Table 8.

The results of FMOLS

Variables	Coefficients	Std. Error	t-Statistic	Probability
LNGLOB	0.124c	0.022	5.740	0.000
LNRE	0.010c	0.001	9.393	0.000
LNNRE	-0.051c	0.010	-5.304	0.000
LNICT	0.002c	0.001	3.860	0.001
LNGDPC	0.049c	0.017	2.860	0.010
LNEDU	0.048c	0.007	7.372	0.000
LNFD	0.001b	0.001	2.234	0.037
C	3.190c	0.149	21.423	0.000
R-squared: 0.998	Adjusted R-squared: 0.997

(^a, ^b and ^c represent the level of statistical significance at 10%, 5% and 1%, respectively)