	(1)
VARIABLES	vbl
	
L1vbl	0.223***
	(0.0218)
L2vbl	0.0273
	(0.0202)
shock	-0.0211***
	(0.00727)
L1shock	-0.0271***
	(0.00713)
L2shock	0.00982
	(0.00682)
Constant	0.00853***
	(0.00112)
	
Observations	1,856
Number of ifscode	63
R-squared	0.076
Standard errors in parentheses	
*** p<0.01, ** p<0.05, * p<0.1	
