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標題: Tourism development and economic growth: A closer look at panels
作者: Lee, C.C.
Chang, C.P.
關鍵字: tourism development;GDP;panel cointegration;panel causality;finite-sample properties;cointegration tests;unit-root;heterogeneous;panels;developing-countries;energy-consumption;long-run;attitudes
Project: Tourism Management
期刊/報告no:: Tourism Management, Volume 29, Issue 1, Page(s) 180-192.
This paper applies the new heterogeneous panel cointegration technique to re-investigate the long-run comovements and causal relationships between tourism development and economic growth for OECD and nonOECD countries (including those in Asia, Latin America and Sub-Sahara Africa) for the 1990-2002 period. On the global scale, after allowing for the heterogeneous country effect, a cointegrated relationship between GDP and tourism development is substantiated. It is also determined that tourism development has a greater impact on GDP in nonOECD countries than in OECD countries, and when the variable is tourism receipts, the greatest impact is in Sub-Sahara African countries. Additionally, the real effective exchange rate has significant effects on economic growth. Finally, in the long run, the panel causality test shows unidirectional causality relationships from tourism development to economic growth in OECD countries, bidirectional relationships in nonOECD countries, but only weak relationships in Asia. Our empirical findings have major policy implications. (C) 2007 Elsevier Ltd. All rights reserved.
ISSN: 0261-5177
DOI: 10.1016/j.tourman.2007.02.013
Appears in Collections:應用經濟學系

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