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Abu Hanifa Md. Noman, Chan Sok Gee, Che Ruhana Isa
Does competition improve financial stability of the banking sector in ASEAN countries? An empirical analysis
www.plosone.org
www.plosone.org
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[()10()11()22()10()12()14()-3()]TJ
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BT
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[()]TJ
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[()]TJ
ET
Q
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7.4999 0 0 6.6659 338.7968 497.707 cm
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(2)Tj
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7.4999 0 0 6.6659 367.37 497.707 cm
BT
/F5 1 Tf
1 TL
-0.0053 Tc
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(3)Tj
ET
Q
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1 TL
-0.0053 Tc
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(2)Tj
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Q
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(and)Tj
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1.7291 0 Td
()Tj
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BT
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1 TL
-0.0053 Tc
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(3)Tj
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(2)Tj
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Q
q
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(a)Tj
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1 TL
-0.0053 Tc
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(3)Tj
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BT
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(2)Tj
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h
f*
354.3307 396.0567 m
363.7984 396.0567 l
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[()14()]TJ
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-34.639 -1.2982 Td
(The)Tj
1.7801 0 Td
(Lerner)Tj
2.8969 0 Td
(index)Tj
2.4548 0 Td
(is)Tj
0.8447 0 Td
(measured)Tj
4.1102 0 Td
(in)Tj
1.0375 0 Td
(the)Tj
1.4683 0 Td
(following)Tj
3.9799 0 Td
(manner:)Tj
/F10 1 Tf
0 Tc
-5.4198 -3.498 Td
[($)-3(\r)2()-9()]TJ
1.8084 0 Td
[(\r)2()]TJ
ET
Q
q
1 j
1 J
0 w
5.9998 0 0 5.9998 357.222 427.9181 cm
BT
/F10 1 Tf
1 TL
0 0 Td
[()14()]TJ
ET
Q
q
1 j
1 J
0 w
10 0 0 10 364.1385 430.4125 cm
BT
/F11 1 Tf
1 TL
0 0 Td
()Tj
ET
Q
q
1 j
1 J
0 w
374.6268 433.0772 m
430.2992 433.0772 l
430.2992 432.6803 l
374.6268 432.6803 l
f*
10 0 0 10 374.6267 438.3496 cm
BT
/F10 1 Tf
1 TL
0 0 Td
[( )]TJ
ET
Q
q
1 j
1 J
0 w
5.9998 0 0 5.9998 380.1259 435.8551 cm
BT
/F10 1 Tf
1 TL
0 0 Td
[()63()]TJ
ET
Q
q
1 j
1 J
0 w
5 0 0 5 387.6094 434.3244 cm
BT
/F10 1 Tf
1 TL
0 0 Td
[()14()]TJ
ET
Q
q
1 j
1 J
0 w
10 0 0 10 393.8456 438.3496 cm
BT
/F11 1 Tf
1 TL
0 0 Td
( )Tj
/F10 1 Tf
0.9977 0 Td
[()15( )]TJ
ET
Q
q
1 j
1 J
0 w
5.9998 0 0 5.9998 418.7905 435.8551 cm
BT
/F10 1 Tf
1 TL
0 0 Td
[()63()]TJ
ET
Q
q
1 j
1 J
0 w
5 0 0 5 426.2173 434.3244 cm
BT
/F10 1 Tf
1 TL
0 0 Td
[()14()]TJ
ET
Q
q
1 j
1 J
0 w
10 0 0 10 393.959 423.5527 cm
BT
/F10 1 Tf
1 TL
0 0 Td
[( )]TJ
ET
Q
q
1 j
1 J
0 w
5.9998 0 0 5.9998 399.4582 421.0582 cm
BT
/F10 1 Tf
1 TL
0 0 Td
[()63()]TJ
ET
Q
q
1 j
1 J
0 w
5 0 0 5 406.9417 419.5275 cm
BT
/F10 1 Tf
1 TL
0 0 Td
[()14()]TJ
ET
Q
q
1 j
1 J
0 w
10 0 0 10 563.4708 430.4125 cm
BT
/F11 1 Tf
1 TL
0 0 Td
()Tj
/F5 1 Tf
(5)Tj
/F11 1 Tf
()Tj
/F5 1 Tf
-0.004 Tc
-36.3455 -3.9401 Td
(Where,)Tj
/F10 1 Tf
0 Tc
3.1577 0 Td
[( )]TJ
ET
Q
q
1 j
1 J
0 w
