The Validity of the Tourism-Led Growth Hypothesis for Thailand
This paper explores the validity of the tourism-led growth hypothesis for Thailand using quarterly data during 1995 and 2014. The results from the analysis show that the relationship between tourism receipts and real GDP is nonlinear without asymmetric adjustment. The nonlinearity in this relationship is found from the results of threshold cointegration tests. The causality analysis indicates no causality running from tourism receipts to real GDP in both the long run and the short run. The finding in this paper gives some policy implications.
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