Table 1: Output	
	(1)
VARIABLES	vbl
	
L1vbl	0.231***
	(0.00992)
shock	-0.0246***
	(0.00481)
L1shock	-0.0331***
	(0.00472)
Constant	0.0293***
	(0.000690)
	
Observations	9,305
Number of ifscode	195
R-squared	0.066
Standard errors in parentheses	
*** p<0.01, ** p<0.05, * p<0.1	
