Table 3 Causality test results Countries... | Emerald Publishing

Table 3

Causality test results

Countries	Traditional causality		Dynamic causality		Time-varying causality
Countries	H: TOUR to TFP	H: TFP to TOUR	H: TOUR to TFP	H: TFP to TOUR	H: TOUR to TFP	H: TFP to TOUR
Argentina	0.966	0.566	0.984	0.26	0.665	0.1*
Bolivia	0.445	0.826	0.067*	0.016**	0.114	0.035**
Brazil	0.272	0.99	0.737	0.079*	0.555	0.098*
Chile	0.01***	0.143	0.342	0.528	0.074*	0.245
Colombia	0.166	0.489	0.962	0.839	0.966	0.745
Costa Rica	0.282	0.499	0.837	0.99	0.775	0.935
The Dominican Rep.	0.824	0.069*	0.634	0.905	0.771	0.348
Ecuador	0.785	0.963	0.089*	0.269	0.1*	0.413
Guatemala	0.241	0.953	0.85	0.361	0.932	0.265
Honduras	0.253	0.711	0.125	0.644	0.168	0.791
Nicaragua	0.133	0.748	0.025**	0.56	0.012**	0.648
Panama	0.896	0.555	0.481	0.492	0.639	0.529
Paraguay	0.811	0.139	0.669	0.41	0.621	0.386
Peru	0.811	0.139	0.669	0.41	0.621	0.386
Uruguay	0.034**	0.782	0.345	0.001***	0.389	0.00***
Venezuela	0.014**	0.913	0.759	0.443	0.576	0.042**

Countries	Traditional causality		Dynamic causality		Time-varying causality
Countries	H: TOUR to TFP	H: TFP to TOUR	H: TOUR to TFP	H: TFP to TOUR	H: TOUR to TFP	H: TFP to TOUR
Argentina	0.966	0.566	0.984	0.26	0.665	0.1*
Bolivia	0.445	0.826	0.067*	0.016**	0.114	0.035**
Brazil	0.272	0.99	0.737	0.079*	0.555	0.098*
Chile	0.01***	0.143	0.342	0.528	0.074*	0.245
Colombia	0.166	0.489	0.962	0.839	0.966	0.745
Costa Rica	0.282	0.499	0.837	0.99	0.775	0.935
The Dominican Rep.	0.824	0.069*	0.634	0.905	0.771	0.348
Ecuador	0.785	0.963	0.089*	0.269	0.1*	0.413
Guatemala	0.241	0.953	0.85	0.361	0.932	0.265
Honduras	0.253	0.711	0.125	0.644	0.168	0.791
Nicaragua	0.133	0.748	0.025**	0.56	0.012**	0.648
Panama	0.896	0.555	0.481	0.492	0.639	0.529
Paraguay	0.811	0.139	0.669	0.41	0.621	0.386
Peru	0.811	0.139	0.669	0.41	0.621	0.386
Uruguay	0.034**	0.782	0.345	0.001***	0.389	0.00***
Venezuela	0.014**	0.913	0.759	0.443	0.576	0.042**

Note(s): Values in the table are the p-values. ***, ** and * denote significant at 1%, 5% and 10% level. The number of lags used to implement the test is equal to one

Source(s): Own elaboration