, Fiji, the Solomon Islands, PNG, Vanuatu, Samoa, and Tonga. We form seven panels of PICs—one full panel of six countries and … six panels where, one-by-one, each country is excluded from the panel. We apply the Westerlund and Narayan (2012a) panel …, and to a lesser extent, exchange rates and GDP. …

, Fiji, the Solomon Islands, PNG, Vanuatu, Samoa, and Tonga. We form seven panels of PICs — one full panel of six countries … and six panels where, one-by-one, each country is excluded from the panel. We apply the Westerlund and Narayan (2012a …) panel regression framework, where the null hypothesis is that visitor arrivals do not predict macroeconomic variables, which …