Interactions between tourism and financial sector development: evidence from Turkey

ABSTRACT

This article aims to examine the interactions between tourism growth and financial development in Turkey, which is a top tourist destination and has developed a well-functioning financial system over the last decade. The results confirm a long-term association between tourism development and financial development; foreign direct investments and foreign trade also impact this interaction. According to the results, tourism expansion in Turkey is mainly influenced by financial markets. The results also reveal that in Turkey, changes in tourism volume precede changes in financial volume. Thus, the major finding of this study is that tourism development and financial development in Turkey have a long-term and reinforcing interaction.

摘要

本文旨在研究土耳其旅游增长与金融业发展之间的相互作用, 土耳其作为一个顶级旅游目的地且在过去十年中发展了一个运作良好的金融体系。研究结果证实了旅游发展和金融发展之间的长期联系；外商直接投资和对外贸易也影响了这种相互作用。 结果表明，土耳其旅游业的扩张主要受金融市场的影响。 结果还显示，土耳其旅游客流量的变化先于金融量的变化。因此, 这项研究的主要发现是土耳其旅游业的发展与金融发展具有长期和强化的互动关系。

KEYWORDS:

• Tourism development
• financial development
• FDI
• openness

关键词:

• 旅游发展
• 金融发展
• 外商直接投资
• 开放性

Disclosure statement

No potential conflict of interest was reported by the authors.

Notes

1 Please refer to Pesaran et al. (2001) for further discussion of models with or without deterministic trends.