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The Relationship between Foreign Direct Investment and Tourism Development: Evidence from Developing Countries

  • Ahmad Jafari Samimi

    ()

    (University of Mazandaran, Babolsar, Iran)

  • Somaye Sadeghi

    ()

    (Islamic Azad University Firoozkooh, Iran)

  • Soraya Sadeghi

    ()

    (Islamic Azad University Firoozkooh, Iran)

This paper investigates the existence of Granger causality and co-integrated relationships between tourism related Foreign Direct Investment (FDI)and tourism development in developing countries using panel VECM techniques from 1995 to 2008. The results confirm the existence of a co-integrated relationship between variables in the long run. In addition, there is a bilateral long-run causality between tourism related FDI and tourism development, while there is no short-run causality between variables.

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Article provided by Faculty of Economics and Administration, University of Malaya in its journal Institutions and Economies (formerly known as International Journal of Institutions and Economies).

Volume (Year): 5 (2013)
Issue (Month): 2 (July)
Pages: 59-68

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Handle: RePEc:umk:journl:v:5:y:2013:i:2:p:59-68
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  1. Pasaran, M.H. & Im, K.S. & Shin, Y., 1995. "Testing for Unit Roots in Heterogeneous Panels," Cambridge Working Papers in Economics 9526, Faculty of Economics, University of Cambridge.
  2. Pedroni, Peter, 1999. " Critical Values for Cointegration Tests in Heterogeneous Panels with Multiple Regressors," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 61(0), pages 653-70, Special I.
  3. M. Thea Sinclair, 1998. "Tourism and economic development: A survey," Journal of Development Studies, Taylor & Francis Journals, vol. 34(5), pages 1-51.
  4. Krueger, Anne O, 1980. "Trade Policy as an Input to Development," American Economic Review, American Economic Association, vol. 70(2), pages 288-92, May.
  5. World Bank, 2010. "World Development Indicators 2010," World Bank Publications, The World Bank, number 4373, September.
  6. R. Andergassen & G. Candela, 2009. "Less Developed Countries, Tourism Investments and Local Economic Development," Working Papers 676, Dipartimento Scienze Economiche, Universita' di Bologna.
  7. Saroja Selvanathan & E.A. Selvanathan & Brinda Viswanathan, 2009. "Causality between Foreign Direct Investment and Tourism : Empirical Evidence from India," Finance Working Papers 22944, East Asian Bureau of Economic Research.
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