	(1)
VARIABLES	vbl
	
L1vbl	0.111***
	(0.0268)
L2vbl	-0.131***
	(0.0264)
L3vbl	-0.0466*
	(0.0263)
L4vbl	-0.0896***
	(0.0250)
shock	-0.0583*
	(0.0318)
L1shock	-0.0905***
	(0.0318)
L2shock	-0.0297
	(0.0319)
Constant	0.0761***
	(0.00531)
	
Observations	1,370
Number of ifscode	31
R-squared	0.052
Standard errors in parentheses	
*** p<0.01, ** p<0.05, * p<0.1	
