Journal ArticleDOI
Tourism-Led Growth Hypothesis in Malaysia: Evidence Based Upon Regime Shift Cointegration and Time-Varying Granger Causality Techniques
Chor Foon Tang,Eu Chye Tan +1 more
TLDR
In this article, the authors examined the tourism-led growth (TLG) hypothesis in Malaysia based upon quarterly data from 1991:Q1 to 2014 :Q1. And they found evidence of unidirectional causality from tourism to economic growth in Malaysia.Abstract:
This article examines the tourism-led growth (TLG) hypothesis in Malaysia based upon quarterly data from 1991:Q1 to 2014:Q1. The Johansen–Juselius cointegration and the regime shift cointegration tests consistently show evidence of cointegration. In addition, we find evidence of unidirectional causality from tourism to economic growth in Malaysia. Furthermore, the rolling Granger causality test confirms that the TLG hypothesis is generally valid and stable in Malaysia. Therefore, tourism is an effective long-term engine of growth. Policies to promote tourism would effectively invigorate Malaysia's long-term economic growth and development in Malaysia.read more
Citations
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On the empirical relationship between tourism and economic growth
TL;DR: In this article, the authors studied the dynamics of economic growth and tourism evolution for 80 countries during the period 1995-2016, using the concept of economic regime, and introduced a notion of distance between the dynamical paths of different countries.
Journal ArticleDOI
Tourism-Led Growth Hypothesis: A New Global Evidence:
Chor Foon Tang,Eu Chye Tan +1 more
TL;DR: In this article, the authors determine whether the tourism-led growth hypothesis is globally valid by accounting for countries' income levels and their institutional qualities, against a pan-analysis of tourism-driven growth.
Journal ArticleDOI
The nexus between tourism demand and output per capita with the relative importance of trade openness and financial development: A study of Malaysia
TL;DR: The authors revisited the tourism-growth nexus in Malaysia using time series quarterly data over the period 1975-2013 and examined the impact of tourism using two separate indicators, tourism receipts per capita and visitor arrivals per capita.
Journal ArticleDOI
The impacts of governance and institutions on inbound tourism demand: evidence from a dynamic panel data study
TL;DR: In this article, the authors explored the impact of governance and institutions on inbound tourism demand in Malaysia using a dynamic panel data approach for 45 tourism source countries over the period 2005-2015.
Journal ArticleDOI
Is the tourism-economic growth nexus time-varying? Bootstrap rolling-window causality analysis for the top 10 tourist destinations.
TL;DR: In this paper, the authors explore the time-varying causal nexus between tourism development and economic growth for the top 10 tourist destinations in the world, namely China, France, Germany, Italy, Mexico, and Singapore.
References
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Journal ArticleDOI
Co-integration and Error Correction: Representation, Estimation and Testing
TL;DR: The relationship between co-integration and error correction models, first suggested in Granger (1981), is here extended and used to develop estimation procedures, tests, and empirical examples.
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Bounds testing approaches to the analysis of level relationships
TL;DR: In this paper, the authors developed a new approach to the problem of testing the existence of a level relationship between a dependent variable and a set of regressors, when it is not known with certainty whether the underlying regressors are trend- or first-difference stationary.
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Maximum likelihood estimation and inference on cointegration — with applications to the demand for money
Søren Johansen,Katarina Juselius +1 more
TL;DR: In this paper, the estimation and testing of long-run relations in economic modeling are addressed, starting with a vector autoregressive (VAR) model, the hypothesis of cointegration is formulated as a hypothesis of reduced rank of the long run impact matrix.
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Macroeconomics and reality
TL;DR: In this article, the authors argue that the style in which their builders construct claims for a connection between these models and reality is inappropriate, to the point at which claims for identification in these models cannot be taken seriously.