ABSTRACT
This study aims to investigate the causal relationship between economic growth and real international tourism revenues (RITRs) in 11 Asian areas from 1995 to 2019. The method employed in this study involves utilizing a special bootstrap multivariate Granger causality test. The results of this analysis complement the findings of the asymmetric panel causality test, as they reveal a causal relationship between positive shocks to RITRs and positive shocks to real gross domestic product (RGDP) in Singapore and Thailand, respectively. Additionally, negative shocks in Cambodia, Hong Kong and Macau demonstrate a causal link between RITRs and RGDP, suggesting that fluctuations in tourism revenues can impact the economic growth of these regions.
Disclosure statement
No potential conflict of interest was reported by the author(s).