The Tourism Growth Nexus in European and Asian Countries: A Panel Data Analysis

Posted: 22 Apr 2019

See all articles by Tasos Stylianou

Tasos Stylianou

Technological Educational Institute of Central Macedonia, Department of Accounting and Finance; University of Macedonia

Masood Sarwar Awan

University of Sargodha

Muhammad Waqas

University of Sargodha, Students

Date Written: March 23, 2019

Abstract

Tourism is considered as one of the strongest determinants of economic growth and it has its multifaceted impacts on the economy of the host country. This paper aims to identify the tourism led growth hypothesis for a panel of Asian and European countries. The results of the panel unit root tests indicate that both variables are stationary at their levels. The Pedroni cointegration approach has been utilized to check the relationship among tourism growth and economic growth. The results depict that long run relationship exists among the variables. In this study we found that we have bi-directional causality among tourism growth and economic growth in the case of overall analysis while, we found uni-directional causality in the case of Asian countries. Finally, in the case of European countries we found that there is a bi-directional causality between tourism and economic growth.

Keywords: Economic growth; Tourism growth; Cointegration; Panel Causality

Suggested Citation

Stylianou, Tasos and Stylianou, Tasos and Awan, Masood Sarwar and Waqas, Muhammad, The Tourism Growth Nexus in European and Asian Countries: A Panel Data Analysis (March 23, 2019). Available at SSRN: https://ssrn.com/abstract=3358949

Tasos Stylianou (Contact Author)

Technological Educational Institute of Central Macedonia, Department of Accounting and Finance ( email )

Terma Magnisias Street
Serres, 62124
Greece

University of Macedonia ( email )

156 Egnatia St.
P.O. 1591
Thessaloniki, 54006
Greece

Masood Sarwar Awan

University of Sargodha

college road Sargodha
University of Sargodha
Sargodha, PA punjab 40100
Pakistan

Muhammad Waqas

University of Sargodha, Students ( email )

Punjab
Pakistan

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