RELATIONSHIP BETWEEN TOURISM AND ECONOMIC GROWTH: A PANEL GRANGER CAUSALITY APPROACH
Journal Title: Asian Economic and Financial Review - Year 2012, Vol 2, Issue 5
Abstract
This paper investigated the causal relationship between tourism revenue and gross domestic product (GDP) using the panel data of 135 countries for the period 1995–2008. For this purpose, Panel Granger causality analysis was applied to 11 groups of countries. This classification was created as America (30 countries), Asia (34 countries), Europe (37 countries), East Asia (13 countries), South Asia (6 countries), Central Asia (5 countries), Latin America & Caribbean (28 countries), Oceania (7 countries), Middle East & North Africa (11 countries), Sub Saharan Africa (24 countries) and the world (135 countries). Results indicated bidirectional causality in Europe between tourism revenue (TR) and gross domestic product (GDP). Findings showed that there is a unidirectional causality in America, Latin America & Caribbean and World from GDP to tourism revenue. While in case of East Asia, South Asia and Oceania the reverse direction of causality was found from tourism revenue to GDP. No causal relationship was found in Asia, Middle East and North Africa, Central Asia and Sub Saharan Africa.
Authors and Affiliations
E. Çağlayan| Department of Econometrics, Faculty of Economics, Marmara University, Goztepe-Kadikoy, Istanbul (Turkey), N. Şak| Department of Econometrics, Faculty of Economics, Marmara University, Goztepe-Kadikoy, Istanbul (Turkey), K. Karymshakov| Department of Public Finance, Kyrgyzstan-Turkey Manas University, ChyngyzAytmatov Campus, Djal, Bishkek (Kyrgyzstan)
Keywords
Related Articles
- EP ID EP1809
- DOI -
- Views 563
- Downloads 46
COMPARATIVE ANALYSIS OF PROFITABILITY OF LOCAL AND FOREIGN BANKS IN GHANA
The implementation of the Financial Sector Adjustment Programme has beckoned to a number of foreign banks to flock into the country to do business. This has brought about intense competition in the banking industry with...
LIQUIDITY AND RETURNS: EVIDENCES FROM STOCK INDEXES AROUND THE WORLD
Using data from 16 developing countries and 10 developed countries between January 2000 and December 2013, this study examines the relationship between liquidity and stock index return. The empirical results show that th...
INFORMAL CAPITAL MARKET AND ENVIRONMENTAL FACTORS IN NIGERIA
Our environments are closely instutionalized with collections of human and material resources for the purpose of economic production and profitability. It was based on this premise that, this study sought to examine the...
FINANCIAL REPORTS QUALITY AND CORPORATE SOCIAL RESPONSIBILITY
This study explores the correlation between CSR and the quality of financial reports according to Stewardship Theory for 100 Best Corporate Citizens. The empirical results of the overall samples indicated that by practic...
Fundamental Value and Price Divergence: Evidence from Tehran's Stock Exchange
This paper investigates the information content of some accounting variables and degree of their association with risk and return by residual income model in Tehran stock exchange (TSE). In order to determine risk factor...