Variable

Tourism-related FDI

Total FDI

L1. Inward FDI

0.911652

0.858631

(0.008720)***

(0.004220)***

Tourists

1.933043

13.88405

(0.018658)***

(0.120658)***

GDP sum

−3.27E−05

−9.32E−05

(5.90E−06)***

(3.09E−05)

GDP diff squared

1.53E−12

8.56E−12

(7.14E−13)**

(2.66E−12)***

Factor diff

−0.012516

−0.003202

(0.003326)***

(0.014981)

GDP diff*Factor diff

−1.70E−09

−8.38E−09

(2.06E−10)***

(1.45E−09)***

Corruption

−1875.754

−6910.898

(41.43756)***

(129.6300)***

EPA

145.4945

−177.6922

(40.48713)***

(112.2335)

AR(1)

0.1597

NA

AR(2)

0.5158

0.4279

Sargan statistic

0.6757

0.5077

No. of observation

276

276