The relationship between tourism and economic growth among BRICS countries: a panel cointegration analysis
Abstract Tourism has become the world’s third-largest export industry after fuels and chemicals, and ahead of food and automotive products. From last few years, there has been a great surge in international tourism, culminates to 7% share of World’s total exports in 2016. To this end, the study atte...
| Main Authors: | , , |
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| Format: | Article |
| Language: | English |
| Published: |
SpringerOpen
2021-01-01
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| Series: | Future Business Journal |
| Subjects: | |
| Online Access: | https://doi.org/10.1186/s43093-020-00048-3 |
| _version_ | 1818648838888488960 |
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| author | Haroon Rasool Shafat Maqbool Md. Tarique |
| author_facet | Haroon Rasool Shafat Maqbool Md. Tarique |
| author_sort | Haroon Rasool |
| collection | DOAJ |
| description | Abstract Tourism has become the world’s third-largest export industry after fuels and chemicals, and ahead of food and automotive products. From last few years, there has been a great surge in international tourism, culminates to 7% share of World’s total exports in 2016. To this end, the study attempts to examine the relationship between inbound tourism, financial development and economic growth by using the panel data over the period 1995–2015 for five BRICS (Brazil, Russia, India, China and South Africa) countries. The results of panel ARDL cointegration test indicate that tourism, financial development and economic growth are cointegrated in the long run. Further, the Granger causality analysis demonstrates that the causality between inbound tourism and economic growth is bi-directional, thus validates the ‘feedback-hypothesis’ in BRICS countries. The study suggests that BRICS countries should promote favorable tourism policies to push up the economic growth and in turn economic growth will positively contribute to international tourism. |
| first_indexed | 2024-12-17T01:24:48Z |
| format | Article |
| id | doaj.art-5dd2c1a65dd44b0ca316a3c3e031160e |
| institution | Directory Open Access Journal |
| issn | 2314-7210 |
| language | English |
| last_indexed | 2024-12-17T01:24:48Z |
| publishDate | 2021-01-01 |
| publisher | SpringerOpen |
| record_format | Article |
| series | Future Business Journal |
| spelling | doaj.art-5dd2c1a65dd44b0ca316a3c3e031160e2022-12-21T22:08:42ZengSpringerOpenFuture Business Journal2314-72102021-01-017111110.1186/s43093-020-00048-3The relationship between tourism and economic growth among BRICS countries: a panel cointegration analysisHaroon Rasool0Shafat Maqbool1Md. Tarique2Department of Economics, Aligarh Muslim UniversityDepartment of Commerce, Aligarh Muslim UniversityDepartment of Economics, Aligarh Muslim UniversityAbstract Tourism has become the world’s third-largest export industry after fuels and chemicals, and ahead of food and automotive products. From last few years, there has been a great surge in international tourism, culminates to 7% share of World’s total exports in 2016. To this end, the study attempts to examine the relationship between inbound tourism, financial development and economic growth by using the panel data over the period 1995–2015 for five BRICS (Brazil, Russia, India, China and South Africa) countries. The results of panel ARDL cointegration test indicate that tourism, financial development and economic growth are cointegrated in the long run. Further, the Granger causality analysis demonstrates that the causality between inbound tourism and economic growth is bi-directional, thus validates the ‘feedback-hypothesis’ in BRICS countries. The study suggests that BRICS countries should promote favorable tourism policies to push up the economic growth and in turn economic growth will positively contribute to international tourism.https://doi.org/10.1186/s43093-020-00048-3Economic growthInbound tourismFinancial developmentCointegrationPanel granger causalityBRICS |
| spellingShingle | Haroon Rasool Shafat Maqbool Md. Tarique The relationship between tourism and economic growth among BRICS countries: a panel cointegration analysis Future Business Journal Economic growth Inbound tourism Financial development Cointegration Panel granger causality BRICS |
| title | The relationship between tourism and economic growth among BRICS countries: a panel cointegration analysis |
| title_full | The relationship between tourism and economic growth among BRICS countries: a panel cointegration analysis |
| title_fullStr | The relationship between tourism and economic growth among BRICS countries: a panel cointegration analysis |
| title_full_unstemmed | The relationship between tourism and economic growth among BRICS countries: a panel cointegration analysis |
| title_short | The relationship between tourism and economic growth among BRICS countries: a panel cointegration analysis |
| title_sort | relationship between tourism and economic growth among brics countries a panel cointegration analysis |
| topic | Economic growth Inbound tourism Financial development Cointegration Panel granger causality BRICS |
| url | https://doi.org/10.1186/s43093-020-00048-3 |
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