Determinants of cost efficiency.

Note: Standard deviations are presented between brackets; *, **, ***indicates significance levels at 10%, 5% and 1%; BREF = Banking reform and interest rate liberalization indicator; KOPEN = Financial Openness Index; ASSB = Asset share of state-owned banks; ASFB = Asset share of foreign-owned banks; CR3 = The percentage share of the three largest banks; NB = Numbers of banks; HHI = Herfindahl - Hirschmann index; Z_SCORE = Z-Score index; ROA = Return on Assets; LLR_GL = Ratio of loan-loss provisions to total loans; LA_TD = Ratio of liquid assets to total deposits and borrowing funds; TA = Total assets; GDP_G = GDP growth rate; IR = Inflation rate; FIN_INT = Level of financial intermediation; IRS = Interest rate spread; ROL = Rule of law; RQ = Regulatory quality.