Dependent Variable: CRMS

Method: Panel Fully Modified Least Squares (FMOLS)

Date: 04/01/16 Time: 19:53

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

−0.307877

0.108399

−2.840224

0.0052

FREQ

0.060564

0.007712

7.852773

0.0000

R-squared

0.752959

Mean dependent var

13.39437

Adjusted R-squared

0.747588

S.D. dependent var

7.444316

S.E. of regression

3.740070

Sum squared resid

1930.361

Long-run variance

40.01138