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Economic growth, tourism, and economic policy uncertainty in the main tourist destinations (1998-2018)

Author

Listed:
  • Mario Gómez

    (Instituto de Investigaciones Económicas y Empresariales, Universidad Michoacana de San Nicolás de Hidalgo. México. Visiting Professor, Departament of Economics, Carleton University, Canada.)

  • Lisset Cándano

    (Instituto de Investigaciones Económicas y Empresariales, Universidad Michoacana de San Nicolás de Hidalgo, México.)

Abstract
Objective: to study the relationship among tourism demand and economic growth, real exchange rate, and economic policy uncertainty (EPU) in Australia, China, France, Germany, Italy, Japan, Spain, the United States, and the United Kingdom. Methodology: cross-section dependence, unit root, and cointegration tests were applied. The long-term model was estimated according to the Panel-Corrected Standard Error (PCSE), Feasible Generalised Least Squares (FGLS), and Ful-ly Modified Ordinary Least Square (FMOLS). Results: the results show a positive relationship between economic growth and the real exchange rate concerning tourism demand. In the long term, the causality relation-ship is from uncertainty, exchange rate, and GDP to tourism. The feedback hypothesis is validated.Limitations: availability of data.Originality: it studies the joint influence of economic growth and the EPU on demand for tourism in the countries of the world’s leading destinations for international tourism ac-cording to international tourist income.Conclusions: tourism will drive general economic growth and, correspondingly, investment in other sectors of the economy will also influence an increase in tourism.

Suggested Citation

  • Mario Gómez & Lisset Cándano, 2024. "Economic growth, tourism, and economic policy uncertainty in the main tourist destinations (1998-2018)," EconoQuantum, Revista de Economia y Finanzas, Universidad de Guadalajara, Centro Universitario de Ciencias Economico Administrativas, Departamento de Metodos Cuantitativos y Maestria en Economia., vol. 21(1), pages 71-86, January-J.
    • Handle: RePEc:qua:journl:v:21:y:2024:i:1:p:71-86
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    More about this item

    Keywords

    tourism; economic growth; uncertainty; causal-ity; panel data; heterogeneous panel.;
    All these keywords.

    JEL classification:

    • Z30 - Other Special Topics - - Tourism Economics - - - General
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
    • C01 - Mathematical and Quantitative Methods - - General - - - Econometrics

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