5.9998 0 0 5.9998 237.0897 388.4598 cm
BT
/F10 1 Tf
1 TL
0 0 Td
[()63()]TJ
1.3323 -0.0472 Td
[()14()]TJ
ET
Q
q
1 j
1 J
0 w
10 0 0 10 251.433 391.011 cm
BT
/F5 1 Tf
1 TL
-0.004 Tc
0 0 Td
(is)Tj
0.8447 0 Td
(the)Tj
1.4683 0 Td
(price)Tj
2.2224 0 Td
(of)Tj
1.0148 0 Td
(total)Tj
2.0069 0 Td
(assets,)Tj
2.6815 0 Td
(indicating)Tj
4.269 0 Td
(the)Tj
1.4683 0 Td
(ratio)Tj
2.0976 0 Td
(of)Tj
1.0148 0 Td
(total)Tj
2.007 0 Td
(revenue)Tj
3.3902 0 Td
(to)Tj
1.0261 0 Td
(total)Tj
2.0012 0 Td
(assets)Tj
2.4605 0 Td
(for)Tj
-35.1153 -1.3379 Td
(bank)Tj
/F10 1 Tf
2.2054 0 Td
[()]TJ
/F5 1 Tf
0.4875 0 Td
(at)Tj
0.9525 0 Td
(time)Tj
/F10 1 Tf
2.0295 0 Td
[()]TJ
/F5 1 Tf
(.)Tj
0.7426 0 Td
(Total)Tj
2.3131 0 Td
(revenue)Tj
3.3959 0 Td
(is)Tj
0.8447 0 Td
(sum)Tj
1.9332 0 Td
(of)Tj
1.0148 0 Td
(interest)Tj
3.2088 0 Td
(income,)Tj
3.4356 0 Td
(non-interest)Tj
5.1647 0 Td
(operating)Tj
4.0535 0 Td
(income)Tj
3.2088 0 Td
(and)Tj
-34.9906 -1.2983 Td
(other)Tj
2.3471 0 Td
(operating)Tj
4.0534 0 Td
(income)Tj
3.2088 0 Td
(following)Tj
3.9798 0 Td
(the)Tj
1.4684 0 Td
(work)Tj
2.279 0 Td
(of)Tj
1.0148 0 Td
(Anginer,)Tj
3.7531 0 Td
(Demirguc-Kunt)Tj
6.6557 0 Td
([)Tj
0.83 0.64 0.02 0 k
(24)Tj
0 g
(].)Tj
/F10 1 Tf
0 Tc
2.0749 0 Td
[()15( )]TJ
ET
Q
q
1 j
1 J
0 w
5.9998 0 0 5.9998 523.3322 362.0976 cm
BT
/F10 1 Tf
1 TL
0 0 Td
[()63()]TJ
ET
Q
q
1 j
1 J
0 w
5 0 0 5 530.8157 360.6236 cm
BT
/F10 1 Tf
1 TL
0 0 Td
[()14()]TJ
ET
Q
q
1 j
1 J
0 w
10 0 0 10 537.0519 364.6488 cm
BT
/F5 1 Tf
1 TL
-0.004 Tc
0 0 Td
(is)Tj
0.8447 0 Td
(the)Tj
-34.5484 -1.4569 Td
(marginal)Tj
3.8041 0 Td
(cost)Tj
1.8085 0 Td
(of)Tj
1.0148 0 Td
(the)Tj
1.474 0 Td
(total)Tj
2.0012 0 Td
(assets)Tj
2.4605 0 Td
(of)Tj
1.0148 0 Td
(bank)Tj
/F10 1 Tf
2.2053 0 Td
[()]TJ
/F5 1 Tf
0.4876 0 Td
(at)Tj
0.9524 0 Td
(time)Tj
/F10 1 Tf
2.0296 0 Td
[()]TJ
/F5 1 Tf
(.)Tj
0.7427 0 Td
(The)Tj
1.7801 0 Td
(following)Tj
3.9799 0 Td
(translog)Tj
3.4525 0 Td
(cost)Tj
1.8085 0 Td
(function)Tj
3.6282 0 Td
(is)Tj
0.8504 0 Td
(esti-)Tj
-35.4951 -1.2983 Td
(mated)Tj
2.7213 0 Td
(for)Tj
1.3889 0 Td
(each)Tj
2.024 0 Td
(ASEAN-5)Tj
4.2009 0 Td
(country,)Tj
3.5716 0 Td
(using)Tj
2.3924 0 Td
(the)Tj
1.4684 0 Td
(methodology)Tj
5.5048 0 Td
(of)Tj
1.0148 0 Td
(Demirguc-Kunt)Tj
6.6557 0 Td
(and)Tj
1.7291 0 Td
(Per)Tj
0 Tc
1.2925 0.051 Td
()Tj
-0.004 Tc
0.3289 -0.051 Td
(a)Tj
0.6519 0 Td
([)Tj
0.83 0.64 0.02 0 k
(3)Tj
0 g
(])Tj
-34.9452 -1.3039 Td
(and)Tj
1.7291 0 Td
(Anginer,)Tj
3.7531 0 Td
(Demirguc-Kunt)Tj
6.6557 0 Td
([)Tj
0.83 0.64 0.02 0 k
(24)Tj
0 g
(],)Tj
2.0749 0 Td
(to)Tj
1.0262 0 Td
(estimate)Tj
/F10 1 Tf
0 Tc
3.5433 0 Td
[()15( )]TJ
ET
Q
q
1 j
1 J
0 w
5.9998 0 0 5.9998 402.8031 321.5622 cm
BT
/F10 1 Tf
1 TL
0 0 Td
[()63()]TJ
ET
Q
q
1 j
1 J
0 w
5 0 0 5 410.2866 320.0881 cm
BT
/F10 1 Tf
1 TL
0 0 Td
[()14()]TJ
ET
Q
q
1 j
1 J
0 w
10 0 0 10 414.3118 324.0566 cm
BT
/F5 1 Tf
1 TL
-0.004 Tc
0 0 Td
(:)Tj
/F10 1 Tf
0 Tc
-21.4921 -2.8006 Td
[()12( )]TJ
1.3833 0 Td
[(\n)7()9()]TJ
ET
Q
q
1 j
1 J
0 w
5.9998 0 0 5.9998 224.2204 293.5559 cm
BT
/F10 1 Tf
1 TL
0 0 Td
[()14()]TJ
ET
Q
q
1 j
1 J
0 w
10 0 0 10 231.137 296.0503 cm
BT
/F11 1 Tf
1 TL
0 0 Td
()Tj
/F12 1 Tf
-3.1747 -1.6951 Td
(a)Tj
/F11 1 Tf
0.7256 0 Td
()Tj
/F12 1 Tf
0.9922 0 Td
(b)Tj
ET
Q
q
1 j
1 J
0 w
5.9998 0 0 5.9998 222.0661 276.6047 cm
BT
/F13 1 Tf
1 TL
0 0 Td
(1)Tj
ET
Q
q
1 j
1 J
0 w
10 0 0 10 225.5811 279.0992 cm
BT
/F10 1 Tf
1 TL
0 0 Td
[()12()]TJ
/F11 1 Tf
()Tj
/F10 1 Tf
[(%)]TJ
ET
Q
q
1 j
1 J
0 w
5.9998 0 0 5.9998 244.233 276.6047 cm
BT
/F10 1 Tf
1 TL
0 0 Td
[()14()]TJ
ET
Q
q
1 j
1 J
0 w
10 0 0 10 248.3716 279.0992 cm
BT
/F11 1 Tf
1 TL
0 0 Td
