	(1)
VARIABLES	vbl
	
L1vbl	0.226***
	(0.0269)
L2vbl	0.0572**
	(0.0265)
shock	-0.00956*
	(0.00515)
L1shock	-0.00820
	(0.00515)
L2shock	0.00442
	(0.00516)
Constant	0.00993***
	(0.000812)
	
Observations	1,311
Number of ifscode	31
R-squared	0.071
Standard errors in parentheses	
*** p<0.01, ** p<0.05, * p<0.1	
