Does financial development spur tourism growth? A dynamic time series analysis for the case of an SIDS

Fauzel, Sheereen; Seetanah, Boopen

doi:10.1080/19407963.2021.1919128

Cited by 11 publications

(9 citation statements)

References 53 publications

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“…In the case of SIDS, the symptoms of tourism on well-being are reinforced: Fauzel and Seetanah (2021) confirm a bidirectional causality between tourism and development based on the Mauritius Islands. Ridderstaat et al (2014) prove bidirectionality for the case of Aruba.…”

Section: Causality Of the Tourism-socioeconomic Development Binomialmentioning

confidence: 67%

Tourism towards the well-being of Small Island Developing States: Tourism Agenda 2030

Puig-Cabrera

Vas²,

Beltrán-Bueno³

et al. 2022

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Purpose The purpose of this study is to contrast the capacity of tourism-specialized and non-tourism-specialized systems in small developing insular societies to achieve a well-being model aligned with the Agenda 2030. Design/methodology/approach The empirical method of this work consists of a panel-corrected standard errors analysis for a total of seven Caribbean Small Island Developing States (SIDS) to measure the contribution of both economic diversification and tourism specialization to well-being in the Agenda 2030 framework. Time period considered in the analysis include 2005–2019. Findings Linear and nonlinear relationships reveal the need to conjugate both tourism specialization and economic diversification in the 2030-development agendas of small developing insular societies as both represent a means to achieve a well-being model aligned with the Agenda 2030. Originality/value One of the main novelties of this work is that development is analyzed from a multidimensional point of view (standard of living, access to education and health services), as an integrated thinking that considers any tourism development model that defines a route with Sustainable Development Goals (SDGs) and Agenda 2030 as main destination in SIDS. Specifically, practical implications are given combining recommendations to foster development and face poverty (SDG-1), while inequalities situations are reduced (SDG-10) and decent jobs are generated (SDG-8). These implications also focus on strengthening local suppliers of goods and services from other sectors to be integrated into the destination value chain (SDG-2), ensuring access to education (SDG-4) and contributing to gender equality (SDG-5).

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Section: Causality Of the Tourism-socioeconomic Development Binomialmentioning

confidence: 67%

Tourism towards the well-being of Small Island Developing States: Tourism Agenda 2030

Puig-Cabrera

Vas²,

Beltrán-Bueno³

et al. 2022

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“…, 2018; Shahbaz et al. , 2019; Fauzel & Seetanah, 2023 among others). Therefore, the purpose of the present study is to add to the little literature on the link between financial development and tourism in the context of Ghana.…”

Section: Introductionmentioning

confidence: 97%

“…The sector contributes significantly to national growth through diverse means including employment creation (Manzoor, Wei, Asif, Haq, & Rehman, 2019). Tourism also increases a country's foreign exchange reserves and fosters infrastructure and human capital development (Fauzel & Seetanah, 2023). Inarguably, on a global scale, countries have seen an uptick in the significance of the international tourism industry.…”

Section: Introductionmentioning

confidence: 99%

“…From a demand-side perspective, a highly developed financial sector in the host country is likely to stimulate tourism, given that tourists are able to access banking and other financial services while on vacation (Tsaurai, 2018). Financial development also stimulates foreign direct investment (FDI) in the tourism industry, which carries with it several additional benefits including the transfer of cutting-edge technologies and managerial competencies (Fauzel & Seetanah, 2023). While many studies have examined the impact of tourism on financial development (such as Cannonier & Burke, 2017; Shahbaz, Benkraiem, Miloudi, & Tiwari, 2019; Yenişehirlioğlu & Bayat, 2019; Musakwa & Odhiambo, 2022; Musakwa, Odhiambo, & Nyasha, 2022), there is comparatively little empirical research that examines the impact of financial development on tourism to reinforce the relationship between the two (see Liao et al.…”

Section: Introductionmentioning

confidence: 99%

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Making a digital and financial leap towards sustainable tourism in Ghana

Musah,

Yakubu,

Shaibu

2023

IJSBI

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PurposeThe study investigates the impact of information and communications technology (ICT) and financial development on tourism development in Ghana.Design/methodology/approachThe researchers employ data covering from 1995Q1 to 2020Q4 and apply the autoregressive distributed lag (ARDL) estimation technique.FindingsThe findings reveal that ICT exerts a positive significant impact on tourism development in both long- and short-term periods. The authors find that financial development has a negative significant effect on tourism development in the long run. However, financial development significantly increases tourism revenue in the short term. The results further reveal a significant positive link between infrastructure development and tourism receipts in the long run.Originality/valueThis study is a pioneering effort to investigate the impact of ICT and financial development on tourism development in Ghana, as far as the researchers are aware. Additionally, the use of an index of ICT adds novelty to the literature. In terms of policy, the findings of this study can inform policymakers on the importance of investing in ICT and financial development to boost the tourism industry in Ghana.

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“…Likewise, sustainable development variables, such as economic growth, education, life expectancy as well as environment can influence tourism development. Examining the literature, it is observed that there are several papers which have been examining the link between tourism and economic growth, (Antonakakis et al, 2015;Nunkoo et al, 2020), tourism and environment (Fauzel & Seetanah, 2021;Seetanah et al, 2019a), tourism and human capital (Seetanah et al, 2019b) among others. Hence, it is important to analyse the concept of sustainable tourism development as well.…”

Section: Introductionmentioning

confidence: 99%

Sustainable development and tourism growth in an island economy: a dynamic investigation

Fauzel

Tandrayen‐Ragoobur

2021

Journal of Policy Research in Tourism, Leisure and Events

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This empirical paper aims at investigating the dynamic impact of sustainable development on tourism growth for the case of the small island developing state of Mauritius. The study is done for the period 1980-2018. The vector error correction model is being used and the results point out that sustainable development variables, notably economic, social and environmental, have influenced tourism development. Furthermore, the results also endorse the presence of bi-directional causality and feedback effects in the tourism-economic growth model hence supporting both the tourism-led growth hypothesis and the economic-driven tourism growth hypothesis. Furthermore, tourism development is observed to contribute towards environmental degradation.

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Does financial development spur tourism growth? A dynamic time series analysis for the case of an SIDS

Cited by 11 publications

References 53 publications

Tourism towards the well-being of Small Island Developing States: Tourism Agenda 2030

Tourism towards the well-being of Small Island Developing States: Tourism Agenda 2030

Making a digital and financial leap towards sustainable tourism in Ghana

Sustainable development and tourism growth in an island economy: a dynamic investigation

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