| . | (1) . | (2) . | (3) . | (4) . | (5) . | (6) . |
|---|---|---|---|---|---|---|
| . | Loan rate . | Loan spread . | Loan rate . | Loan spread . | Loan rate . | Loan spread . |
| I(Depositor) | 0.147*** | 0.146*** | 0.226*** | 0.223*** | 0.267*** | 0.265*** |
| (0.037) | (0.036) | (0.027) | (0.026) | (0.026) | (0.025) | |
| ln(Debt) | –0.124*** | –0.122*** | –0.124*** | –0.122*** | ||
| (0.004) | (0.004) | (0.005) | (0.004) | |||
| I(Owns real estate) | –0.320*** | –0.314*** | ||||
| (0.026) | (0.025) | |||||
| ln(Deposits) | 0.001** | 0.001** | 0.001*** | 0.001*** | ||
| (0.001) | (0.001) | (0.001) | (0.001) | |||
| Birth year | –0.005*** | –0.005*** | –0.005*** | –0.005*** | ||
| (0.000) | (0.000) | (0.000) | (0.000) | |||
| Has ever received UI | 0.053*** | 0.052*** | 0.045*** | 0.045*** | ||
| (0.002) | (0.002) | (0.002) | (0.002) | |||
| Number of banks used | –0.102*** | –0.100*** | –0.092*** | –0.090*** | ||
| (0.005) | (0.005) | (0.005) | (0.005) | |||
| ln(House value) | –0.098*** | –0.096*** | ||||
| (0.006) | (0.006) | |||||
| Constant | 3.377*** | 1.528*** | 15.212*** | 13.420*** | 16.345*** | 14.525*** |
| (0.021) | (0.020) | (0.530) | (0.524) | (0.597) | (0.591) | |
| Observations | 19,990,561 | 19,990,561 | 5,196,287 | 5,196,287 | 4,601,525 | 4,601,525 |
| R 2 | .158 | .222 | .237 | .297 | .279 | .304 |
| Bank × Year FE | Y | Y | Y | Y | Y | Y |
| Municipality × Education | ||||||
| × Year FE | N | N | Y | Y | Y | Y |
| . | (1) . | (2) . | (3) . | (4) . | (5) . | (6) . |
|---|---|---|---|---|---|---|
| . | Loan rate . | Loan spread . | Loan rate . | Loan spread . | Loan rate . | Loan spread . |
| I(Depositor) | 0.147*** | 0.146*** | 0.226*** | 0.223*** | 0.267*** | 0.265*** |
| (0.037) | (0.036) | (0.027) | (0.026) | (0.026) | (0.025) | |
| ln(Debt) | –0.124*** | –0.122*** | –0.124*** | –0.122*** | ||
| (0.004) | (0.004) | (0.005) | (0.004) | |||
| I(Owns real estate) | –0.320*** | –0.314*** | ||||
| (0.026) | (0.025) | |||||
| ln(Deposits) | 0.001** | 0.001** | 0.001*** | 0.001*** | ||
| (0.001) | (0.001) | (0.001) | (0.001) | |||
| Birth year | –0.005*** | –0.005*** | –0.005*** | –0.005*** | ||
| (0.000) | (0.000) | (0.000) | (0.000) | |||
| Has ever received UI | 0.053*** | 0.052*** | 0.045*** | 0.045*** | ||
| (0.002) | (0.002) | (0.002) | (0.002) | |||
| Number of banks used | –0.102*** | –0.100*** | –0.092*** | –0.090*** | ||
| (0.005) | (0.005) | (0.005) | (0.005) | |||
| ln(House value) | –0.098*** | –0.096*** | ||||
| (0.006) | (0.006) | |||||
| Constant | 3.377*** | 1.528*** | 15.212*** | 13.420*** | 16.345*** | 14.525*** |
| (0.021) | (0.020) | (0.530) | (0.524) | (0.597) | (0.591) | |
| Observations | 19,990,561 | 19,990,561 | 5,196,287 | 5,196,287 | 4,601,525 | 4,601,525 |
| R 2 | .158 | .222 | .237 | .297 | .279 | .304 |
| Bank × Year FE | Y | Y | Y | Y | Y | Y |
| Municipality × Education | ||||||
| × Year FE | N | N | Y | Y | Y | Y |
Columns 1, 3, and 5 use as outcome the loan rate. Columns 2, 4, and 6 the spread thereof over the policy rate. See the main text for the rationale. “I” stands for indicators; “ln” for natural logarithms; and “UI” for unemployment insurance benefits. Standard errors clustered by bank × year are in parentheses.
p < .1;
p < .05;
p < .01.
