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Future Business Journal

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
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