	(1)
VARIABLES	vbl
	
L1vbl	0.483***
	(0.0208)
shock	-0.0180***
	(0.00592)
L1shock	-0.0158***
	(0.00593)
Constant	0.0166***
	(0.000951)
	
Observations	1,697
Number of ifscode	31
R-squared	0.254
Standard errors in parentheses	
*** p<0.01, ** p<0.05, * p<0.1	
