 0.006 0.012 0.004 0.024 0.029 0.023 1.000 0.006 NVB 2010 0.274 15.518 0.091 0.536 0.899 0.008 0.014 0.002 0.027 0.064 0.092 1.073 0.010 NVB 2011 0.195 15.293 0.132 0.659 0.857 0.007 0.018 0.000 0.040 0.062 0.187 1.133 -0.004 NVB 2012 0.086 14.436 0.138 0.569 0.852 0.000 0.030 0.000 0.041 0.053 0.091 0.993 0.002 NVB 2013 0.214 15.642 0.103 0.632 0.890 0.001 0.021 0.002 0.029 0.054 0.066 1.010 0.005 NVB 2014 0.209 15.859 0.081 0.663 0.913 0.000 0.016 0.002 0.023 0.060 0.041 1.011 0.005 NVB 2015 0.177 15.958 0.062 0.706 0.933 0.000 0.014 0.000 0.022 0.067 0.009 1.044 0.007 NVB 2016 0.195 16.413 0.043 0.606 0.953 0.000 0.012 0.001 0.020 0.062 0.032 1.018 0.006 NVB 2017 0.168 16.306 0.041 0.636 0.955 0.000 0.013 0.001 0.019 0.068 0.035 1.006 0.003 NVB 2018 0.117 15.957 0.041 0.651 0.955 0.001 0.014 0.003 0.016 0.071 0.035 0.998 0.004 NVB 2019 0.199 16.588 0.051 0.735 0.946 0.001 0.011 0.001 0.018 0.070 0.028 1.023 0.006 NVB 2020 0.156 16.452 0.045 0.805 0.952 0.000 0.009 0.002 0.022 0.029 0.023 1.000 0.006 PGB 2010 0.125 14.532 0.122 0.654 0.867 0.013 0.017 0.009 0.043 0.064 0.092 1.073 0.010 PGB 2011 0.135 14.683 0.114 0.621 0.905 0.025 0.026 0.004 0.071 0.062 0.187 1.133 -0.004 PGB 2012 0.156 14.916 0.156 0.640 0.835 0.012 0.029 0.007 0.057 0.053 0.091 0.993 0.002 PGB 2013 0.290 15.792 0.121 0.557 0.871 0.002 0.020 0.007 0.026 0.054 0.066 1.010 0.005 PGB 2014 0.265 15.738 0.116 0.698 0.870 0.005 0.019 0.004 0.027 0.060 0.041 1.011 0.005 PGB 2015 0.147 15.103 0.122 0.683 0.863 0.002 0.020 0.003 0.028 0.067 0.009 1.044 0.007 PGB 2016 0.079 14.487 0.121 0.737 0.859 0.005 0.017 0.003 0.030 0.062 0.032 1.018 0.006 PGB 2017 0.090 14.781 0.102 0.781 0.878 0.002 0.016 0.008 0.029 0.068 0.035 1.006 0.003 PGB 2018 0.081 14.702 0.100 0.781 0.877 0.004 0.017 0.012 0.031 0.071 0.035 0.998 0.004 PGB 2019 0.104 15.002 0.095 0.804 9.116 0.002 0.018 0.009 0.030 0.070 0.028 1.023 0.006 PGB 2020 0.185 15.718 0.083 0.795 0.891 0.005 0.018 0.007 0.028 0.029 0.023 1.000 0.006 SHB 2010 0.242 16.329 0.070 0.502 0.918 0.010 0.013 0.005 0.035 0.064 0.092 1.073 0.010 SHB 2011 0.272 16.776 0.069 0.490 0.918 0.011 0.016 0.005 0.035 0.062 0.187 1.133 -0.004 SHB 2012 0.286 17.323 0.077 0.666 0.918 0.014 0.014 0.009 0.023 0.053 0.091 0.993 0.002 SHB 2013 0.228 17.305 0.062 0.632 0.928 0.006 0.013 0.001 0.018 0.054 0.066 1.010 0.005 SHB 2014 0.199 17.331 0.053 0.729 0.938 0.005 0.010 0.003 0.020 0.060 0.041 1.011 0.005 SHB 2015 0.176 17.401 0.047 0.727 0.945 0.004 0.010 0.001 0.022 0.067 0.009 1.044 0.007 SHB 2016 0.142 17.346 0.055 0.692 0.945 0.004 0.010 0.003 0.021 0.062 0.032 1.018 0.006 SHB 