| Dependent Variable: \(Y_t\) |
Baseline 2011:01 - 2020:12
|
Panel A: Pre-COVID-19 period: 2011:01 - 2019:12
|
Panel B: COVID-19 period: 2020:01 - 2020:12
|
|
Independent Variables:
|
Coefficients (SD)
|
Coefficients (SD)
|
Coefficients (SD)
|
|
\(X_{t\_Credit}\)1
|
5.3398 *
(0.0977)
|
5.3223 *
(0.0766)
|
22.7303 *
(0.0998)
|
|
\(X_{t\_Credit}\)2
|
7.9726 *
(0.1582)
|
8.2706 *
(0.1217)
|
41.6365 *
(0.1596)
|
|
\(X_{t\_Credit}\)3
|
8.4144 *
(0.1382)
|
8.6372 *
(0.0575)
|
18.4964
(0.1511)
|
|
\(X_{t\_Credit}\) 4
|
12.9291 *
(0.2221)
|
13.4112 *
(0.0984)
|
14.5569
(0.2392)
|
| Constant1 |
1779.204 *
(185.7102)
|
1808.431 *
(139.7457)
|
-41338.799 *
(182.1004)
|
| Constant2 |
3859.366 *
(162.0112)
|
3642.514 *
(117.1909)
|
-45923.1760 *
(153.5992)
|
| Constant3 |
1934.754 *
(164.3405)
|
1731.067 *
(65.184)
|
-14552.0630 *
(171.4535)
|
| Constant4 |
1352.609 *
(181.5038)
|
1041.112 *
(76.7945)
|
-907.1470 *
(186.603)
|
| N |
120 |
108 |
12 |