	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)
	Full sample	Full sample	Full sample	Full sample	Post Crisis	Post Crisis	Post Crisis	Post Crisis	G10	G10	EM	EM
VARIABLES	4/2002-12/2019	4/2002-12/2019	4/2002-12/2019	4/2002-12/2019	1/2010-12/2019	1/2010-12/2019	1/2010-12/2019	1/2010-12/2019	4/2002-12/2019	4/2002-12/2019	4/2002-12/2019	4/2002-12/2019
												
dVIX	-1.22***		-1.36***		-1.22***		-1.24***		-0.76		-2.12***	
	(0.34)		(0.34)		(0.34)		(0.34)		(0.44)		(0.32)	
L.ntotdebt	1.16**	1.23**			1.33	1.62			0.33	0.27	0.92	1.17
	(0.52)	(0.49)			(0.98)	(1.09)			(0.53)	(0.52)	(1.07)	(1.12)
L.ntotequity	0.04	-0.03			1.62	1.88			-0.46	-0.50	0.10	0.23
	(0.43)	(0.43)			(1.21)	(1.42)			(0.65)	(0.68)	(1.35)	(1.43)
c.dVIX#cL.ntotdebt	1.69***				2.01***				1.43**		2.23**	
	(0.50)				(0.51)				(0.56)		(0.80)	
c.dVIX#cL.ntotequity	-0.11				-0.42				-0.51		-3.64***	
	(0.46)				(0.30)				(0.51)		(0.77)	
L.dshare	1.46	2.30	0.66	1.43	3.63	5.40	3.34	4.90	6.42	8.27	0.73	1.59
	(1.60)	(1.80)	(1.70)	(1.90)	(2.63)	(3.19)	(3.06)	(3.53)	(5.66)	(6.02)	(1.44)	(1.66)
L.dcpi	0.27***	0.26**	0.26**	0.26**	-0.00	0.01	0.03	0.03	0.52**	0.52**	0.22**	0.21*
	(0.10)	(0.10)	(0.09)	(0.10)	(0.19)	(0.20)	(0.18)	(0.19)	(0.16)	(0.16)	(0.09)	(0.10)
L.idiff	-0.19**	-0.17*	-0.19**	-0.18**	0.02	0.00	0.02	0.02	-0.21*	-0.21	-0.17*	-0.14
	(0.08)	(0.08)	(0.08)	(0.08)	(0.15)	(0.17)	(0.15)	(0.17)	(0.11)	(0.11)	(0.08)	(0.08)
L1idiffXVIX	-0.05**	-0.07**	-0.05**	-0.08**	-0.14*	-0.20**	-0.14*	-0.20**	-0.16*	-0.21**	-0.04*	-0.07**
	(0.02)	(0.03)	(0.02)	(0.03)	(0.07)	(0.09)	(0.07)	(0.09)	(0.07)	(0.08)	(0.02)	(0.03)
L.dlres	-0.04	-0.48	-1.44	-2.27	-0.69	-2.53	-3.50	-6.98**	0.89	0.65	-2.01	-3.41
	(1.26)	(1.47)	(2.11)	(2.24)	(1.59)	(2.48)	(2.56)	(3.22)	(1.26)	(1.36)	(2.15)	(2.63)
L.ppp	-0.79	-0.80	-0.74	-0.74	-2.94	-4.25*	-2.89	-4.10*	2.11*	2.16*	-1.32	-1.35
	(0.70)	(0.74)	(0.72)	(0.77)	(1.81)	(2.11)	(1.81)	(2.06)	(1.12)	(1.06)	(0.79)	(0.83)
L.nfa	-0.36	-0.32	0.02	0.05	-0.90	-1.14	1.07*	1.14	-0.21	-0.24	0.26	0.20
	(0.65)	(0.67)	(0.47)	(0.49)	(1.63)	(1.87)	(0.60)	(0.69)	(0.75)	(0.75)	(1.11)	(1.19)
L.CBpol_real	0.24**	0.23**	0.25***	0.25**	-0.06	-0.04	-0.01	0.01	0.32**	0.32**	0.21**	0.19**
	(0.09)	(0.09)	(0.08)	(0.09)	(0.16)	(0.17)	(0.16)	(0.17)	(0.11)	(0.11)	(0.09)	(0.09)
dd_sep08	0.01	1.45	-0.10	1.28			0.00		0.60	1.85	-0.62	1.25
	(0.79)	(2.00)	(0.86)	(1.94)			(0.00)		(1.16)	(2.28)	(0.91)	(1.81)
dd_oct08	-5.63***	-7.62***	-5.68***	-7.70***					-4.44**	-5.52**	-6.11***	-7.97***
	(0.91)	(1.05)	(0.93)	(1.07)					(1.74)	(2.10)	(1.01)	(1.28)
dd_nov08	-1.94**	-2.36	-1.62*	-2.04					-1.63	-1.72	-1.99**	-2.44
	(0.88)	(1.48)	(0.88)	(1.47)					(2.00)	(2.32)	(0.87)	(1.58)
dd_dec08	1.56*	2.57*	2.55***	3.63**					2.25	3.01	1.27	2.35
	(0.80)	(1.38)	(0.79)	(1.38)					(2.29)	(2.29)	(0.75)	(1.51)
dLibOis		-1.05*		-1.31**		-1.44		-1.64		-0.69		-1.73**
		(0.56)		(0.55)		(1.23)		(1.30)		(0.60)		(0.74)
c.dLibOis#cL.ntotdebt		1.17**				4.46*				0.98*		2.26
		(0.44)				(2.28)				(0.44)		(1.52)
c.dLibOis#cL.ntotequity		0.05				0.07				-0.42		-2.79*
		(0.55)				(1.24)				(1.11)		(1.57)
c.dVIX#cL.ntotdebt_priv			2.40***				2.73***					
			(0.75)				(0.78)					
c.dVIX#cL.ntotdebt_govt			0.59				1.05**					
			(0.56)				(0.41)					
L.ntotdebt_priv			0.65*	0.64*			0.57	0.71				
			(0.33)	(0.33)			(0.47)	(0.61)				
L.ntotdebt_govt			2.05	2.49*			0.42	0.98				
			(1.27)	(1.38)			(1.92)	(2.35)				
c.dLibOis#cL.ntotdebt_priv				1.77***				6.95*				
				(0.61)				(3.34)				
c.dLibOis#cL.ntotdebt_govt				-1.57				2.12				
				(1.56)				(3.14)				
												
Observations	4,888	4,888	3,853	3,853	2,781	2,781	2,182	2,182	1,704	1,704	3,184	3,184
R-squared	0.19	0.13	0.20	0.15	0.16	0.07	0.16	0.09	0.18	0.14	0.21	0.14
rss	41466	44300	34055	36485	20861	23022	17306	18875	13076	13747	27786	30079
df_m	17	17	17	17	13	13	13	13	17	17	17	17
Robust standard errors in parentheses												
*** p<0.01, ** p<0.05, * p<0.1												