()Tj
0.6009 0 Td
()Tj
/F12 1 Tf
0.9978 0 Td
(b)Tj
ET
Q
q
1 j
1 J
0 w
5.9998 0 0 5.9998 269.8582 276.6047 cm
BT
/F13 1 Tf
1 TL
0 0 Td
(2)Tj
ET
Q
q
1 j
1 J
0 w
10 0 0 10 273.3732 279.0992 cm
BT
/F10 1 Tf
1 TL
0 0 Td
[()12()]TJ
/F11 1 Tf
()Tj
/F10 1 Tf
[(%)]TJ
ET
Q
q
1 j
1 J
0 w
5.9998 0 0 5.9998 291.9685 276.6047 cm
BT
/F10 1 Tf
1 TL
0 0 Td
[()14()]TJ
ET
Q
q
1 j
1 J
0 w
10 0 0 10 296.107 279.0992 cm
BT
/F11 1 Tf
1 TL
0 0 Td
()Tj
ET
Q
q
1 j
1 J
0 w
5.9998 0 0 5.9998 299.9622 284.2582 cm
BT
/F13 1 Tf
1 TL
0 0 Td
(2)Tj
ET
Q
q
1 j
1 J
0 w
10 0 0 10 305.6881 279.0992 cm
BT
/F11 1 Tf
1 TL
0 0 Td
()Tj
/F12 1 Tf
0.9977 0 Td
(b)Tj
ET
Q
q
1 j
1 J
0 w
5.9998 0 0 5.9998 321.1653 276.6047 cm
BT
/F13 1 Tf
1 TL
0 0 Td
(3)Tj
ET
Q
q
1 j
1 J
0 w
10 0 0 10 324.6803 279.0992 cm
BT
/F10 1 Tf
1 TL
0 0 Td
[()12()]TJ
/F11 1 Tf
()Tj
/F10 1 Tf
[(!)]TJ
/F13 1 Tf
2.1599 0 Td
(1)Tj
ET
Q
q
1 j
1 J
0 w
5.9998 0 0 5.9998 351.3259 276.6047 cm
BT
/F10 1 Tf
1 TL
0 0 Td
[()14()]TJ
ET
Q
q
1 j
1 J
0 w
10 0 0 10 355.4645 279.0992 cm
BT
/F11 1 Tf
1 TL
0 0 Td
()Tj
0.6009 0 Td
()Tj
/F12 1 Tf
0.9921 0 Td
(b)Tj
ET
Q
q
1 j
1 J
0 w
5.9998 0 0 5.9998 376.9511 276.6047 cm
BT
/F13 1 Tf
1 TL
0 0 Td
(4)Tj
ET
Q
q
1 j
1 J
0 w
10 0 0 10 380.4661 279.0992 cm
BT
/F10 1 Tf
1 TL
0 0 Td
[()12()]TJ
/F11 1 Tf
()Tj
/F10 1 Tf
[(!)]TJ
/F13 1 Tf
2.1599 0 Td
(2)Tj
ET
Q
q
1 j
1 J
0 w
5.9998 0 0 5.9998 407.0551 276.6047 cm
BT
/F10 1 Tf
1 TL
0 0 Td
[()14()]TJ
ET
Q
q
1 j
1 J
0 w
10 0 0 10 411.1937 279.0992 cm
BT
/F11 1 Tf
1 TL
0 0 Td
()Tj
0.6066 0 Td
()Tj
/F12 1 Tf
0.9921 0 Td
(b)Tj
ET
Q
q
1 j
1 J
0 w
5.9998 0 0 5.9998 432.737 276.6047 cm
BT
/F13 1 Tf
1 TL
0 0 Td
(5)Tj
ET
Q
q
1 j
1 J
0 w
10 0 0 10 436.2519 279.0992 cm
BT
/F10 1 Tf
1 TL
0 0 Td
[()12()]TJ
/F11 1 Tf
()Tj
/F10 1 Tf
[(!)]TJ
/F13 1 Tf
2.1599 0 Td
(3)Tj
ET
Q
q
1 j
1 J
0 w
5.9998 0 0 5.9998 462.8409 276.6047 cm
BT
/F10 1 Tf
1 TL
0 0 Td
[()14()]TJ
ET
Q
q
1 j
1 J
0 w
10 0 0 10 466.9795 279.0992 cm
BT
/F11 1 Tf
1 TL
0 0 Td
()Tj
0.6066 0 Td
()Tj
/F12 1 Tf
0.9921 0 Td
(b)Tj
ET
Q
q
1 j
1 J
0 w
5.9998 0 0 5.9998 488.5228 276.6047 cm
BT
/F13 1 Tf
1 TL
0 0 Td
(6)Tj
ET
Q
q
1 j
1 J
0 w
10 0 0 10 491.9811 279.0992 cm
BT
/F10 1 Tf
1 TL
0 0 Td
[()12()]TJ
/F11 1 Tf
()Tj
/F10 1 Tf
[(%)]TJ
ET
Q
q
1 j
1 J
0 w
5.9998 0 0 5.9998 510.633 276.6047 cm
BT
/F10 1 Tf
1 TL
0 0 Td
[()14()]TJ
ET
Q
q
1 j
1 J
0 w
10 0 0 10 514.7716 279.0992 cm
BT
/F11 1 Tf
1 TL
0 0 Td
()Tj
/F10 1 Tf
[()12()]TJ
/F11 1 Tf
()Tj
/F10 1 Tf
[(!)]TJ
/F13 1 Tf
2.5454 0 Td
(1)Tj
ET
Q
q
1 j
1 J
0 w
5.9998 0 0 5.9998 545.2724 276.6047 cm
BT
/F10 1 Tf
1 TL
0 0 Td
[()14()]TJ
ET
Q
q
1 j
1 J
0 w
10 0 0 10 549.411 279.0992 cm
BT
/F11 1 Tf
1 TL
0 0 Td
()Tj
/F12 1 Tf
-35.0019 -1.7007 Td
(b)Tj
ET
Q
q
1 j
1 J
0 w
5.9998 0 0 5.9998 204.9448 259.5968 cm
BT
/F13 1 Tf
1 TL
0 0 Td
(7)Tj
ET
Q
q
1 j
1 J
0 w
10 0 0 10 208.4031 262.0913 cm
BT
/F10 1 Tf
1 TL
0 0 Td
[()12()]TJ
/F11 1 Tf
()Tj
/F10 1 Tf
[(%)]TJ
ET
Q
q
1 j
1 J
0 w
5.9998 0 0 5.9998 227.0551 259.5968 cm
BT
/F10 1 Tf
1 TL
0 0 Td
[()14()]TJ
ET
Q
q
1 j
1 J
0 w
10 0 0 10 231.1937 262.0913 cm
BT
/F11 1 Tf
1 TL
0 0 Td
()Tj
/F10 1 Tf
[()12()]TJ
/F11 1 Tf
()Tj
/F10 1 Tf
[(!)]TJ
/F13 1 Tf
2.5454 0 Td
(2)Tj
ET
Q
q
1 j
1 J
0 w
5.9998 0 0 5.9998 261.6944 259.5968 cm
BT
/F10 1 Tf
1 TL
0 0 Td
[()14()]TJ
ET
Q
q
1 j
1 J
0 w
10 0 0 10 265.833 262.0913 cm
BT
/F11 1 Tf
1 TL
0 0 Td
()Tj
0.6009 0 Td
()Tj
/F12 1 Tf
0.9978 0 Td
(b)Tj
ET
Q
q
1 j
1 J
0 w
5.9998 0 0 5.9998 287.3196 259.5968 cm
BT
/F13 1 Tf
1 TL
0 0 Td
(8)Tj
ET
Q
q
1 j
1 J
0 w
10 0 0 10 290.8346 262.0913 cm
BT
/F10 1 Tf
1 TL
0 0 Td
[()12()]TJ
/F11 1 Tf
()Tj
/F10 1 Tf
[(%)]TJ
