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Tourism Economics in Saudi Arabia: PP-VAR Approach

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  • Ageli, Mohammed Moosa

Abstract

In This paper investigates the nexus relationship between tourism expenditure and Non Oil economic growth in Saudi Arabia over the period 1970-2012. Using Phillips and Perron (PP) unit root test-VAR approach with several techniques including Unit root tests, Johansen’s co-integration test, Granger Causality test and Vector Error Correction Model (VECM). We used time series econometrics techniques to examine the causal relationship between tourism expenditure and economic growth in the Saudi economy. The findings reveal that there is a bilateral causality and positive long-run relationship running from Non Oil-GDP to tourism expenditure. The results obtained from the analyses show that there is a positive relationship between tourism spending and economic growth in Saudi Arabia. The development of tourism sector will thus have a positive impact on the growth of the Saudi economy. Also, the results show that, in Saudi Arabia, the model of tourism expenditure is found to hold for Non Oil-GDP.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 46602.

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Date of creation: 01 Apr 2013
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Publication status: Published in Asian Journal of Business and Management 1.1(2013): pp. 21-27
Handle: RePEc:pra:mprapa:46602

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Keywords: Tourism Expenditure; PP-VAR Approach; Phillips and Perron (PP) unit root test; Co-integration test; Vector Error Correction Model (VECM); Granger Causality; Economic Growth; Saudi Arabia;

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  1. Engle, Robert F & Granger, Clive W J, 1987. "Co-integration and Error Correction: Representation, Estimation, and Testing," Econometrica, Econometric Society, Econometric Society, vol. 55(2), pages 251-76, March.
  2. Johansen, Soren, 1988. "Statistical analysis of cointegration vectors," Journal of Economic Dynamics and Control, Elsevier, Elsevier, vol. 12(2-3), pages 231-254.
  3. Johansen, Soren & Juselius, Katarina, 1990. "Maximum Likelihood Estimation and Inference on Cointegration--With Applications to the Demand for Money," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, Department of Economics, University of Oxford, vol. 52(2), pages 169-210, May.
  4. Granger, C. W. J., 1980. "Testing for causality : A personal viewpoint," Journal of Economic Dynamics and Control, Elsevier, Elsevier, vol. 2(1), pages 329-352, May.
  5. Dickey, David A & Fuller, Wayne A, 1981. "Likelihood Ratio Statistics for Autoregressive Time Series with a Unit Root," Econometrica, Econometric Society, Econometric Society, vol. 49(4), pages 1057-72, June.
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Cited by:
  1. Gautam, Bishnu Prasad, 2014. "Economic Dynamics of Tourism in Nepal: A VECM Approach," MPRA Paper, University Library of Munich, Germany 58102, University Library of Munich, Germany.

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