Notes: 
-------
(1) In cell T14 of the "Nonstate Banks" sheet, the entry is exactly zero.  This is a correct value.  At the bottom of page 5 of the 2013Q3 annual report of Hua Xia Bank (see "HuaXia Bank Financial Report 2013Q3.pdf" in .../_EntrustedLoans/_DataEntrustedQuarterly/PanelVAR/Notes), it is stated that 应收款项类投资 decreased by -100% (应收款项类投资减少).  That is, Hua Xia sold all the ARI assets that quarter.  Nonetheless, our results chang little if we put in some arbitrary value in that cell.

(2) In our estimation, individual fixed effects within each group (state banks vs. nonstate banks) are assumed to be the same. When we relax this assumption and estimate the same panel SVAR model with individual fixed effects within each group, the impulse response results do not change much. 


Programs:
-------
pvar_setup.m: reads the panel data and sets up the program.
pvar_est.m: estimated parameters and impulse responses.
pvar_prob: error bands for impulse responses


Posterior peak estimate:

>> A0hat_nonstate
A0hat_nonstate =
       12.096            0       -12.83
            0       46.231      -267.84
            0      -765.45       8.9525
>> Aphat_nonstate
Aphat_nonstate =
            0            0       25.396
            0       61.476      -55.981
            0      -266.47      -96.753
            0            0      -3.7066
            0       33.619      -6.5891
            0      -92.925       13.755
            0            0       31.483
            0      -18.832      -28.872
            0      -128.14      -71.393
            0            0      -23.186
            0      -8.0011     -0.56116
            0      -151.67      -66.632
            0     -0.38435      0.24212
>> A0hat_state
A0hat_state =
       26.612            0      -55.854
            0       571.73      -103.14
            0        47.31       218.46
>> Aphat_state
Aphat_state =
            0            0        25.06
            0      -87.766      -58.651
            0       12.912      -16.594
            0            0     -0.54463
            0       167.54      -21.717
            0      -39.984       4.8306
            0            0       2.6271
            0       28.707      -20.231
            0      -37.226       21.689
            0            0       -24.98
            0      -41.654      -61.953
            0       30.669        169.1
            0       1.2027      0.48219
