	(1)
VARIABLES	vbl
	
L1vbl	0.243***
	(0.00961)
shock	-0.0422***
	(0.00680)
L1shock	0.00558
	(0.00681)
Constant	0.0281***
	(0.000652)
	
Observations	9,887
Number of ifscode	195
R-squared	0.066
Standard errors in parentheses	
*** p<0.01, ** p<0.05, * p<0.1	