2017 0.135 17.471 0.051 0.681 0.949 0.005 0.010 0.006 0.021 0.068 0.035 1.006 0.003 SHB 2018 0.110 17.385 0.038 0.697 0.949 0.005 0.010 0.004 0.020 0.071 0.035 0.998 0.004 SHB 2019 0.125 17.636 0.033 0.710 0.949 0.007 0.011 0.004 0.025 0.070 0.028 1.023 0.006 SHB 2020 0.116 17.680 0.043 0.736 0.942 0.006 0.010 0.006 0.028 0.029 0.023 1.000 0.006 STB 2010 0.246 17.440 0.072 0.514 0.904 0.013 0.014 0.004 0.039 0.064 0.092 1.073 0.010 STB 2011 0.172 17.005 0.077 0.531 0.897 0.014 0.025 0.008 0.051 0.062 0.187 1.133 -0.004 STB 2012 0.144 16.901 0.072 0.706 0.910 0.007 0.027 0.003 0.053 0.053 0.091 0.993 0.002 STB 2013 0.093 16.524 0.078 0.816 0.894 0.014 0.026 0.005 0.049 0.054 0.066 1.010 0.005 STB 2014 0.067 16.360 0.066 0.859 0.905 0.012 0.024 0.009 0.042 0.060 0.041 1.011 0.005 STB 2015 0.056 16.606 0.062 0.894 0.924 0.002 0.018 0.006 0.033 0.067 0.009 1.044 0.007 84 STB 2016 0.052 16.667 0.055 0.878 0.933 0.000 0.017 0.007 0.016 0.062 0.032 1.018 0.006 STB 2017 0.045 16.624 0.049 0.868 0.937 0.003 0.017 0.009 0.018 0.068 0.035 1.006 0.003 STB 2018 0.051 16.851 0.045 0.860 0.939 0.004 0.019 0.010 0.024 0.071 0.035 0.998 0.004 STB 2019 0.074 17.328 0.040 0.884 0.941 0.005 0.020 0.012 0.025 0.070 0.028 1.023 0.006 STB 2020 0.073 17.403 0.037 0.869 0.941 0.005 0.022 0.012 0.028 0.029 0.023 1.000 0.006 SGB 2010 0.037 13.340 0.210 0.538 0.790 0.048 0.016 0.038 0.045 0.064 0.092 1.073 0.010 SGB 2011 0.104 14.286 0.215 0.581 0.785 0.020 0.021 0.005 0.059 0.062 0.187 1.133 -0.004 SGB 2012 0.094 14.148 0.207 0.704 0.762 0.020 0.026 0.005 0.072 0.053 0.091 0.993 0.002 SGB 2013 0.074 13.896 0.210 0.736 0.762 0.012 0.026 0.005 0.052 0.054 0.066 1.010 0.005 SGB 2014 0.056 13.691 0.195 0.748 0.780 0.011 0.020 0.007 0.050 0.060 0.041 1.011 0.005 SGB 2015 0.115 14.528 0.174 0.740 0.809 0.002 0.021 0.004 0.042 0.067 0.009 1.044 0.007 SGB 2016 0.134 14.754 0.162 0.744 0.815 0.007 0.022 0.005 0.038 0.062 0.032 1.018 0.006 SGB 2017 0.192 15.227 0.145 0.697 0.840 0.003 0.019 0.005 0.036 0.068 0.035 1.006 0.003 SGB 2018 0.166 15.032 0.151 0.720 0.831 0.002 0.022 0.009 0.035 0.071 0.035 0.998 0.004 SGB 2019 0.258 15.589 0.135 0.687 1.000 0.006 0.021 0.006 0.037 0.070 0.028 1.023 0.006 SGB 2020 0.270 15.683 0.129 0.761 0.999 0.004 0.020 0.007 0.027 0.029 0.023 1.000 0.006 TPB 2010 0.178 15.128 0.144 0.362 0.847 0.008 0.009 0.011 0.017 0.064 0.092 1.073 0.010 TPB 2011 0.352 15.985 0.120 0.251 0.933 0.055 0.052 0.007 ##### 0.062 0.187 1.133 -0.004 TPB 2012 0.173 14.778 0.299 0.613 0.780 0.008 0.022 0.017 0.016 0.053 0.091 0.993 0.002 TPB 2013 0.197 15.660 0.141 0.447 0.899 0.012 0.013 0.009 