ET
Q
q
1 j
1 J
0 w
5.9998 0 0 5.9998 309.4299 259.5968 cm
BT
/F10 1 Tf
1 TL
0 0 Td
[()14()]TJ
ET
Q
q
1 j
1 J
0 w
10 0 0 10 313.5685 262.0913 cm
BT
/F11 1 Tf
1 TL
0 0 Td
()Tj
/F10 1 Tf
[()12()]TJ
/F11 1 Tf
()Tj
/F10 1 Tf
[(!)]TJ
/F13 1 Tf
2.5511 0 Td
(3)Tj
ET
Q
q
1 j
1 J
0 w
5.9998 0 0 5.9998 344.0692 259.5968 cm
BT
/F10 1 Tf
1 TL
0 0 Td
[()14()]TJ
ET
Q
q
1 j
1 J
0 w
10 0 0 10 348.2078 262.0913 cm
BT
/F11 1 Tf
1 TL
0 0 Td
()Tj
0.6066 0 Td
()Tj
/F12 1 Tf
0.9921 0 Td
(b)Tj
ET
Q
q
1 j
1 J
0 w
5.9998 0 0 5.9998 369.7511 259.5968 cm
BT
/F13 1 Tf
1 TL
0 0 Td
(9)Tj
ET
Q
q
1 j
1 J
0 w
10 0 0 10 373.2094 262.0913 cm
BT
/F10 1 Tf
1 TL
0 0 Td
[()12()]TJ
/F11 1 Tf
()Tj
/F10 1 Tf
[(!)]TJ
/F13 1 Tf
2.1656 0 Td
(1)Tj
ET
Q
q
1 j
1 J
0 w
5.9998 0 0 5.9998 399.8551 259.5968 cm
BT
/F10 1 Tf
1 TL
0 0 Td
[()14()]TJ
ET
Q
q
1 j
1 J
0 w
10 0 0 10 403.9937 262.0913 cm
BT
/F11 1 Tf
1 TL
0 0 Td
()Tj
ET
Q
q
1 j
1 J
0 w
5.9998 0 0 5.9998 407.8488 267.307 cm
BT
/F13 1 Tf
1 TL
0 0 Td
(2)Tj
ET
Q
q
1 j
1 J
0 w
10 0 0 10 413.5748 262.0913 cm
BT
/F11 1 Tf
1 TL
0 0 Td
()Tj
/F12 1 Tf
0.9921 0 Td
(b)Tj
ET
Q
q
1 j
1 J
0 w
5.9998 0 0 5.9998 429.0519 259.5968 cm
BT
/F13 1 Tf
1 TL
0 0 Td
(10)Tj
ET
Q
q
1 j
1 J
0 w
10 0 0 10 435.5149 262.0913 cm
BT
/F10 1 Tf
1 TL
0 0 Td
[()12()]TJ
/F11 1 Tf
()Tj
/F10 1 Tf
[(!)]TJ
/F13 1 Tf
2.1599 0 Td
(2)Tj
ET
Q
q
1 j
1 J
0 w
5.9998 0 0 5.9998 462.1606 259.5968 cm
BT
/F10 1 Tf
1 TL
0 0 Td
[()14()]TJ
ET
Q
q
1 j
1 J
0 w
10 0 0 10 466.2992 262.0913 cm
BT
/F11 1 Tf
1 TL
0 0 Td
()Tj
ET
Q
q
1 j
1 J
0 w
5.9998 0 0 5.9998 470.1543 267.307 cm
BT
/F13 1 Tf
1 TL
0 0 Td
(2)Tj
ET
Q
q
1 j
1 J
0 w
10 0 0 10 475.8803 262.0913 cm
BT
/F11 1 Tf
1 TL
0 0 Td
()Tj
/F12 1 Tf
0.9921 0 Td
(b)Tj
ET
Q
q
1 j
1 J
0 w
5.9998 0 0 5.9998 491.3007 259.5968 cm
BT
/F13 1 Tf
1 TL
0 0 Td
(11)Tj
ET
Q
q
1 j
1 J
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325.4173 571.011 m
334.885 571.011 l
h
f*
452.9764 493.0016 m
462.5008 493.0016 l
h
f*
537.222 406.9417 m
546.7465 406.9417 l
h
f*
531.0992 367.937 m
540.6236 367.937 l
h
f*
542.778 341.915 m
552.3024 341.915 l
h
f*
272.6929 315.9496 m
277.3984 315.9496 l
h
f*
384.3213 315.9496 m
393.789 315.9496 l
h
f*
522.9921 289.9276 m
532.4598 289.9276 l
h
f*
497.8772 198.9354 m
507.4016 198.9354 l
h
f*
564.4346 198.9354 m
569.1969 198.9354 l
h
f*
416.6929 159.9307 m
426.2173 159.9307 l
h
f*
0 g
1 j
1 J
0 w
10 0 0 10 200.0125 707.4141 cm
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Q
q
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1 J
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10 0 0 10 291.4015 687.9118 cm
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Q
q
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5.9998 0 0 5.9998 306.822 685.4173 cm
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(4)Tj
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q
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1 J
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q
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q
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1 J
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1 J
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5.9998 0 0 5.9998 362.211 685.4173 cm
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1 TL
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(6)Tj
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Q
q
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1 J
0 w
10 0 0 10 367.937 687.9118 cm
BT
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1 TL
