	(1)
VARIABLES	vbl
	
L1vbl	0.240***
	(0.0138)
shock	-0.0311***
	(0.00797)
L1shock	-0.0374***
	(0.00786)
Constant	0.0300***
	(0.00106)
	
Observations	4,882
Number of ifscode	95
R-squared	0.070
Standard errors in parentheses	
*** p<0.01, ** p<0.05, * p<0.1	
