Table 8.

Time series FMOLS estimation results.

Var	RES (1)	RES (2)	RES (3)	TR (4)	TR (5)	TR (6)
y	−24.24 ***	−11.93 ***	−12.08 ***	7.79 ***	6.95 ***	8.45 ***
y2	4.58 ***	2.36 ***	2.41 ***	−1.09 **	−0.98 **	−1.22 ***
OP	−0.15 ***	−0.08 ***	−0.04 ***	−0.28 ***	−0.28 ***	−0.34 ***
P	25.92 ***	11.50 ***	12.82 ***	−6.79	−6.69	−0.60 ***
MAF						0.07 ***
SVC			−0.37 ***
A0014	5.46 ***			0.69		−0.96 ***
O65	−3.49 ***			−1.96 **		−0.72 ***
P0014		3.26 ***	3.57 ***		1.38
P65		−1.98 ***	−1.93 ***		−2.25 **
Adj-R2	0.64	0.87	0.90	0.96	0.97	0.96
Obs	26	26	26	26	26	26
TP (USD)	$12,198	$10,832	$10,603	$30,826	$29,990	$27,607

***: p-value < 0.01, **: p-value < 0.05.