	(1)
VARIABLES	vbl
	
L1vbl	-0.105***
	(0.0165)
L2vbl	-0.0981***
	(0.0159)
L3vbl	-0.0898***
	(0.0157)
L4vbl	0.0105
	(0.0150)
shock	-0.0820**
	(0.0358)
L1shock	-0.183***
	(0.0354)
L2shock	-0.0299
	(0.0353)
Constant	0.100***
	(0.00557)
	
Observations	3,540
Number of ifscode	84
R-squared	0.034
Standard errors in parentheses	
*** p<0.01, ** p<0.05, * p<0.1	
