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Dynamic Inter-relationships among tourism, economic growth and energy consumption in India

Author

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  • Tang, Chor Foon
  • Aviral Kumar, Tiwari
  • Shahbaz, Muhammad

Abstract

This study attempts to explore the dynamic causal and inter-relationships among tourism, economic growth and energy consumption in India. This study covers the annual data from 1971 to 2012. This study applies the cointegration and generalised variance decomposition methods to verify the relationship. The bounds testing approach to cointegration and the Gregory-Hansen test for cointegration with structural break consistently reveal that energy consumption, tourism and economic growth in India are cointegrated. We find that tourism and economic growth strongly affects energy consumption in the long-run. Additionally, we also find that tourism and economic growth in India are inter-related, but the causal effect of tourism on economic growth is stronger than the other way around in both the short- and long-run. Therefore, this study concludes that the tourism-led growth hypothesis is valid but the energy-led growth hypothesis is invalid in India. With such findings, we can confirm that tourism is an important catalyst of growth to the Indian economy. Therefore, policymakers should promote and expand tourism industry in order to sustain the process of economic growth and development in India.

Suggested Citation

  • Tang, Chor Foon & Aviral Kumar, Tiwari & Shahbaz, Muhammad, 2016. "Dynamic Inter-relationships among tourism, economic growth and energy consumption in India," MPRA Paper 69848, University Library of Munich, Germany, revised 04 Mar 2016.
    • Handle: RePEc:pra:mprapa:69848
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    4. Osinubi, Tolulope Temilola & Osinubi , Olufemi Bankole, 2020. "Inclusive Growth in Tourism-led Growth Hypothesis: Evidence from Nigeria," African Journal of Economic Review, African Journal of Economic Review, vol. 8(2), July.
    5. Nepal, Rabindra & al Irsyad, M. Indra & Nepal, Sanjay Kumar, 2018. "Tourist arrivals, energy consumption and pollutant emissions in a developing economy–implications for sustainable tourism," Working Papers 2018-10, University of Tasmania, Tasmanian School of Business and Economics.
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    8. Oluwatosin Adeniyi & Terver T Kumeka & Samuel Orekoya & Wasiu Adekunle, 2023. "Impact of tourism development on inclusive growth: A panel vector autoregression analysis for African economies," Tourism Economics, , vol. 29(3), pages 612-642, May.
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    11. Irfan Ullah Munir & Shen Yue & Abdelmohsen A. Nassani & Muhammad Moinuddin Qazi Abro & Shabir Hyder & Khalid Zaman, 2021. "Structural changes, financial and business regulatory measures, energy and tourism demand: Evidence from group of seven countries," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(2), pages 2198-2218, April.
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    13. Guglielmo Maria Caporale & Gloria Claudio-Quiroga & Luis A. Gil-Alana, 2019. "CO2 Emissions and GDP: Evidence from China," CESifo Working Paper Series 7881, CESifo.
    14. Aydin, Mucahit, 2022. "The impacts of political stability, renewable energy consumption, and economic growth on tourism in Turkey: New evidence from Fourier Bootstrap ARDL approach," Renewable Energy, Elsevier, vol. 190(C), pages 467-473.
    15. Wanjun Xia & Buhari Doğan & Umer Shahzad & Festus Fatai Adedoyin & Abiodun Popoola & Muhammad Adnan Bashir, 2022. "An empirical investigation of tourism-led growth hypothesis in the European countries: evidence from augmented mean group estimator," Portuguese Economic Journal, Springer;Instituto Superior de Economia e Gestao, vol. 21(2), pages 239-266, May.
    16. Tiwari, Aviral Kumar & Eapen, Leena Mary & Nair, Sthanu R, 2021. "Electricity consumption and economic growth at the state and sectoral level in India: Evidence using heterogeneous panel data methods," Energy Economics, Elsevier, vol. 94(C).
    17. Dogan, Eyup & Altinoz, Buket & Madaleno, Mara & Taskin, Dilvin, 2020. "The impact of renewable energy consumption to economic growth: A replication and extension of Inglesi-Lotz (2016)," Energy Economics, Elsevier, vol. 90(C).
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    19. Erdoğan, Seyfettin & Gedikli, Ayfer & Cevik, Emrah Ismail & Erdoğan, Fatma, 2022. "Eco-friendly technologies, international tourism and carbon emissions: Evidence from the most visited countries," Technological Forecasting and Social Change, Elsevier, vol. 180(C).
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    21. Haroon Rasool & Shafat Maqbool & Md. Tarique, 2021. "The relationship between tourism and economic growth among BRICS countries: a panel cointegration analysis," Future Business Journal, Springer, vol. 7(1), pages 1-11, December.
    22. Pavlos Stamatiou, 2022. "Modeling Electricity Consumption for Growth in an Open Economy," International Journal of Energy Economics and Policy, Econjournals, vol. 12(2), pages 154-163, March.

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    Keywords

    Cointegration; Economic growth; Energy consumption; Tourism; Variance decomposition;
    All these keywords.

    JEL classification:

    • C0 - Mathematical and Quantitative Methods - - General

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