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This suggests that the Singapore stock market is interest and exchanges rate sensitive.
Therefore, the tourism-induced EKC hypothesis is confirmed in the case of Singapore.
Although highly distinctive, the Singapore experience yields insights into shopping as a tourist attraction which has wider implications and a model of factors determining success in attracting and satisfying shopping tourists is presented.
Singapore is shown to have undergone transformation as a country and consequently as a tourist centre under the leadership of a strong government which has brought prosperity to the now highly urbanised and industrialised city state.
Empirical analysis of the monthly data from 1978 to 2012 shows that tourist arrivals to Singapore from all countries and regions are subject to long memory behavior.
Our analysis suggests that visitors consider Singapore as a long-term tourism destination and like to return to Singapore to relive their experiences.
The Asian financial crisis that occurred in late 1997 and early 1998 also appears to have had a significant impact on tourist arrivals from Singapore, Malaysia, Korea and the UK, but the magnitude and direction of influence are not the same for all models.
The paper advances a number of scenarios for the Singapore developmental state and a ‘flow-through five-star Hotel Singapore’ with a loyal clientele seems a likely one.
The results reveal that the tourist arrivals to Singapore are stationary with multiple structural breaks, implying any shocks will have only a transitory effect.

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