0.028 0.054 0.066 1.010 0.005 TPB 2014 0.317 16.608 0.088 0.420 0.918 0.010 0.013 0.003 0.024 0.060 0.041 1.011 0.005 0.002 0.023 0.067 0.009 1.044 0.007 0.002 0.025 0.062 0.032 1.018 0.006 - TPB 2015 0.290 16.913 0.059 0.518 0.937 0.007 TPB 2016 0.245 17.072 0.048 0.521 0.946 0.005 TPB 2017 0.211 17.079 0.045 0.566 0.946 0.008 0.016 0.004 0.030 0.068 0.035 1.006 0.003 TPB 2018 0.164 16.923 0.062 0.559 0.922 0.013 0.021 0.009 0.037 0.071 0.035 0.998 0.004 TPB 2019 0.010 14.319 0.048 0.562 0.920 0.019 0.020 0.017 0.041 0.070 0.028 1.023 0.006 TPB 2020 0.011 14.610 0.048 0.562 0.919 0.017 0.020 0.013 0.045 0.029 0.023 1.000 0.006 TCB 2010 0.355 17.792 0.046 0.536 0.938 0.014 0.011 0.010 0.029 0.064 0.092 1.073 0.010 TCB 2011 0.292 17.781 0.049 0.491 0.931 0.017 0.012 0.008 0.036 0.062 0.187 1.133 -0.004 TCB 2012 0.230 17.539 0.049 0.619 0.926 0.004 0.018 0.003 0.033 0.053 0.091 0.993 0.002 TCB 2013 0.129 16.838 0.056 0.755 0.912 0.004 0.021 0.008 0.030 0.054 0.066 1.010 0.005 TCB 2014 0.130 16.943 0.050 0.749 0.915 0.001 0.188 0.006 0.040 0.060 0.041 1.011 0.005 TCB 2015 0.105 16.821 0.046 0.741 0.914 0.008 0.019 0.011 0.043 0.067 0.009 1.044 0.007 TCB 2016 0.115 17.115 0.038 0.737 0.917 0.013 0.018 0.016 0.041 0.062 0.032 1.018 0.006 TCB 2017 0.137 17.420 0.036 0.635 0.900 0.024 0.017 0.026 0.038 0.068 0.035 1.006 0.003 TCB 2018 0.152 17.698 0.110 0.637 0.845 0.025 0.018 0.014 0.041 0.071 0.035 0.998 0.004 TCB 2019 0.147 17.839 0.092 0.614 0.847 0.023 0.019 0.013 0.043 0.070 0.028 1.023 0.006 TCB 2020 0.098 17.575 0.081 0.631 0.830 0.028 0.020 0.019 0.049 0.029 0.023 1.000 0.006 VIB 2010 0.298 17.148 0.060 0.480 0.930 0.008 0.013 0.004 0.030 0.064 0.092 1.073 0.010 VIB 2011 0.317 17.240 0.070 0.455 0.916 0.007 0.017 0.002 0.042 0.062 0.187 1.133 -0.004 0.010 0.013 85 VIB 2012 0.154 16.121 0.105 0.601 0.870 0.008 0.028 0.004 0.040 0.053 0.091 0.993 0.002 VIB 2013 0.125 16.078 0.088 0.562 0.896 0.001 0.020 0.007 0.032 0.054 0.066 1.010 0.005 VIB 2014 0.121 16.093 0.084 0.608 0.895 0.006 0.020 0.014 0.033 0.060 0.041 1.011 0.005 VIB 2015 0.101 15.956 0.081 0.632 0.898 0.006 0.021 0.007 0.030 0.067 0.009 1.044 0.007 VIB 2016 0.134 16.456 0.065 0.567 0.916 0.005 0.020 0.007 0.029 0.062 0.032 1.018 0.006 VIB 2017 0.121 16.515 0.049 0.555 0.929 0.009 0.019 0.005 0.032 0.068 0.035 1.006 0.003 VIB 2018 0.086 16.299 0.056 0.610 0.923 0.016 0.019 0.009 0.038 0.071 0.035 0.998 0.004 VIB 2019 0.131 17.002 0.050 0.663 0.927 0.018 0.019 0.011 0.040 0.070 0.028 1.023 0.006 VIB 2020 0.124 17.229 0.045 0.614 0.927 0.019 0.018 0.011 0.041 0.029 0.023 1.000 0.006 VPB 2010 0.209 