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Table 3 The results of panel ARDL cointegration

From: The relationship between tourism and economic growth among BRICS countries: a panel cointegration analysis

Estimated ARDL model F-statistics Lower bound value Upper bound value Conclusion
F(lnEG/lnTR, lnFD) 4.54a 3.10 3.87 Cointegration
  1. Source: Calculated by authors
  2. aRejection of the null hypothesis of no cointegration at 5% level of significance