Table 1.

Description of variables

Name of indicator	Abbreviation	Proxy/scale of measurement	Source
Carbon dioxide emissions per capita	CO2	Measured in metric tons	WDI
Tourist arrivals	TR	Number of arrivals	WDI
Per capital income	RGDP	It is proxied by the gross domestic product per capita (2010 Constant USD)	WDI
Square of per capital income	RGDP2	It measures the square of GDP per capita	WDI
Foreign direct investment	FDI	% of real GDP	WDI
Domestic credit to private sector by banks	DC	% of GDP	WDI

All variables expect FDI are transformed to their natural logarithm form to ensure homoscedasticity of the coefficients

Source: authors’ compilation