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Digitalization Meets Green Finance: Policy-Driven Transformation for Sustainable Tourism in Europe

Author

Listed:
  • Yunfei JIANG

    (School of Economics and Management, North China University of Technology, Beijing, 100144，P. R. China)

  • Yeyao WANG

    (School of International Education，Henan Normal University， Xinxiang， 453000， P.R.China)

  • Xinyu WANG

    (School of Economics and Management, North China University of Technology, Beijing, 100144，P. R. China)

  • Lucia PALIU-POPA

    (Department of Finance and Accounting, “Constantin Brancusi” University of Târgu-Jiu, Târgu-Jiu, Romania)

Abstract

The goal of European economies is to create sustainable tourism growth while also protecting the environment. This work examines the impact of financial, economic, and trade globalization (TGL; FGL; EGL), green finances (GFN), green transport technologies (GTT), and digitalization (DIG), alongside environmental policy (EPY) on tourist arrivals (ITA) and the accomplishment of sustainable development goals (SDG). The analysis focuses on the top 8 tourism destinations in Europe from 2000 to 2022. Unit roots are tested using CIPS, whereas cross-sectional reliance is tested using second-generation methods. Parameters were computed via the CCEMG and AMG methods. Moreover, the causal relationship is estimated by the Bootstrap Granger Causality test. The results confirm that GFN, GTT, and EPY significantly increase ITA and promote progress towards SDG in Europe. Meanwhile, TGL and PM2.5 are negatively associated with SDG, and the Eco-Kuznets Curve is negatively associated with ITA. It was also found that the interactive terms of GFDG (Interaction of GFN and DIG) and GTRE (Interaction of GTT and renewable energy) significantly increase ITA and SDG. Furthermore, outcomes showed two-way causality between GFN and ITA, as well as between DIG and ITA. Policymakers are encouraged to increase green technology investment, enhance DIG, and strengthen EPY to ensure sustainable tourism in Europe.

Suggested Citation

  • Yunfei JIANG & Yeyao WANG & Xinyu WANG & Lucia PALIU-POPA, 2024. "Digitalization Meets Green Finance: Policy-Driven Transformation for Sustainable Tourism in Europe," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(3), pages 179-196, October.
    • Handle: RePEc:rjr:romjef:v::y:2024:i:3:p:179-196
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    More about this item

    Keywords

    Globalization; Green financing strategies; Policy interventions; Tourist arrivals; Sustainable Development Goals; Digitalization; Europe;
    All these keywords.

    JEL classification:

    • Q01 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - Sustainable Development
    • Q56 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth
    • Q58 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Government Policy
    • C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data; Spatio-temporal Models
    • L83 - Industrial Organization - - Industry Studies: Services - - - Sports; Gambling; Restaurants; Recreation; Tourism

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