	(1)
VARIABLES	vbl
	
L1vbl	-0.0496
	(0.0426)
shock	-0.0633
	(0.0623)
L1shock	-0.0856
	(0.0629)
Constant	0.0636***
	(0.00916)
	
Observations	575
Number of ifscode	52
R-squared	0.007
Standard errors in parentheses	
*** p<0.01, ** p<0.05, * p<0.1	
