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

Future Business Journal

Table 6 Dumitrescu Hurlin panel causality tests (sample: 1995–2015)

Null hypothesis	W-Stat	Zbar-Stat	P values
EG does not homogeneously cause TR	4.31	5.24	0.00^a
TR does not homogeneously cause EG	3.38	3.76	0.00^a
EG does not homogeneously cause FD	5.09	6.47	0.00^a
FD does not homogeneously cause EG	2.64	2.59	0.00^a
FD does not homogeneously cause TR	2.51	2.38	0.01^a
TR does not homogeneously cause FD	2.86	2.94	0.00^a