	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)
	Full sample	Full sample	Full sample	Full sample	G10	G10	G10	G10	EM	EM	EM	EM
VARIABLES	4/2002-12/2019	4/2002-12/2019	4/2002-12/2019	4/2002-12/2019	4/2002-12/2019	4/2002-12/2019	4/2002-12/2019	4/2002-12/2019	4/2002-12/2019	4/2002-12/2019	4/2002-12/2019	4/2002-12/2019
												
dVIX	-1.36***	-1.32***			-0.83*	0.11			-1.52***	-1.68***		
	(0.34)	(0.38)			(0.40)	(0.42)			(0.40)	(0.38)		
c.dVIX#cL.ntotdebt_osect		2.40**				0.35				-0.04		
		(0.94)				(0.69)				(1.70)		
c.dVIX#cL.ntotdebt_bank		3.45*				5.23**				8.99**		
		(1.83)				(1.56)				(3.38)		
c.dVIX#cL.ntotdebt_govt	0.59	0.98			-0.42	0.65			-0.13	-0.55		
	(0.56)	(0.75)			(0.79)	(0.86)			(1.17)	(1.05)		
L.ntotdebt_osect		-0.61		-0.66		0.01		0.33		-0.55		-1.01
		(1.07)		(1.06)		(2.11)		(2.21)		(1.48)		(1.49)
L.ntotdebt_bank		1.13		1.10		-1.16		-1.48		0.47		0.47
		(1.19)		(1.24)		(1.47)		(1.48)		(2.20)		(2.51)
L.ntotdebt_govt	2.05	2.23*	2.49*	2.64*	1.26	1.28	1.88	1.63	0.64	1.20	1.10	1.69
	(1.27)	(1.22)	(1.38)	(1.31)	(3.01)	(2.61)	(3.14)	(2.81)	(1.54)	(1.32)	(1.80)	(1.51)
c.dVIX#cL.ntotdebt_priv	2.40***				1.80**				3.50**			
	(0.75)				(0.73)				(1.24)			
L.ntotdebt_priv	0.65*		0.64*		-0.71		-0.63		0.90		0.85	
	(0.33)		(0.33)		(1.03)		(1.03)		(0.87)		(0.94)	
dLibOis			-1.31**	-1.28**			-0.96	-0.04			-1.32**	-1.46**
			(0.55)	(0.52)			(0.58)	(0.46)			(0.53)	(0.61)
c.dLibOis#cL.ntotdebt_priv			1.77***				1.31**				3.71**	
			(0.61)				(0.50)				(1.58)	
c.dLibOis#cL.ntotdebt_govt			-1.57	-1.72			-4.25	-1.01			-1.55	-2.39*
			(1.56)	(1.32)			(3.43)	(1.67)			(1.43)	(1.36)
c.dLibOis#cL.ntotdebt_osect				1.56**				-0.06				2.21
				(0.66)				(0.56)				(2.52)
c.dLibOis#cL.ntotdebt_bank				3.07**				4.55**				5.72**
				(1.39)				(1.30)				(2.66)
												
Observations	3,853	3,853	3,853	3,853	978	978	978	978	2,875	2,875	2,875	2,875
R-squared	0.20	0.20	0.15	0.15	0.19	0.20	0.16	0.16	0.22	0.22	0.15	0.15
rss	34055	34064	36485	36464	7091	7004	7403	7356	26590	26496	28727	28729
df_m	17	19	17	19	17	19	17	19	17	19	17	19
Robust standard errors in parentheses												
*** p<0.01, ** p<0.05, * p<0.1												
