	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)	(13)
	Full sample	Full sample	Post Crisis	Post Crisis	G10	G10	G10 Post Crisis	G10 Post Crisis	EM	EM	EM Post Crisis	EM Post Crisis	EM Post Crisis
VARIABLES	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	4/2002-12/2019	4/2002-12/2019	1/2010-12/2019	1/2010-12/2019	1/2010-12/2019
													
dVIX	-1.23***	-1.27***	-0.97***	-0.97**	-0.79*	0.06	-0.54	0.04	-1.38***	-1.56***	-1.05**	-1.16***	-1.32***
	(0.34)	(0.36)	(0.34)	(0.37)	(0.40)	(0.41)	(0.54)	(0.43)	(0.40)	(0.34)	(0.39)	(0.36)	(0.41)
c.dVIX#cL.npdebt_govt	0.75	0.79	1.66***	1.89***	-0.36	0.52	2.72	3.03	1.58	0.24	1.78	1.23	
	(0.61)	(0.76)	(0.49)	(0.64)	(1.04)	(0.97)	(1.73)	(1.57)	(1.77)	(2.25)	(1.47)	(2.26)	
c.dVIX#cL.npdebt_osect		2.95**		3.79***		0.46		3.78		-2.14		-0.36	
		(1.18)		(1.34)		(1.23)		(2.82)		(3.55)		(1.13)	
c.dVIX#cL.npdebt_bank		2.67**		4.11***		5.32**		5.89***		12.05		6.20	6.12
		(1.27)		(1.32)		(1.63)		(1.15)		(7.19)		(6.67)	(5.82)
c.dVIX#cL.nother_osect		3.33		5.19		-2.66		25.21		1.64		2.22	
		(2.27)		(3.89)		(7.96)		(16.83)		(2.51)		(3.46)	
c.dVIX#cL.nother_bank		6.25**		8.34***		5.03**		12.22*		6.89		9.58	11.42**
		(2.64)		(2.88)		(2.04)		(5.17)		(5.44)		(6.33)	(4.53)
L.npdebt_govt	3.34**	3.26**	1.93	1.85	1.19	0.88	2.41	2.60	2.33	2.67	1.91	1.89	
	(1.58)	(1.56)	(2.35)	(2.30)	(3.01)	(2.79)	(1.66)	(1.67)	(1.78)	(1.67)	(3.10)	(3.09)	
L.npdebt_osect		-0.50		2.48		0.03		2.45		-1.73		-4.56	
		(1.58)		(1.79)		(2.30)		(2.75)		(3.18)		(4.23)	
L.npdebt_bank		3.30*		0.55		0.37		-8.91		8.82		7.52	6.16
		(1.62)		(3.59)		(1.94)		(6.74)		(9.97)		(14.03)	(14.25)
L.nother_osect		0.15		0.61		2.79		-7.10		-0.17		0.03	
		(1.23)		(2.62)		(3.28)		(3.69)		(1.31)		(3.42)	
L.nother_bank		0.82		-0.02		-2.22		-7.92		-0.85		-4.20	-4.15
		(1.13)		(2.32)		(1.41)		(4.37)		(2.62)		(3.68)	(3.20)
c.dVIX#cL.npdebt_priv	2.57***		3.62***		2.08**		4.99**		1.61		0.56		
	(0.74)		(0.75)		(0.78)		(1.84)		(2.76)		(2.09)		
c.dVIX#cL.nother_priv	5.12***		7.27***		3.48*		11.99*		4.98**		6.59**		
	(1.45)		(1.81)		(1.59)		(5.78)		(2.28)		(2.51)		
L.npdebt_priv	1.50*		1.91		0.27		-0.50		0.68		-3.33		
	(0.76)		(1.53)		(1.16)		(1.40)		(3.00)		(4.52)		
L.nother_priv	0.18		0.21		-1.72*		-4.69*		-0.06		-2.07		
	(0.49)		(1.36)		(0.70)		(2.11)		(1.54)		(1.89)		
													
Observations	3,874	3,874	2,182	2,182	978	978	569	569	2,896	2,896	1,613	1,613	1,613
R-squared	0.20	0.20	0.17	0.17	0.19	0.20	0.16	0.17	0.22	0.22	0.18	0.18	0.18
rss	34160	34123	17202	17194	7071	6975	3468	3418	26745	26638	13587	13559	13575
df_m	19	23	15	19	19	23	15	19	19	23	15	19	13
Robust standard errors in parentheses													
*** p<0.01, ** p<0.05, * p<0.1													
