	(1)	(2)	(3)	(4)
VARIABLES	debt_c	bank_c	curr_c	any_c
				
INFLATION	-0.0124	-1.159	0.344	-0.327
	[2.502]	[0.780]	[1.131]	[0.984]
REACTION	0.301	1.245	4.528***	3.012***
	[2.813]	[1.030]	[1.309]	[1.113]
REAL	-2.386**	-0.146	0.893**	-0.164
	[1.006]	[0.316]	[0.447]	[0.367]
L.yg	-0.214**	-0.0408	-0.140***	-0.0545
	[0.0937]	[0.0321]	[0.0467]	[0.0436]
L.stdebt	-0.0162	0.00605	0.0175	-0.0162
	[0.0475]	[0.0135]	[0.0193]	[0.0183]
L.debtsvc_exp	-0.00409	0.0156**	0.00133	0.00129
	[0.0274]	[0.00652]	[0.0113]	[0.0100]
L.resv_mth_imp	-0.700**	-0.0872*	-0.151*	-0.0641
	[0.314]	[0.0523]	[0.0855]	[0.0568]
L.gdch	0.00696		0.0424**	0.0105
	[0.0208]		[0.0174]	[0.0137]
L.pdch		0.0632**	0.0113	0.0832**
		[0.0300]	[0.0468]	[0.0359]
oL.gdch				0
				[0]
oL.pdch				0
				[0]
cL.gdch#cL.pdch			0.00513*	-0.00147
			[0.00296]	[0.00243]
L.concessional	-0.123**			-0.0167*
	[0.0609]			[0.00859]
L.credit_dep		0.00307**		0.00190
		[0.00140]		[0.00225]
L.hpreer			0.000238	0.147***
			[0.000897]	[0.0259]
L.currmis			-0.000509	-0.000448
			[0.000698]	[0.000596]
L.fdi			0.00109	-0.0193
			[0.0313]	[0.0303]
/lnsig2u	1.457*	-12.44	0.189	-1.124
	[0.827]	[28.05]	[0.630]	[1.198]
Constant	-3.150**	-3.962***	-3.321***	-2.796***
	[1.532]	[0.362]	[0.643]	[0.625]
				
Observations	1,634	2,085	1,325	1,271
Number of id	103	92	88	88
Standard errors in brackets				
*** p<0.01, ** p<0.05, * p<0.1				
