Impacts of Tourism and Fiscal Expenditure on Remote Islands in Japan: A Panel Data Analysis



Table 2 SBIC for Model Selection

Linear Model

Log-linear Model

Without Dummies

Lag = 0

19904.5

-3702.85

Lag = 1

19900.7

-3709.04

Lag = 2

19911.0

-3701.22

Lag = 3

19922.3

-3690.84

Lag = 4

19933.2

-3683.38

Lag = 5

19943.8

-3672.27

With Individual Dummy

Lag = 0

20133.3

-3544.78

Lag = 1

20134.3

-3557.78

Lag = 2

20137.2

-3548.42

Lag = 3

20142.5

-3539.28

Lag = 4

20151.2

-3538.62

Lag = 5

20153.7

-3525.31

With Time Dummy

Lag = 0

19581.9

-4004.08

Lag = 1

19587.0

-3998.87

Lag = 2

19592.6

-3991.41

Lag = 3

19602.6

-3980.79

Lag = 4

19613.9

-3969.87

Lag = 5

19624.6

-3959.11

With Individual & Time Dummies

Lag = 0

19801.7

-3830.26

Lag = 1

19812.7

-3819.33

Lag = 2

19808.0

-3824.41

Lag = 3

19811.0

-3824.02

Lag = 4

19819.4

-3824.31

Lag = 5_____________________

19820.3__________

__________-3832.20__________

Note: Minimum SBIC cases are indicated in bold face type in each model.

12



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