16.343 0.077 0.401 0.913 0.008 0.009 0.004 0.028 0.064 0.092 1.073 0.010 VPB 2011 0.296 17.014 0.061 0.355 0.928 0.010 0.016 0.006 0.033 0.062 0.187 1.133 -0.004 VPB 2012 0.282 17.180 0.056 0.580 0.935 0.007 0.018 0.003 0.038 0.053 0.091 0.993 0.002 VPB 2013 0.125 16.532 0.048 0.691 0.936 0.008 0.023 0.008 0.043 0.054 0.066 1.010 0.005 VPB 2014 0.116 16.759 0.035 0.664 0.945 0.008 0.023 0.006 0.042 0.060 0.041 1.011 0.005 VPB 2015 0.095 16.733 0.030 0.672 0.931 0.012 0.029 0.008 0.063 0.067 0.009 1.044 0.007 VPB 2016 0.062 16.462 0.025 0.541 0.925 0.017 0.029 0.007 0.077 0.062 0.032 1.018 0.006 VPB 2017 0.096 17.095 0.021 0.481 0.893 0.023 0.032 0.016 0.087 0.068 0.035 1.006 0.003 VPB 2018 0.090 17.192 0.018 0.528 0.893 0.023 0.033 0.020 0.088 0.071 0.035 0.998 0.004 VPB 2019 0.069 17.074 0.015 0.567 0.888 0.022 0.033 0.015 0.095 0.070 0.028 1.023 0.006 VPB 2020 0.068 17.170 0.056 0.557 0.874 0.025 0.027 0.016 0.088 0.029 0.023 1.000 0.006 VBB 2015 0.202 15.711 0.091 0.787 0.917 -0.003 0.013 0.005 0.067 0.009 1.044 0.007 VBB 2016 0.106 15.170 0.089 0.822 0.916 0.002 0.016 0.007 0.014 0.062 0.032 1.018 0.006 VBB 2017 0.127 15.482 0.078 0.754 0.920 0.006 0.019 0.006 0.021 0.068 0.035 1.006 0.003 VBB 2018 0.164 15.950 0.079 0.771 0.913 0.006 0.017 0.006 0.024 0.071 0.035 0.998 0.004 VBB 2019 0.161 16.225 0.061 0.717 0.927 0.007 0.016 0.008 0.022 0.070 0.028 1.023 0.006 VBB 2020 0.168 16.548 0.046 0.705 0.942 0.003 0.014 0.012 0.008 0.029 0.023 1.000 0.006 BVB 2010 0.346 14.862 0.243 0.387 0.747 0.007 0.013 0.001 0.036 0.064 0.092 1.073 0.010 BVB 2011 0.292 15.417 0.177 0.308 0.805 0.016 0.012 0.009 0.037 0.062 0.187 1.133 -0.004 BVB 2012 0.392 15.907 0.145 5.287 0.842 0.010 0.017 0.010 0.028 0.053 0.091 0.993 0.002 BVB 2013 0.308 15.775 0.130 0.522 0.860 0.004 0.017 0.005 0.024 0.054 0.066 1.010 0.005 BVB 2014 0.176 15.328 0.129 0.570 0.871 0.006 0.019 0.008 0.024 0.060 0.041 1.011 0.005 BVB 2015 0.162 15.362 0.114 0.642 0.886 0.002 0.015 0.004 0.017 0.067 0.009 1.044 0.007 BVB 2016 0.101 15.005 0.102 0.760 0.898 0.000 0.019 0.003 0.019 0.062 0.032 1.018 0.006 BVB 2017 0.156 15.641 0.084 0.677 0.916 0.001 0.016 0.003 0.020 0.068 0.035 1.006 0.003 BVB 2018 0.165 15.857 0.064 0.720 0.926 0.002 0.015 0.003 0.020 0.071 0.035 0.998 0.004 BVB 2019 0.203 16.171 0.061 0.680 0.928 0.002 0.017 0.004 0.021 0.070 0.028 1.023 0.006 BVB 2020 0.216 16.395 0.052 0.677 0.936 0.003 0.014 0.005 0.021 0.029 0.023 1.000 0.006 VCB 2010 0.303 18.349 0.046 0.666 0.932 0.014 0.015 0.009 0.031 0.064 0.092 1.073 0.010 VCB 2011 0.044 16.589 0.057 0.619 0.922 0.012 0.016 0.004 0.038 0.062 0.187 