Energy Consumption and Tourism Development. Evidence for Uruguay
Appendix 1: Causality Test (Holmes and Hutton)
See Tables7.4and7.5.
Table 7.4 Regression in levels Dependent Variable: YRANK Method: Stepwise Regression Sample (adjusted): 1973–2014
Included observations: 42 after adjustments
Number of always included regressors: 1 Number of search regressors: 16 Selection method: Uni-directional Stopping criterion: t-stat=1.6
Note Final equation sample is larger than stepwise sample (rejected regressors contain missing values)
Variable Coefficient Std. error t-statistic Prob.*
C −2.006686 1.974842 −1.016125 0.3170
YRANK_1 0.807544 0.099289 8.133246 0.0000
WRANK_1 0.248516 0.178274 1.394011 0.1726
WRANK_4 −0.539879 0.277002 −1.949010 0.0598
YRANK_4 0.190414 0.105445 1.805809 0.0801
XRANK_3 −0.414428 0.181975 −2.277386 0.0294
ZRANK_2 −0.342754 0.094477 −3.627921 0.0010
XRANK_2 0.393924 0.183517 2.146525 0.0393
WRANK_3 0.590995 0.352657 1.675836 0.1032
R-squared 0.944538 Mean dependent var 31.14286
Adjusted R-squared
0.931093 S.D. dependent var 16.13143
S.E. of regression
4.234532 Akaike info criterion 5.911832
Sum squared resid
591.7315 Schwarz criterion 6.284190
Log likelihood −115.1485 Hannan-Quinn criter 6.048316
F-statistic 70.25031 Durbin-Watson stat 2.034893
Prob(F-statistic) 0.000000 Selection summary
Removed: YRANK_3, XRANK_1, ZRANK_3, XRANK_4, ZRANK_1, YRANK_2, WRANK_2, ZRANK_4
Note p-values and subsequent tests do not account for stepwise selection. (y=co2; x=passengers;
z=energy pc; w =gdppc)
Table 7.5 Regression in first differences Dependent Variable: DYRANK Method: Stepwise Regression Sample (adjusted): 1965 2014
Included observations: 50 after adjustments
Number of always included regressors: 1 Number of search regressors: 16 Selection method: Uni-directional Stopping criterion: t-stat=1.6
Note Final equation sample is larger than stepwise sample (rejected regressors contain missing values)
Variable Coefficient Std. error t-statistic Prob.*
C 25.98089 5.336542 4.868488 0.0000
DWRANK_4 −0.310329 0.144300 −2.150581 0.0367
DYRANK_1 0.344648 0.135480 2.543897 0.0143
R-squared 0.179113 Mean dependent var 27.18000
Adjusted R-squared
0.144182 S.D. dependent var 15.86125
S.E. of regression
14.67331 Akaike info criterion 8.268062
Sum squared resid
10,119.38 Schwarz criterion 8.382784
Log likelihood −203.7016 Hannan-Quinn criter 8.311749
F-statistic 5.127573 Durbin-Watson stat 1.990116
Prob(F-statistic) 0.009675 Selection summary
Removed: DZRANK_3, DZRANK_1, DWRANK_1, DXRANK_1, DWRANK_2, DXRANK_4, DYRANK_2, DYRANK_3, DXRANK_3, DZRANK_4, DYRANK_4, DZRANK_2, DXRANK_2, DWRANK_3
Note p-values and subsequent tests do not account for stepwise selection
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