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()Tj
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0.9921 0 Td
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Q
q
1 j
1 J
0 w
5.9998 0 0 5.9998 383.4141 685.4173 cm
BT
/F13 1 Tf
1 TL
0 0 Td
(7)Tj
ET
Q
q
1 j
1 J
0 w
10 0 0 10 389.1401 687.9118 cm
BT
/F11 1 Tf
1 TL
0 0 Td
()Tj
/F12 1 Tf
0.9921 0 Td
(b)Tj
ET
Q
q
1 j
1 J
0 w
5.9998 0 0 5.9998 404.5606 685.4173 cm
BT
/F13 1 Tf
1 TL
0 0 Td
(8)Tj
ET
Q
q
1 j
1 J
0 w
10 0 0 10 410.8535 687.9118 cm
BT
/F11 1 Tf
1 TL
0 0 Td
()Tj
/F13 1 Tf
1.0488 0 Td
(0;)Tj
/F12 1 Tf
1.1905 0 Td
(b)Tj
ET
Q
q
1 j
1 J
0 w
5.9998 0 0 5.9998 438.7464 685.4173 cm
BT
/F13 1 Tf
1 TL
0 0 Td
(9)Tj
ET
Q
q
1 j
1 J
0 w
10 0 0 10 444.4724 687.9118 cm
BT
/F11 1 Tf
1 TL
0 0 Td
()Tj
/F12 1 Tf
0.9921 0 Td
(b)Tj
ET
Q
q
1 j
1 J
0 w
5.9998 0 0 5.9998 459.9496 685.4173 cm
BT
/F13 1 Tf
1 TL
0 0 Td
(12)Tj
ET
Q
q
1 j
1 J
0 w
10 0 0 10 468.6236 687.9118 cm
BT
/F11 1 Tf
1 TL
0 0 Td
()Tj
/F12 1 Tf
0.9921 0 Td
(b)Tj
ET
Q
q
1 j
1 J
0 w
5.9998 0 0 5.9998 484.1007 685.4173 cm
BT
/F13 1 Tf
1 TL
0 0 Td
(13)Tj
ET
Q
q
1 j
1 J
0 w
10 0 0 10 493.3417 687.9118 cm
BT
/F11 1 Tf
1 TL
0 0 Td
()Tj
/F13 1 Tf
1.0488 0 Td
(0;)Tj
/F12 1 Tf
1.1905 0 Td
(b)Tj
ET
Q
q
1 j
1 J
0 w
5.9998 0 0 5.9998 521.2346 685.4173 cm
BT
/F13 1 Tf
1 TL
0 0 Td
(10)Tj
ET
Q
q
1 j
1 J
0 w
10 0 0 10 529.9086 687.9118 cm
BT
/F11 1 Tf
1 TL
0 0 Td
()Tj
/F12 1 Tf
0.9977 0 Td
(b)Tj
ET
Q
q
1 j
1 J
0 w
5.9998 0 0 5.9998 545.3858 685.4173 cm
BT
/F13 1 Tf
1 TL
0 0 Td
(12)Tj
ET
Q
q
1 j
1 J
0 w
10 0 0 10 554.0598 687.9118 cm
BT
/F11 1 Tf
1 TL
0 0 Td
()Tj
/F12 1 Tf
0.9977 0 Td
(b)Tj
ET
Q
q
1 j
1 J
0 w
5.9998 0 0 5.9998 569.537 685.4173 cm
BT
/F13 1 Tf
1 TL
0 0 Td
(14)Tj
ET
Q
q
1 j
1 J
0 w
10 0 0 10 334.3181 675.8929 cm
BT
/F11 1 Tf
1 TL
0 0 Td
()Tj
/F13 1 Tf
1.0488 0 Td
(0;)Tj
/F12 1 Tf
1.1848 0 Td
(b)Tj
ET
Q
q
1 j
1 J
0 w
5.9998 0 0 5.9998 362.211 673.3984 cm
BT
/F13 1 Tf
1 TL
0 0 Td
(11)Tj
ET
Q
q
1 j
1 J
0 w
10 0 0 10 370.885 675.8929 cm
BT
/F11 1 Tf
1 TL
0 0 Td
()Tj
/F12 1 Tf
0.9921 0 Td
(b)Tj
ET
Q
q
1 j
1 J
0 w
5.9998 0 0 5.9998 386.3622 673.3984 cm
BT
/F13 1 Tf
1 TL
0 0 Td
(13)Tj
ET
Q
q
1 j
1 J
0 w
10 0 0 10 395.0362 675.8929 cm
BT
/F11 1 Tf
1 TL
0 0 Td
()Tj
/F12 1 Tf
0.9921 0 Td
(b)Tj
ET
Q
q
1 j
1 J
0 w
5.9998 0 0 5.9998 410.5133 673.3984 cm
BT
/F13 1 Tf
1 TL
0 0 Td
(14)Tj
ET
Q
q
1 j
1 J
0 w
10 0 0 10 419.7543 675.8929 cm
BT
/F11 1 Tf
1 TL
0 0 Td
()Tj
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1.0488 0 Td
(0)Tj
/F5 1 Tf
-0.004 Tc
-21.8266 -2.347 Td
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1.7858 0 Td
(coefficient)Tj
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0.83 0.64 0.02 0 k
1.0148 0 Td
(Eq)Tj
1.2983 0 Td
(6)Tj
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2.2053 0 Td
[()]TJ
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(at)Tj
0.9524 0 Td
(time)Tj
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2.0296 0 Td
[()]TJ
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(,)Tj
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(using)Tj
2.3868 0 Td
(the)Tj
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(following)Tj
3.9798 0 Td
(equation:)Tj
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0 Tc
0.2325 -2.4831 Td
[()15( )]TJ
ET
Q
q
1 j
1 J
0 w
5.9998 0 0 5.9998 257.1023 612 cm
BT
/F10 1 Tf
1 TL
0 0 Td
[()14()]TJ
ET
Q
q
1 j
1 J
0 w
10 0 0 10 264.0188 614.5511 cm
BT
/F11 1 Tf
1 TL
0 0 Td
()Tj
ET
Q
q
1 j
1 J
0 w
274.5071 617.2157 m
291.4583 617.2157 l
291.4583 616.8189 l
274.5071 616.8189 l
f*
10 0 0 10 274.9606 621.3543 cm
BT
/F14 1 Tf
1 TL
