Table 4.
Estimated short- and long-term effects of tourism arrivals and income on health.
| LSPAIN_Health |
LSPAIN_Income |
|||
|---|---|---|---|---|
| Long-Term (trend) | Short-Term (cycles) | Long-Term (trend) | Short-Term (cycles) | |
| L_SPAIN_Arrivals | 1.006*** | −0.829*** | 1.055*** | −1.238*** |
| L_SPAIN_Income | −0.003 | −0.523*** | ||
| F-test statistics | 1110.83*** | 6.14*** | 540.60*** | 20.21*** |
| Underidentification test (Kleibergen-Paap rk LM statistic) | 7.599** | 11.793*** | 17.040*** | 9.980*** |
| Weak identification test (Cragg-Donald Wald F statistic) | 5.285 | 7.930 | 32.765 | 12.239 |
| Hansen J statistic (Overidentification test of all instruments) | 0.283 | 0.476 | 0.151 | 0.056 |
| Endogeneity test | 1.355 | 0.349 | 7.219 | 10.236 |
Note: The symbols ***, **, and * indicate, respectively, the 1%, 5%, and 10% significance levels.