	(1)
VARIABLES	vbl
	
L1vbl	0.398***
	(0.0194)
shock	-0.0279***
	(0.00537)
L1shock	-0.0528***
	(0.00530)
Constant	0.0213***
	(0.000935)
	
Observations	2,027
Number of ifscode	39
R-squared	0.225
Standard errors in parentheses	
*** p<0.01, ** p<0.05, * p<0.1	