0 0 Td
(@)Tj
/F10 1 Tf
0.5725 0 Td
[( )]TJ
ET
Q
q
1 j
1 J
0 w
5.9998 0 0 5.9998 286.9228 618.8031 cm
BT
/F10 1 Tf
1 TL
0 0 Td
[()14()]TJ
ET
Q
q
1 j
1 J
0 w
10 0 0 10 274.507 607.6913 cm
BT
/F14 1 Tf
1 TL
0 0 Td
(@)Tj
/F10 1 Tf
0.5725 0 Td
[(%)]TJ
ET
Q
q
1 j
1 J
0 w
5.9998 0 0 5.9998 287.3196 605.1401 cm
BT
/F10 1 Tf
1 TL
0 0 Td
[()14()]TJ
ET
Q
q
1 j
1 J
0 w
10 0 0 10 294.2362 614.5511 cm
BT
/F11 1 Tf
1 TL
0 0 Td
()Tj
ET
Q
q
1 j
1 J
0 w
304.7811 617.2157 m
316.0063 617.2157 l
316.0063 616.8189 l
304.7811 616.8189 l
f*
10 0 0 10 305.1779 621.3543 cm
BT
/F10 1 Tf
1 TL
0 0 Td
[( )]TJ
ET
Q
q
1 j
1 J
0 w
5.9998 0 0 5.9998 311.4141 618.8031 cm
BT
/F10 1 Tf
1 TL
0 0 Td
[()14()]TJ
ET
Q
q
1 j
1 J
0 w
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1 TL
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[(%)]TJ
ET
Q
q
1 j
1 J
0 w
5.9998 0 0 5.9998 311.8677 605.1401 cm
BT
/F10 1 Tf
1 TL
0 0 Td
[()14()]TJ
ET
Q
q
1 j
1 J
0 w
10 0 0 10 317.6503 614.5511 cm
BT
/F11 1 Tf
1 TL
0 0 Td
()Tj
/F12 1 Tf
(b)Tj
ET
Q
q
1 j
1 J
0 w
5.9998 0 0 5.9998 325.8708 612 cm
BT
/F13 1 Tf
1 TL
0 0 Td
(1)Tj
ET
Q
q
1 j
1 J
0 w
10 0 0 10 331.5968 614.5511 cm
BT
/F11 1 Tf
1 TL
0 0 Td
()Tj
/F13 1 Tf
0.9977 0 Td
(2)Tj
/F12 1 Tf
(b)Tj
ET
Q
q
1 j
1 J
0 w
5.9998 0 0 5.9998 352.0629 612 cm
BT
/F13 1 Tf
1 TL
0 0 Td
(2)Tj
ET
Q
q
1 j
1 J
0 w
10 0 0 10 355.5779 614.5511 cm
BT
/F10 1 Tf
1 TL
0 0 Td
[()12(%)]TJ
ET
Q
q
1 j
1 J
0 w
5.9998 0 0 5.9998 370.3181 612 cm
BT
/F10 1 Tf
1 TL
0 0 Td
[()14()]TJ
ET
Q
q
1 j
1 J
0 w
10 0 0 10 376.6677 614.5511 cm
BT
/F11 1 Tf
1 TL
0 0 Td
()Tj
/F12 1 Tf
0.9921 0 Td
(b)Tj
ET
Q
q
1 j
1 J
0 w
5.9998 0 0 5.9998 392.1448 612 cm
BT
/F13 1 Tf
1 TL
0 0 Td
(6)Tj
ET
Q
q
1 j
1 J
0 w
10 0 0 10 395.6598 614.5511 cm
BT
/F10 1 Tf
1 TL
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[()12(!)]TJ
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1.7688 0 Td
(1)Tj
ET
Q
q
1 j
1 J
0 w
5.9998 0 0 5.9998 418.3937 612 cm
BT
/F10 1 Tf
1 TL
0 0 Td
[()14()]TJ
ET
Q
q
1 j
1 J
0 w
10 0 0 10 424.7433 614.5511 cm
BT
/F11 1 Tf
1 TL
0 0 Td
()Tj
/F12 1 Tf
0.9921 0 Td
(b)Tj
ET
Q
q
1 j
1 J
0 w
5.9998 0 0 5.9998 440.2204 612 cm
BT
/F13 1 Tf
1 TL
0 0 Td
(7)Tj
ET
Q
q
1 j
1 J
0 w
10 0 0 10 443.6787 614.5511 cm
BT
/F10 1 Tf
1 TL
0 0 Td
[()12(!)]TJ
/F13 1 Tf
1.7744 0 Td
(2)Tj
ET
Q
q
1 j
1 J
0 w
5.9998 0 0 5.9998 466.4125 612 cm
BT
/F10 1 Tf
1 TL
0 0 Td
[()14()]TJ
ET
Q
q
1 j
1 J
0 w
10 0 0 10 472.8188 614.5511 cm
BT
/F11 1 Tf
1 TL
0 0 Td
()Tj
/F12 1 Tf
0.9921 0 Td
(b)Tj
ET
Q
q
1 j
1 J
0 w
5.9998 0 0 5.9998 488.2393 612 cm
BT
/F13 1 Tf
1 TL
0 0 Td
(8)Tj
ET
Q
q
1 j
1 J
0 w
10 0 0 10 491.7543 614.5511 cm
BT
/F10 1 Tf
1 TL
0 0 Td
[()12(!)]TJ
/F13 1 Tf
1.7744 0 Td
(3)Tj
ET
Q
q
1 j
1 J
0 w
5.9998 0 0 5.9998 514.4881 612 cm
BT
/F10 1 Tf
1 TL
0 0 Td
[()14()]TJ
ET
Q
q
1 j
1 J
0 w
10 0 0 10 518.6267 614.5511 cm
BT
/F11 1 Tf
1 TL
0 0 Td
()Tj
4.4843 0 Td
()Tj
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(7)Tj
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()Tj
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2.9594 0 Td
(literature)Tj
3.8834 0 Td
(such)Tj
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(Kasman)Tj
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(and)Tj
1.7292 0 Td
(Kasman)Tj
3.4922 0 Td
([)Tj
0.83 0.64 0.02 0 k
(27)Tj
0 g
(],)Tj
2.075 0 Td
(Anginer,)Tj
3.7587 0 Td
(Demirguc-Kunt)Tj
6.6499 0 Td
([)Tj
0.83 0.64 0.02 0 k
(24)Tj
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2.075 0 Td
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0 Tc
1.44 0.051 Td
()Tj
-0.004 Tc
0.4025 -0.051 Td
(-)Tj
