	(1)
VARIABLES	vbl
	
L1vbl	0.262***
	(0.0122)
shock	-0.0163***
	(0.00399)
L1shock	-0.0106***
	(0.00399)
Constant	0.0270***
	(0.000868)
	
Observations	6,257
Number of ifscode	193
R-squared	0.076
Standard errors in parentheses	
*** p<0.01, ** p<0.05, * p<0.1	
