Regression estimates
Variables | Model 2 Dependent variable: Tourist arrivals (TARR) | Model 3 Dependent variable: Tourism receipts (TREC) |
|---|---|---|
| Model: ARDL(1, 1, 2, 4, 4) | Model: ARDL(1, 1, 3, 4, 4) | |
| Long-run estimates | ||
| ICT | 0.152*** (0.000) | 0.166*** (0.000) |
| FIND | −0.011** (0.014) | −0.019*** (0.009) |
| ECG | −0.024*** (0.000) | 0.089*** (0.000) |
| INFR | −0.018*** (0.000) | 0.026*** (0.000) |
| Constant | 6.438*** (0.000) | 7.966*** (0.000) |
| Short-run estimates | ||
| ICTt | 0.119*** (0.000) | 0.905*** (0.000) |
| FINDt−1 | −0.002 (0.422) | |
| FINDt−2 | 0.115*** (0.000) | |
| ECGt−3 | 0.003* (0.074) | −0.111*** (0.000) |
| INFRt−3 | 0.007*** (0.000) | −0.069*** (0.000) |
| ECTt−1 | −0.399*** (0.000) | −7.212*** (0.000) |
| R-square | 0.584 | 0.984 |
| Adj. R-square | 0.516 | 0.963 |
| Durbin-watson stat | 1.732 | 2.475 |
| F-Statistic | 319.347 | 16.694 |
| Prob. (F-Statistic) | 0.000 | 0.007 |
| Model 2 | Model 3 | |
|---|---|---|
| Model: ARDL(1, 1, 2, 4, 4) | Model: ARDL(1, 1, 3, 4, 4) | |
| ICT | 0.152*** (0.000) | 0.166*** (0.000) |
| FIND | −0.011** (0.014) | −0.019*** (0.009) |
| ECG | −0.024*** (0.000) | 0.089*** (0.000) |
| INFR | −0.018*** (0.000) | 0.026*** (0.000) |
| Constant | 6.438*** (0.000) | 7.966*** (0.000) |
| ICTt | 0.119*** (0.000) | 0.905*** (0.000) |
| FINDt−1 | −0.002 (0.422) | |
| FINDt−2 | 0.115*** (0.000) | |
| ECGt−3 | 0.003* (0.074) | −0.111*** (0.000) |
| INFRt−3 | 0.007*** (0.000) | −0.069*** (0.000) |
| ECTt−1 | −0.399*** (0.000) | −7.212*** (0.000) |
| 0.584 | 0.984 | |
| Adj. | 0.516 | 0.963 |
| Durbin-watson stat | 1.732 | 2.475 |
| 319.347 | 16.694 | |
| Prob. ( | 0.000 | 0.007 |
Note(s): *, ** and *** represent 10%, 5% and 1% statistical significance respectively and values in parentheses ( ) are p-values
Source(s): Authors’ own computation
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