	(1)
VARIABLES	vbl
	
L1vbl	0.428***
	(0.0393)
L2vbl	-0.0245
	(0.0405)
L3vbl	0.0419
	(0.0378)
L4vbl	-0.00202
	(0.0147)
shock	-0.0278
	(0.0264)
L1shock	-0.0509*
	(0.0264)
L2shock	-0.00179
	(0.0264)
Constant	0.0293***
	(0.00439)
	
Observations	662
Number of ifscode	31
R-squared	0.198
Standard errors in parentheses	
*** p<0.01, ** p<0.05, * p<0.1	
