Abstract
This study investigates the panel Granger causality relationship approach and variance decomposition to test whether domestic economic growth promote tourists receipts, using international tourism receipts, real GDP per capita growth, exchange rate, financial development, and trade openness for Asian countries over the period of 1995-2014 and whether regional effects should be considered a product of incomes groups in selected Asian countries. Drawing on the selected Asian countries experiments, the empirical investigation of tourism’s contribution to growth indicates that factors, as well as tourism-related factors, are conducive to economic growth. Based on the findings of the Panel Granger tests and variance decomposition analysis, tourism receipts and economic growth should be considered in the analysis, since they provide valuable information for policymakers. The interpretation of the causality test can help providing a tool to allocate limited resources in addition to developing appropriate tourism strategies.
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