| . | (1) . | (2) . | (3) . | (4) . | (5) . | (6) . |
|---|---|---|---|---|---|---|
| . | Loan rate . | Loan spread . | Loan rate . | Loan spread . | Loan rate . | Loan spread . |
| I(Depositor) | 0.147*** | 0.146*** | 0.226*** | 0.223*** | 0.267*** | 0.265*** |
| (0.037) | (0.036) | (0.027) | (0.026) | (0.026) | (0.025) | |
| ln(Debt) | –0.124*** | –0.122*** | –0.124*** | –0.122*** | ||
| (0.004) | (0.004) | (0.005) | (0.004) | |||
| I(Owns real estate) | –0.320*** | –0.314*** | ||||
| (0.026) | (0.025) | |||||
| ln(Deposits) | 0.001** | 0.001** | 0.001*** | 0.001*** | ||
| (0.001) | (0.001) | (0.001) | (0.001) | |||
| Birth year | –0.005*** | –0.005*** | –0.005*** | –0.005*** | ||
| (0.000) | (0.000) | (0.000) | (0.000) | |||
| Has ever received UI | 0.053*** | 0.052*** | 0.045*** | 0.045*** | ||
| (0.002) | (0.002) | (0.002) | (0.002) | |||
| Number of banks used | –0.102*** | –0.100*** | –0.092*** | –0.090*** | ||
| (0.005) | (0.005) | (0.005) | (0.005) | |||
| ln(House value) | –0.098*** | –0.096*** | ||||
| (0.006) | (0.006) | |||||
| Constant | 3.377*** | 1.528*** | 15.212*** | 13.420*** | 16.345*** | 14.525*** |
| (0.021) | (0.020) | (0.530) | (0.524) | (0.597) | (0.591) | |
| Observations | 19,990,561 | 19,990,561 | 5,196,287 | 5,196,287 | 4,601,525 | 4,601,525 |
| R 2 | .158 | .222 | .237 | .297 | .279 | .304 |
| Bank × Year FE | Y | Y | Y | Y | Y | Y |
| Municipality × Education | ||||||
| × Year FE | N | N | Y | Y | Y | Y |
| . | (1) . | (2) . | (3) . | (4) . | (5) . | (6) . |
|---|---|---|---|---|---|---|
| . | Loan rate . | Loan spread . | Loan rate . | Loan spread . | Loan rate . | Loan spread . |
| I(Depositor) | 0.147*** | 0.146*** | 0.226*** | 0.223*** | 0.267*** | 0.265*** |
| (0.037) | (0.036) | (0.027) | (0.026) | (0.026) | (0.025) | |
| ln(Debt) | –0.124*** | –0.122*** | –0.124*** | –0.122*** | ||
| (0.004) | (0.004) | (0.005) | (0.004) | |||
| I(Owns real estate) | –0.320*** | –0.314*** | ||||
| (0.026) | (0.025) | |||||
| ln(Deposits) | 0.001** | 0.001** | 0.001*** | 0.001*** | ||
| (0.001) | (0.001) | (0.001) | (0.001) | |||
| Birth year | –0.005*** | –0.005*** | –0.005*** | –0.005*** | ||
| (0.000) | (0.000) | (0.000) | (0.000) | |||
| Has ever received UI | 0.053*** | 0.052*** | 0.045*** | 0.045*** | ||
| (0.002) | (0.002) | (0.002) | (0.002) | |||
| Number of banks used | –0.102*** | –0.100*** | –0.092*** | –0.090*** | ||
| (0.005) | (0.005) | (0.005) | (0.005) | |||
| ln(House value) | –0.098*** | –0.096*** | ||||
| (0.006) | (0.006) | |||||
| Constant | 3.377*** | 1.528*** | 15.212*** | 13.420*** | 16.345*** | 14.525*** |
| (0.021) | (0.020) | (0.530) | (0.524) | (0.597) | (0.591) | |
| Observations | 19,990,561 | 19,990,561 | 5,196,287 | 5,196,287 | 4,601,525 | 4,601,525 |
| R 2 | .158 | .222 | .237 | .297 | .279 | .304 |
| Bank × Year FE | Y | Y | Y | Y | Y | Y |
| Municipality × Education | ||||||
| × Year FE | N | N | Y | Y | Y | Y |
Columns 1, 3, and 5 use as outcome the loan rate. Columns 2, 4, and 6 the spread thereof over the policy rate. See the main text for the rationale. “I” stands for indicators; “ln” for natural logarithms; and “UI” for unemployment insurance benefits. Standard errors clustered by bank × year are in parentheses.
p < .1;
p < .05;
p < .01.
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