Table 4: Credit	
	(1)
VARIABLES	vbl
	
L1vbl	0.0790***
	(0.0132)
L2vbl	0.0434***
	(0.0127)
L3vbl	-0.253***
	(0.0124)
L4vbl	0.0297**
	(0.0120)
shock	-0.0464**
	(0.0236)
L1shock	-0.133***
	(0.0235)
L2shock	-0.0745***
	(0.0235)
Constant	0.0742***
	(0.00360)
	
Observations	5,786
Number of ifscode	181
R-squared	0.081
Standard errors in parentheses	
*** p<0.01, ** p<0.05, * p<0.1	
