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英语翻译Unfortunately,during much of our sample period,regulator

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英语翻译
Unfortunately,during much of our sample period,regulators did not provide a bank with a specific dollar value for its minimum required capital but only indicated whether the capital held was sufficient under the prevailing guidelines.As a consequence,we did not have data for the target amount of capital for each bank.Moreover,regulators apparently changed over time the way they evaluated banks’ financial conditions (Bizer 1993).For example,beginning in the late 1980s,regulators apparently adopted a more stringent attitude toward delinquent loans and even toward loans on which payments were still current but that were expected to become delinquent in the future.In addition,market pressures for holding capital apparently changed over time,quite apart from regulatory requirements.As a consequence,capital pressure changed even when stated regulations were unchanged.
Specification of the Regression Equations
The implicit disturbance term in equation was thought likely to contain a statespecific component as well as year-specific and completely random components.To remove state-specific fixed effects,we first-differenced the specification in equation.
英语翻译Unfortunately,during much of our sample period,regulator
不幸的是,我们的样本期间的大部分时间里,监管机构并没有提供一个有其特定的最低资本要求的银行的美元价值,但只表明是否首都召开是根据现行准则足够了.因此,我们没有为每家银行的资本目标金额的数据.此外,监管机构显然改变了随着时间的推移他们评估银行(Bizer1993)财务状况的方式.例如,在20世纪80年代后期开始,监管部门显然对拖欠贷款采取了更严格的态度和对贷款的款项,但目前仍预计将成为未来甚至拖欠.此外,举办资本市场的压力显然改变了时间,撇开监管要求.因此,资金压力的变化,即使在法规规定则维持不变.
规范的回归方程
在方程隐扰动项被认为可能包含一个statespecific组成部分,也是今年的具体和完全随机组成部分.要删除状态的特定的固定效果,我们先在方程差的规范.