Estimates of gravity models, system GMM
| Variables | General model | Intra-bloc model | Extra-bloc model |
|---|---|---|---|
| (1) | (2) | (3) | |
| Log of tourist arrivals in t-1 | 0.6736*** (0.0692) | 0.4769*** (0.0899) | 0.4983*** (0.1054) |
| Log of the per capita GDP of country i | 2.7299 (9.5165) | 15.9446 (11.7459) | −2.0156*** (0.5273) |
| Log of the per capita GDP of country j | 0.4110*** (0.0938) | 0.1927 (0.2502) | 0.4389** (0.2196) |
| Log. of the population of country i | −0.1092 (2.4892) | 2.0383 (3.0387) | −0.3294 (0.4181) |
| Log. of the population of country j | 0.3779** (0.1640) | 3.4686*** (0.6492) | −0.3467 (0.3003) |
| Log. of bilateral real exchange rate | 0.1846*** (0.0567) | −2.8232* (1.5363) | −1.3054* (0.7034) |
| Log of the price of the competing countries (h) | 0.1129** (0.0512) | 3.0099** (1.3859) | −1.5356** (0.7126) |
| Log. of the remoteness of i | −0.9949*** (0.2433) | −1.1259*** (0.3729) | 4.2359** (2.0552) |
| Log. of the remoteness of j | 0.1888 (0.2051) | 0.7368** (0.3660) | −7.4077*** (2.6160) |
| Log of distance between i and j | −0.3957** (0.1910) | −15.5239*** (3.5635) | 6.3354*** (2.1307) |
| Constant | 3.7998 (8.8064) | 62.4616*** (14.5272) | −21.3039** (10.6362) |
| Fixed effects by country and bilateral relation | Yes | Yes | Yes |
| Effects by year | Yes | Yes | Yes |
| Variables effects by country | Yes | Yes | Yes |
| Observations | 575 | 125 | 161 |
| Number of id | 28 | 12 | 16 |
| Sargan test | 18.64 | 21.60 | 12.80 |
| p-value | 0.722 | 0.305 | 0.307 |
| AR(1) | −13.82 | −4.177 | −6.812 |
| AR(1) p-value | 0 | 0 | 0 |
| AR(2) | 2.038 | 0.434 | −0.708 |
| AR(2) p-value | 0.041 | 0.664 | 0.479 |
| Variables | General model | Intra-bloc model | Extra-bloc model |
|---|---|---|---|
| (1) | (2) | (3) | |
| Log of tourist arrivals in | 0.6736 | 0.4769 | 0.4983 |
| Log of the per capita GDP of country | 2.7299 (9.5165) | 15.9446 | −2.0156 |
| Log of the per capita GDP of country | 0.4110 | 0.1927 | 0.4389 |
| Log. of the population of country | −0.1092 (2.4892) | 2.0383 | −0.3294 |
| Log. of the population of country | 0.3779 | 3.4686 | −0.3467 |
| Log. of bilateral real exchange rate | 0.1846 | −2.8232 | −1.3054 |
| Log of the price of the competing countries ( | 0.1129 | 3.0099 | −1.5356 |
| Log. of the remoteness of | −0.9949 | −1.1259 | 4.2359 |
| Log. of the remoteness of | 0.1888 (0.2051) | 0.7368 | −7.4077 |
| Log of distance between | −0.3957 | −15.5239 | 6.3354 |
| Constant | 3.7998 (8.8064) | 62.4616 | −21.3039 |
| − | − | − | |
| − | |||
Notes:
Standard errors in parentheses;
p < 0.01,
p < 0.05,
p < 0.1; Hansen test is an over identification test for instruments and AR are tests of autocorrelation
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