-36.2265 -1.3039 Td
(nez,)Tj
1.8312 0 Td
(Lopez)Tj
2.6192 0 Td
([)Tj
0.83 0.64 0.02 0 k
(44)Tj
0 g
(])Tj
1.8482 0 Td
(and)Tj
1.7291 0 Td
(Xu,)Tj
1.6271 0 Td
(Rixtel)Tj
2.5455 0 Td
([)Tj
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(45)Tj
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(])Tj
1.8481 0 Td
(use)Tj
1.5307 0 Td
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5.8224 0 Td
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3.9401 0 Td
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(a)Tj
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(because,)Tj
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(system's)Tj
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3.3506 0 Td
(and)Tj
1.7348 0 Td
(fragility.)Tj
3.5319 0 Td
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5.3177 0 Td
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2.897 0 Td
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(H-statistic,)Tj
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1.0261 0 Td
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4.4617 0 Td
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1.4683 0 Td
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4.4221 0 Td
(Where,)Tj
3.1577 0 Td
(HHI)Tj
2.092 0 Td
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0.8504 0 Td
(calculated)Tj
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(as)Tj
1.0148 0 Td
(the)Tj
1.474 0 Td
(sum)Tj
1.9275 0 Td
(of)Tj
1.0148 0 Td
(the)Tj
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3.2031 0 Td
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1.0148 0 Td
(the)Tj
1.474 0 Td
(market)Tj
3.0614 0 Td
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2.3356 0 Td
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(each)Tj
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1.0374 0 Td
(the)Tj
1.4684 0 Td
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1.9559 0 Td
(market)Tj
3.0614 0 Td
(following)Tj
3.9798 0 Td
(the)Tj
1.4683 0 Td
(work)Tj
2.2791 0 Td
(of)Tj
1.0148 0 Td
(Berger,)Tj
3.0784 0 Td
(Klapper)Tj
3.4072 0 Td
([)Tj
0.83 0.64 0.02 0 k
(18)Tj
0 g
(].)Tj
ET
Q
q
1 j
1 J
0 w
11.9999 0 0 11.9999 200.0125 463.9748 cm
BT
/F0 1 Tf
1 TL
-0.0033 Tc
0 0 Td
(Control)Tj
3.4016 0 Td
(variable)Tj
ET
Q
q
1 j
1 J
0 w
10 0 0 10 200.0125 447.0236 cm
BT
/F5 1 Tf
1 TL
-0.004 Tc
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(A)Tj
0.9014 0 Td
(number)Tj
3.4185 0 Td
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1.0148 0 Td
(bank-specific,)Tj
5.7543 0 Td
(regulatory,)Tj
4.5411 0 Td
(and)Tj
1.7348 0 Td
(macroeconomic)Tj
6.6954 0 Td
(variables)Tj
3.719 0 Td
(are)Tj
1.4457 0 Td
(controlled)Tj
4.3199 0 Td
(in)Tj
1.0375 0 Td
(exam-)Tj
-34.5824 -1.3039 Td
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ET
Q
q
1 j
1 J
0 w
576 737.1 m
36 737.1 l
36 737.6 l
576 737.6 l
f*
36 741.2598 107.1496 23.6976 re
W* n
q
107.0929 0 0 23.6409 36 741.3165 cm
q
/I0 Do
Q
Q
Q
q
0 0 612 792 re
W* n
1 j
1 J
0 w
7.9999 0 0 7.9999 396.0566 745.7952 cm
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f*
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BT
/F2 1 Tf
1 TL
-0.005 Tc
0 0 Td
(Table)Tj
2.7992 0 Td
(2.)Tj
1.2614 0 Td
(Yearly)Tj
3.1748 0 Td
(average)Tj
3.9331 0 Td
(of)Tj
1.1552 0 Td
(H-stat)Tj
2.7779 0 Td
(istic,)Tj
2.4662 0 Td
(Lerner)Tj
3.2882 0 Td
(index,)Tj
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(and)Tj
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(HHI)Tj
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(based)Tj
3.0685 0 Td
(on)Tj
