200 YEARS OF SAVINGS BANKS: A STRONG AND LASTING BUSINESS MODEL FOR RESPONSIBLE, REGIONAL RETAIL BANKING
200 YEARS OF SAVINGS BANKS: A STRONG AND LASTING BUSINESS MODEL FOR RESPONSIBLE, REGIONAL RETAIL BANKING
The first column of Table 2 (Model 1) shows the results of the maximum likelihood estimate of the logistic model applied to the pool of data from over the five year period studied. The model includes a constant forcing a variable to be left out of each block of characteristics to avoid perfect multicollinearity from occurring. The constant determines the PD of the excluded loans11. The characteristics of the excluded loan are: financial credit, in euros, long term (over five years), without coll