Considering binary dependent variable, this study extends the panel threshold model into “panel threshold logit model (PTLM).” Our PTLM is applied on investigating the effect of early warning indicators on banking crises in 10 Asian economies. The ratio of short-term debt to foreign reserves serves as the threshold variable. Results confirm the existence of the threshold effect in the determinants of banking crises, and most of the early warning indicators perform differently in the two debt regimes. Our empirical results suggest that important information may be missed in analyzing crises when conventional logit model is used.

中文翻译：

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亚洲银行业危机的决定因素——面板阈值 logit 模型的应用

考虑到二元因变量，本研究将面板阈值模型扩展为“面板阈值 logit 模型 (PTLM)”。我们的 PTLM 应用于调查预警指标对 10 个亚洲经济体银行危机的影响。短期债务与外汇储备的比率作为门槛变量。结果证实了银行危机决定因素中存在阈值效应，并且大多数预警指标在两种债务制度中的表现不同。我们的实证结果表明，当使用传统的 logit 模型时，在分析危机时可能会遗漏重要信息。