An empirical refinement of the relationship between tourism and economic growth

Tourism and economic growth in Asia: A bootstrap multivariate panel Granger causality

“…In addition, it is recognized as having a positive effect on long‐run economic growth through different channels. It has long been recognized that tourism can have an impact on economic activities (e.g., Arslanturk, Balcilar, & Ozdemir, ; Aslan, ; Balaguer & Cantavella‐Jorda, ; Dwyer, Forsyth, & Spurr, ; Fawaz & Rahnama, ; Khan, Phang, & Toh, ; Kim, Chen, & Jang, ; Lean & Tang, ; Lee & Kwon, ; Nunkoo, ; Obadiah, Odhiambo, & Njuguna, ; Pavlic, Svilokos, & Tolic, ; Schubert, Brida, & Risso, ; Tang & Tan, ; Wu & Wu, , b).…”

The Effects of International Tourism Receipts on Economic Growth: Evidence from the First 20 Highest Income Earning Countries from Tourism in the World (1996-2016)

“…In this context, in empirical analyses, which are conducted by using a different type of estimators under the time series/panel data analysis, it is found that the effects of international tourism receipts on growth are generally positive and statistically significant (Modeste, 1995;Balaguer and Cantavella-Jorda, 2002 -Spain;, Narayan, 2004-Fiji;Durbarry, 2004-Mauritius;Martin et al, 2004;Gökovalı and Bahar, 2006;Brida et al, 2008-Mexico;Jimenez, 2008-Spain and Italy;Lee and Chang, 2008;Proença and Soukiazis, 2008;Fayissa et al, 2009;Chen and Chiou-Wei, 2009-Taiwan and Korea;Bahar and Bozkurt, 2010;Srinivasan et al, 2012-Sri Lanka;Fawaz and Rahnama, 2014;Shahbaz et al, 2015-Malaysia;Cárdenas-García et al, 2015;Chiu and Yeh, 2016). Additionally, a few studies in the same content concluded that international tourism receipts have not statistically significant, but positive long-run effects on economic growth or they have not any influence on it (Figini and Vici, 2007;Öztürk and Acaravcı, 2009-Turkey;Cárdenas-García et al, 2015).…”

Where Can Tourism-Led Growth and Economy-Driven Tourism Growth Occur?

“…Although it has been recognized as a potential economic development strategy, tourism is not always a panacea for economic growth; only under certain geographic and socio-economic circumstances can tourism growth contribute to economic prosperity (Cárdenas-García and Sánchez-Rivero 2013; Cárdenas-García et al 2013;Fawaz et al 2014;Ivanov and Webster 2013). First, a threshold level of economic development should be achieved before a country develops tourism (Eugenio-Martin et al 2008).…”

“…First, a threshold level of economic development should be achieved before a country develops tourism (Eugenio-Martin et al 2008). Fawaz et al (2014) found that in low-income countries, the impact of international tourism on spurring economic growth is insignificant due to an insufficient level of infrastructure support. Second, Cárdenas-García and Sánchez-Rivero (2013) highlighted the importance of geographic features and appropriate infrastructure in transferring tourism expansion into economic growth.…”

“…As a service industry that attracts capital investment (de la Mata and Llano-Verduras 2012), creates employment opportunities (Fawaz, Rahnama, and Stout 2014), stimulates foreign exchange earnings (Balaguer and Cantavella-Jordá 2002), and facilitates innovation transfers (Weidenfeld 2013), tourism has long been recognized as a significant contributor to local economies (Brida, Cortes-Jimenez, and Pulina 2016;Castro-Nuño, Molina-Toucedo, and Pablo-Romero 2013). The economic benefits created by the tourism industry also spill over into other economic sectors through various backward-and forward-linkages.…”