Dependent Variable: CRMS

Method: Panel Fully Modified Least Squares (FMOLS)

Date: 04/01/16 Time: 19:42

Sample (adjusted): 2 72

Periods included: 71

Cross-sections included: 2

Total panel (balanced) observations: 142

Panel method: Pooled estimation

Cointegrating equation deterministics: C

Coefficient covariance computed using default method

Long-run covariance estimates (Bartlett kernel, Newey-West fixed

bandwidth)

Variable

Coefficient

Std. Error

t-Statistic

Prob.

TNTM

−0.938193

0.135249

−6.936782

0.0000

R-squared

0.363662

Mean dependent var

13.39437

Adjusted R-squared

0.354506

S.D. dependent var

7.444316

S.E. of regression

5.980959

Sum squared resid

4972.290

Long-run variance

90.91638