	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)
	Basefx_SEK	Basefx_SEK	Basefx_SEK	Basefx_SEK	Basefx_KRW	Basefx_KRW	Basefx_KRW	Basefx_KRW	Basefx_NEER	Basefx_NEER	Basefx_NEER	Basefx_NEER
	Full sample	Full sample	Post Crisis	Post Crisis	Full sample	Full sample	Post Crisis	Post Crisis	Full sample	Full sample	Post Crisis	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
												
dVIX	0.43	0.29	0.87	0.77	0.64	0.51	0.78*	0.70*	-0.50*	-0.72**	-0.34	-0.43*
	(0.41)	(0.42)	(0.51)	(0.52)	(0.39)	(0.37)	(0.41)	(0.39)	(0.27)	(0.26)	(0.25)	(0.23)
c.dVIX#cL.ntotdebt	1.62**		1.99***		1.70***		2.08***		1.39***		1.55***	
	(0.59)		(0.66)		(0.55)		(0.60)		(0.49)		(0.51)	
c.dVIX#cL.ntotequity	-0.26		-0.82**		0.02		-0.39		0.31		-0.11	
	(0.50)		(0.31)		(0.49)		(0.36)		(0.50)		(0.36)	
c.dVIX#cL.ntotdebt_priv		2.28**		2.57**		2.26**		2.79***		2.06**		2.26***
		(0.88)		(0.98)		(0.82)		(0.87)		(0.74)		(0.75)
c.dVIX#cL.ntotdebt_govt		0.61		0.81		0.91*		1.09**		0.12		0.45
		(0.62)		(0.73)		(0.51)		(0.41)		(0.67)		(0.43)
												
Observations	4,674	3,640	2,662	2,063	4,674	3,640	2,662	2,063	4,912	3,871	2,784	2,183
R-squared	0.03	0.04	0.05	0.05	0.16	0.17	0.03	0.04	0.09	0.10	0.08	0.10
Controls	Yes				Yes				Yes			
Robust standard errors in parentheses												
*** p<0.01, ** p<0.05, * p<0.1												