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(loan)Tj
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(based)Tj
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(on)Tj
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(loan)Tj
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(for)Tj
1.5378 0 Td
(ASEAN-)Tj
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0.7653 0 Td
(during)Tj
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(1990201)Tj
4.3583 0 Td
(4.)Tj
0 Tc
-55.0988 -1.8567 Td
(Year)Tj
6.2362 0 Td
(H-statistic)Tj
8.9717 0 Td
(Lerner)Tj
7.2568 0 Td
(HHI\(Lo)Tj
3.2669 0 Td
(an\))Tj
5.6623 0 Td
(Z-score)Tj
8.2914 0 Td
(NPL)Tj
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(ratio)Tj
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(Equity)Tj
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(ratio)Tj
6.3213 0 Td
(Observat)Tj
4.3087 0 Td
(ion)Tj
/F0 1 Tf
-62.143 -1.559 Td
(1990)Tj
6.3638 0 Td
(.229)Tj
8.9717 0 Td
(-.054)Tj
7.2568 0 Td
(.218)Tj
8.9221 0 Td
(52.687)Tj
8.2985 0 Td
(5.055)Tj
8.5465 0 Td
(10.190)Tj
13.6347 0 Td
(22)Tj
-61.9941 -1.5662 Td
(1991)Tj
6.3638 0 Td
(.577)Tj
8.9717 0 Td
(-.405)Tj
7.2568 0 Td
(.215)Tj
8.9221 0 Td
(40.483)Tj
8.2985 0 Td
(5.538)Tj
8.5465 0 Td
(10.181)Tj
13.6347 0 Td
(26)Tj
-61.9941 -1.559 Td
(1992)Tj
6.3638 0 Td
(.721)Tj
8.9717 0 Td
(-.327)Tj
7.2568 0 Td
(.201)Tj
8.9221 0 Td
(92.551)Tj
8.2985 0 Td
(5.451)Tj
8.5465 0 Td
(11.571)Tj
13.6347 0 Td
(40)Tj
-61.9941 -1.5662 Td
(1993)Tj
6.3638 0 Td
(.754)Tj
8.9717 0 Td
(-.237)Tj
7.2568 0 Td
(.198)Tj
8.9221 0 Td
(59.355)Tj
8.2985 0 Td
(5.674)Tj
8.5465 0 Td
(11.292)Tj
13.6347 0 Td
(50)Tj
-61.9941 -1.5591 Td
(1994)Tj
6.3638 0 Td
(.859)Tj
8.9717 0 Td
(-.262)Tj
7.2568 0 Td
(.159)Tj
8.9221 0 Td
(64.266)Tj
8.2985 0 Td
(4.942)Tj
8.5465 0 Td
(11.172)Tj
13.6347 0 Td
(69)Tj
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(1995)Tj
6.3638 0 Td
(.704)Tj
8.9717 0 Td
(-.251)Tj
7.2568 0 Td
(.154)Tj
8.9221 0 Td
(111.1425)Tj
8.2985 0 Td
(5.221)Tj
8.5465 0 Td
(12.805)Tj
13.6347 0 Td
(78)Tj
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(1996)Tj
6.3638 0 Td
(.676)Tj
8.9717 0 Td
(-.200)Tj
7.2568 0 Td
(.143)Tj
8.9221 0 Td
(128.156)Tj
8.2985 0 Td
(6.347)Tj
8.5465 0 Td
(13.887)Tj
13.6347 0 Td
(82)Tj
-61.9941 -1.5591 Td
(1997)Tj
6.3638 0 Td
(.545)Tj
8.9717 0 Td
(.020)Tj
7.2568 0 Td
(.138)Tj
8.9221 0 Td
(58.270)Tj
8.2985 0 Td
(11.145)Tj
8.5465 0 Td
(13.839)Tj
13.3584 0 Td
(109)Tj
-61.7178 -1.5661 Td
(1998)Tj
6.3638 0 Td
(.239)Tj
8.9717 0 Td
(-.342)Tj
7.2568 0 Td
(.141)Tj
8.9221 0 Td
(23.930)Tj
8.2985 0 Td
(20.423)Tj
8.5465 0 Td
(5.564)Tj
13.6347 0 Td
(96)Tj
-61.9941 -1.5591 Td
(1999)Tj
6.3638 0 Td
(.314)Tj
8.9717 0 Td
(-.419)Tj
7.2568 0 Td
(.138)Tj
8.9221 0 Td
(29.037)Tj
8.2985 0 Td
(21.11)Tj
8.5465 0 Td
(7.262)Tj
13.3584 0 Td
(102)Tj
-61.7178 -1.5661 Td
(2000)Tj
6.3638 0 Td
(.379)Tj
8.9717 0 Td
(.027)Tj
7.2568 0 Td
(.122)Tj
8.9221 0 Td
(28.298)Tj
8.2985 0 Td
(16.606)Tj
8.5465 0 Td
(12.328)Tj
13.3584 0 Td
(109)Tj
-61.7178 -1.5591 Td
(2001)Tj
6.3638 0 Td
(.364)Tj
8.9717 0 Td
(.058)Tj
7.2568 0 Td
(.121)Tj
8.9221 0 Td
(46.576)Tj
8.2985 0 Td
(15.285)Tj
8.5465 0 Td
(11.849)Tj
13.3584 0 Td
(106)Tj
-61.7178 -1.5662 Td
(2002)Tj
6.3638 0 Td
(.451)Tj
8.9717 0 Td
(.062)Tj
7.2568 0 Td
(.119)Tj
8.9221 0 Td
(78.307)Tj
8.2985 0 Td
(13.16)Tj
8.5465 0 Td
(14.178)Tj
13.3584 0 Td
(110)Tj
-61.7178 -1.559 Td
(2003)Tj
6.3638 0 Td
(.410)Tj
8.9717 0 Td
(.157)Tj
7.2568 0 Td
(.118)Tj
8.9221 0 Td
(64.413)Tj
8.2985 0 Td
(10.65)Tj
8.5465 0 Td
(14.228)Tj
13.3584 0 Td
(117)Tj
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