	(1)
VARIABLES	vbl
	
L1vbl	0.231***
	(0.0152)
L2vbl	0.0253*
	(0.0144)
shock	-0.0415***
	(0.00647)
L1shock	0.00365
	(0.00631)
L2shock	0.0133**
	(0.00609)
Constant	0.00894***
	(0.000645)
	
Observations	3,782
Number of ifscode	114
R-squared	0.076
Standard errors in parentheses	
*** p<0.01, ** p<0.05, * p<0.1	
