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The role of tourism and exchange rate on economic growth:Evidence from the BIMP-EAGA countries

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  • Hanafiah Harvey

    ()
    (Pennsylvania State University, Mont Alto)

  • Fumitaka Furuoka

    ()
    (University of Malaya)

  • Qaiser Munir

    ()
    (Universiti Malaysia Sabah)

Abstract

Developing economies as well as developed economies recognized appropriate tourism policies will be an important factor in promoting economic growth. BIMP-EAGA (Brunei-Indonesia-Malaysia-Philippines East ASEAN Growth Area) was conceived with the objective to speed up economic development among the four countries and one of which is focused on tourism. Focusing on annual data, this paper utilized the bounds testing approach to cointegration and error-correction modeling to evaluate if tourism and exchange rates promote economic growth in BIMP-EAGA. The results revealed that Philippines is the only country that has a positive short and long impact from tourism's industry and exchange rates.

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Bibliographic Info

Article provided by AccessEcon in its journal Economics Bulletin.

Volume (Year): 33 (2013)
Issue (Month): 4 ()
Pages: 2756-2762

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Handle: RePEc:ebl:ecbull:eb-13-00431

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Keywords: Tourism; Economic Growth; BIMP-EAGA; ARDL; Exchange Rate;

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  1. Po, Wan-Chen & Huang, Bwo-Nung, 2008. "Tourism development and economic growth–a nonlinear approach," Physica A: Statistical Mechanics and its Applications, Elsevier, Elsevier, vol. 387(22), pages 5535-5542.
  2. Mohsen Bahmani-Oskooee & Charikleia Economidou & Gour Goswami, 2006. "Bilateral J-curve between the UK vis-a-vis her major trading partners," Applied Economics, Taylor & Francis Journals, Taylor & Francis Journals, vol. 38(8), pages 879-888.
  3. Jordan Shan & Ken Wilson, 2001. "Causality between trade and tourism: empirical evidence from China," Applied Economics Letters, Taylor & Francis Journals, Taylor & Francis Journals, vol. 8(4), pages 279-283.
  4. Jeroen J.M. Kremers & Neil R. Ericsson & Juan J. Dolado, 1992. "The power of cointegration tests," International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) 431, Board of Governors of the Federal Reserve System (U.S.).
  5. Jacint Balaguer & Manuel Cantavella-Jordá, 2000. "Tourism As A Long-Run Economic Growth Factor: The Spanish Case," Working Papers. Serie EC, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie) 2000-10, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
  6. Bahmani-Oskooee, Mohsen & Harvey, Hanafiah, 2009. "The J-curve: Indonesia vs. Her Major Trading Partners," Journal of Economic Integration, Center for Economic Integration, Sejong University, Center for Economic Integration, Sejong University, vol. 24, pages 765-777.
  7. M. Hashem Pesaran & Yongcheol Shin & Richard J. Smith, 2001. "Bounds testing approaches to the analysis of level relationships," Journal of Applied Econometrics, John Wiley & Sons, Ltd., John Wiley & Sons, Ltd., vol. 16(3), pages 289-326.
  8. Bahmani-Oskooee, Mohsen & Bohl, Martin T., 2000. "German monetary unification and the stability of the German M3 money demand function," Economics Letters, Elsevier, Elsevier, vol. 66(2), pages 203-208, February.
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