1.133 -0.004 VCB 2012 0.210 18.282 0.078 0.689 0.899 0.011 0.015 0.003 0.029 0.053 0.091 0.993 0.002 VCB 2013 0.261 18.625 0.069 0.708 0.909 0.009 0.013 0.003 0.026 0.054 0.066 1.010 0.005 VCB 2014 0.291 18.937 0.056 0.732 0.925 0.008 0.012 0.009 0.024 0.060 0.041 1.011 0.005 86 VCB 2015 0.247 18.889 0.050 0.773 0.972 0.008 0.013 0.009 0.026 0.067 0.009 1.044 0.007 VCB 2016 0.227 19.002 0.046 0.749 0.939 0.009 0.013 0.008 0.026 0.062 0.032 1.018 0.006 VCB 2017 0.325 19.635 0.035 0.684 0.949 0.009 0.011 0.007 0.025 0.068 0.035 1.006 0.003 VCB 2018 0.255 19.428 0.034 0.747 0.942 0.014 0.013 0.009 0.028 0.071 0.035 0.998 0.004 VCB 2019 0.244 19.512 0.035 0.759 0.934 0.015 0.013 0.009 0.031 0.070 0.028 1.023 0.006 VCB 2020 0.238 19.572 0.032 0.778 0.929 0.014 0.012 0.009 0.030 0.029 0.023 1.000 0.006 CTG 2010 0.160 17.890 0.041 0.560 0.950 0.009 0.022 0.007 0.042 0.064 0.092 1.073 0.010 CTG 2011 0.176 18.213 0.044 0.559 0.938 0.014 0.020 0.004 0.051 0.062 0.187 1.133 -0.004 CTG 2012 0.144 18.098 0.052 0.574 0.933 0.012 0.019 0.007 0.041 0.053 0.091 0.993 0.002 CTG 2013 0.149 18.271 0.080 0.632 0.906 0.010 0.017 0.006 0.036 0.054 0.066 1.010 0.005 CTG 2014 0.136 18.315 0.070 0.641 0.916 0.009 0.015 0.005 0.031 0.060 0.041 1.011 0.005 CTG 2015 0.106 18.234 0.059 0.632 0.928 0.007 0.014 0.005 0.028 0.067 0.009 1.044 0.007 CTG 2016 0.119 18.544 0.049 0.691 0.936 0.007 0.014 0.004 0.027 0.062 0.032 1.018 0.006 CTG 2017 0.123 18.715 0.042 0.688 0.942 0.007 0.014 0.004 0.028 0.068 0.035 1.006 0.003 CTG 2018 0.138 18.895 0.040 0.709 0.942 0.005 0.012 0.005 0.021 0.071 0.035 0.998 0.004 CTG 2019 0.131 18.906 0.038 0.720 0.938 0.008 0.013 0.005 0.029 0.070 0.028 1.023 0.006 CTG 2020 0.127 18.952 0.035 0.738 0.936 0.010 0.012 0.007 0.029 0.029 0.023 1.000 0.006 87 APPENDIX REGRESSION RESULT WITH STATA 14 Panel data description Variables correlation 88 Pooled-OLS regression FEM regression 89 REM regression Hausman test 90 Multi-collinearity test Homoskedasticity test Auto correlation test 91 10 FGSL regression ...MINISTRY OF EDUCATION AND TRAINING THE BANK OF VIET NAM -BANKING UNIVERSITY OF HO CHI MINH CITY NGUYEN MY KHANH FACTORS AFFECTING THE LIQUIDITY OF COMMERCIAL BANKS IN VIETNAM 2010- 2020. .. situation of liquidity in commercial banks in Vietnam 2010- 2020 35 4.1.2 Practical situation of independent factors determine liquidity in commercial banks in Vietnam 36 Liquidity and... BASIS ON FACTORS AFFECTING LIQUIDITY OF COMMERCIAL BANKS 2.1 THEORIES ON FACTORS AFFECTING LIQUIDITY OF COMMERCIAL BANKS 2.1.1 Concept v Liquidity concept According to the Federal Reserve, the central