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Relationship between Tourism and Economic Growth: A Panel Granger Causality Approach

Author

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  • E. Çağlayan
  • N. Şak
  • K. Karymshakov

Abstract

This paper investigated the causal relationship between tourism revenue and gross domestic product (GDP) using the panel data of 135 countries for the period 1995–2008. For this purpose, Panel Granger causality analysis was applied to 11 groups of countries. This classification was created as America (30 countries), Asia (34 countries), Europe (37 countries), East Asia (13 countries), South Asia (6 countries), Central Asia (5 countries), Latin America & Caribbean (28 countries), Oceania (7 countries), Middle East & North Africa (11 countries), Sub Saharan Africa (24 countries) and the world (135 countries). Results indicated bidirectional causality in Europe between tourism revenue (TR) and gross domestic product (GDP). Findings showed that there is a unidirectional causality in America, Latin America & Caribbean and World from GDP to tourism revenue. While in case of East Asia, South Asia and Oceania the reverse direction of causality was found from tourism revenue to GDP. No causal relationship was found in Asia, Middle East and North Africa, Central Asia and Sub Saharan Africa.

Suggested Citation

  • E. Çağlayan & N. Şak & K. Karymshakov, 2012. "Relationship between Tourism and Economic Growth: A Panel Granger Causality Approach," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 2(5), pages 591-602.
    • Handle: RePEc:asi:aeafrj:v:2:y:2012:i:5:p:591-602:id:783
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    Cited by:

    1. Mirea Cosmin Nicolae & Sarbu Alexandra Maria & Ionescu Andra Maria, 2021. "The Relationship Between The Number Of Tourists Arrived In Romania'S Development Regions And The Gross Domestic Product," Cactus - The tourism journal for research, education, culture and soul, Bucharest University of Economic Studies, vol. 3(1), pages 16-23.
    2. Smiljana Pivčević & Zvonimir Kuliš & Neven Šerić, 2016. "The pull factors of tourism demand: a panel data analysis for Latin American and Carribean countries," Tourism and Hospitality Industry 24, University of Rijeka, Faculty of Tourism and Hospitality Management.
    3. Omer Yalcinkaya & Muhammet Dastan & Kerem Karabulut, 2018. "The Effects of International Tourism Receipts on Economic Growth- Evidence from the First 20 Highest Income Earning Countries from Tourism in the World (1996-2016)," Montenegrin Journal of Economics, Economic Laboratory for Transition Research (ELIT), vol. 14(3), pages 55-71.
    4. Olena STRYZHAK & Ramazan SAYAR & Yılmaz Onur ARI, 2022. "Geopolitical risks, GDP and tourism: an ARDL-ECM cointegration study on Ukraine," CES Working Papers, Centre for European Studies, Alexandru Ioan Cuza University, vol. 14(1), pages 85-113, May.
    5. Chien-Chiang Lee & Mei-Ping Chen & Wenmin Wu & Wenwu Xing, 2021. "The impacts of ICTs on tourism development: International evidence based on a panel quantile approach," Information Technology & Tourism, Springer, vol. 23(4), pages 509-547, December.
    6. Ma, Tao & Hong, Tao & Zhang, Haozhe, 2015. "Tourism spatial spillover effects and urban economic growth," Journal of Business Research, Elsevier, vol. 68(1), pages 74-80.
    7. Berly Martawardaya, 2017. "Tourism and Economic Development in ASEAN 1998–2013," Economics and Finance in Indonesia, Faculty of Economics and Business, University of Indonesia, vol. 63, pages 114-125, December.
    8. Law, Colin C.H. & Zhang, Yahua & Gow, Jeff & Vu, Xuan-Binh, 2022. "Dynamic relationship between air transport, economic growth and inbound tourism in Cambodia, Laos, Myanmar and Vietnam," Journal of Air Transport Management, Elsevier, vol. 98(C).
    9. Jesús Iglesias & Manuel E Gegundez & Antonio A Golpe & José Carlos Vides, 2018. "How do foreign income shocks affect the magnitude of Spanish tourism?," Tourism Economics, , vol. 24(7), pages 839-871, November.
    10. Destek, Mehmet Akif & Aydın, Sercan, 2021. "An Empirical Note on Tourism and Sustainable Development Nexus," MPRA Paper 114219, University Library of Munich, Germany.
    11. Tafazal Kumail & Wajahat Ali & Farah Sadiq & Syed Mudasser Abbas, 2023. "A step toward tourism development: do economic growth, energy consumption and carbon emissions matter? Evidence from Pakistan," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 25(5), pages 3985-4005, May.
    12. Suhel & Abdul Bashir, 2018. "The role of tourism toward economic growth in the local economy," Economic Journal of Emerging Markets, Universitas Islam Indonesia, vol. 10(1), pages 32-39, April.
    13. Lee, Chien-Chiang & Chen, Mei-Ping & Xing, Wenwu, 2022. "Do national cultures matter for tourism development? Some international evidence," Economic Analysis and Policy, Elsevier, vol. 74(C), pages 666-686.
    14. Chien-Chiang Lee & Mei-Ping Chen & Yi-Ting Peng, 2021. "Tourism development and happiness: International evidence," Tourism Economics, , vol. 27(5), pages 1101-1136, August.

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