Regulated free banking in Switzerland (1881–1907)

Swiss Journal of Economics and Statistics

Table 2 Analysis of variance (ANOVA) of the discount-rate in Switzerland (1875–1914)

Period:	Free banking	SNB	Unregulated free banking	Regulated free banking	SNB
Sample:	January 1875–May 1907	June 1907–June 1914	January 1875–March 1881	April 1881–May 1907	June 1907–June 1914
	(1)	(2)	(3)	(4)	(5)
Standard deviation	0.799	0.688	0.736	0.816	0.688
Levene test	11.60***		10.05***
Bartlett test	12.51***		17.16***
Brown–Forsythe test	5.76***		6.06***

Different ANOVA tests
The discount rate is at a weekly frequency and refers to the data in Zurich as reported in Fig. 2. The standard deviation across the sample with T observations between the beginning of January 1875 and the end of June 1914 equals 0.786. The various analysis of variance (ANOVA) tests refer to differences across G groups. The null hypothesis is that the subgroup variances are equal. A rejection at the 10% level is marked by *, at the 5% level by **, and at the 1% level by ***