	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)
			Post Crisis	Post Crisis								
	Full sample	Full sample	1/2010-6/2016	1/2010-6/2016	G10	G10	G10 Post Crisis	G10 Post Crisis	EM	EM	EM Post Crisis	EM Post Crisis
VARIABLES	4/2002-12/2019	4/2002-12/2019	ds	ds	4/2002-12/2019	4/2002-12/2019	1/2010-12/2019	1/2010-12/2019	4/2002-12/2019	4/2002-12/2019	1/2010-12/2019	1/2010-12/2019
												
dVIX	-1.18***	-1.16***	-1.06***	-1.08***	-1.07	-0.90*	-1.07	-1.02*	-2.03***	-1.37***	-1.66***	-1.10***
	(0.36)	(0.36)	(0.34)	(0.35)	(0.64)	(0.44)	(0.60)	(0.54)	(0.35)	(0.39)	(0.34)	(0.37)
c.dVIX#cL.npdebt	1.39**	1.76***	2.33***	2.20***	1.01	1.61**	2.21*	2.58**	3.24**	1.47	2.24*	1.38
	(0.59)	(0.48)	(0.48)	(0.48)	(1.02)	(0.60)	(1.09)	(0.86)	(1.33)	(1.71)	(1.24)	(1.42)
c.dVIX#cL.npequity	-0.75***		-0.81***		-0.65		-0.73*		-4.31***		-2.86***	
	(0.23)		(0.19)		(0.45)		(0.32)		(1.29)		(0.80)	
c.dVIX#cL.nfdi	0.70		-0.54		1.34		1.03		-2.77**		-2.83***	
	(0.84)		(0.66)		(1.90)		(1.52)		(1.17)		(0.62)	
c.dVIX#cL.nother	2.08	2.60**	4.26***	3.81***	1.14	1.95	4.78	5.20*	2.44	2.39	4.73**	3.62**
	(1.51)	(1.21)	(1.31)	(0.98)	(2.48)	(1.76)	(2.69)	(2.45)	(2.46)	(1.99)	(1.72)	(1.65)
L.npdebt	1.83*	2.00**	1.81	1.66	0.41	1.27	0.30	0.71	2.89	2.52*	-0.08	0.11
	(1.01)	(0.81)	(1.66)	(1.32)	(1.21)	(1.02)	(1.30)	(0.93)	(1.88)	(1.35)	(4.69)	(1.97)
L.npequity	-0.35		-0.62		-1.57		-1.71		0.79		0.71	
	(0.51)		(0.97)		(1.39)		(2.21)		(2.13)		(4.36)	
L.nfdi	0.49		1.69		0.58		1.01		0.45		-0.34	
	(0.48)		(1.22)		(0.78)		(1.04)		(1.26)		(4.13)	
L.nother	0.59	0.68*	-0.29	-0.26	-0.47	-0.03	-2.56	-2.03	0.30	-0.10	-2.47	-2.36**
	(0.43)	(0.35)	(0.76)	(0.95)	(0.58)	(0.46)	(2.77)	(2.11)	(1.31)	(0.80)	(2.76)	(1.06)
												
Observations	5,054	5,054	2,805	2,805	1,870	1,870	1,028	1,028	3,184	3,184	1,777	1,777
R-squared	0.19	0.19	0.17	0.16	0.18	0.18	0.17	0.16	0.21	0.20	0.17	0.17
rss	42681	42766	20860	20953	14304	14376	6787	6840	27818	28013	13911	13987
df_m	21	17	17	13	21	17	17	13	21	17	17	13
Robust standard errors in parentheses												
*** p<0.01, ** p<0.05, * p<0.1												
