Causality between tourism and economic growth nexus

ABSTRACT

The purpose of this paper is to use a multivariate wavelet approach to examine the causal relationship between tourism and economic growth in the 11 Asian regions for the period from 1995 to 2016. Results indicate from the time-domain view, we show strong evidence linkages among the real international tourism receipts, international tourist arrivals, capital formation and real gross domestic product variables. From the frequency-domain view, we uncover significant wavelet coherency and strong relationships which change over time, indicating low to high frequency cycles. Accordingly, it can be recommended that the government needs to increase and promote tourism demand and to further provide and nurture the expansion of tourism supply.

摘要

本研究使用多变量小波分析方法来研究1995年到2016年11个亚洲地区的旅游活动和经济增长之间的因果关系。研究结果显示, 从时间域的角度来看, 证据显示了国际旅游收入, 国际游客的到来, 资本形成和实际国内生产总值变量之间具有强烈的联系; 从频域的角度来看, 发现了显着的小波相干性和强烈的关系会随时间的变化而连动, 表明了由低频率到高频率周期连动。因此, 研究结果可以建议政府需要增加和促进旅游需求, 并进一步提供且增加旅游供给的扩大。

KEYWORDS:

• Tourism activities
• international tourism receipts
• economic growth
• multivariate wavelet
• Asia

关键词:

• 旅游活动
• 国际旅游收入
• 经济增长
• 多变量小波
• 亚洲

Disclosure statement

No potential conflict of interest was reported by the authors.

Notes

1. To save space, we refer to Aguiar‐Conraria and Soares (2014) for the details of partial and multiple higher-order coherencies.

Additional information

Funding

This study was supported by Department of Education of Guangdong Province (Grant Number 2018WTSCX214).

Notes on contributors

Tsung-Pao Wu

Tsung-Pao Wu is Professor in School of Accounting and Finance at Beijing Institute of Technology, Zhuhai, China. He receives his Ph.D. in finance from Feng Chia University. His research interest focuses on tourism economics (E-mail: [email protected]).

Hung-Che Wu

Hung-Che Wu is Associate Professor in Business School of Nanfang College of Sun Yat-Sen University, Guangdong Province, China. He receives his Ph.D. in marketing and economics from Lincoln University His research interests include tourism economics, green marketing, hospitality management, service quality, customer satisfaction and consumer behavior (E-mail: [email protected]).

Yu-Yu Wu

Yu-Yu Wu is Postdoctoral Fellow at University of Macau, Macau SAR, China. She receives her Ph.D. in tourism economics from Sun Yat-Sen University (E-mail: [email protected]).

Ya-Tian Liu

Ya-Tian Liu is Postdoctoral Fellow at Peking University, Beijing, China. She receives her Ph.D. in tourism marketing from Sun Yat-Sen University (E-mail: [email protected]).

Su-Tsung Wu

Su-Tsung Wu is Postdoctoral Fellow at Sun Yat-Sen University, China. He received his Ph.D. in tourism economics from Sun Yat-Sen University, Guangdong Province, China (E-mail: [email protected]).