Abstract
ABSTRACT The study highlights the importance of comovements in tests of stochastic convergence in per capita international tourist arrivals for a large multi-country panel. LM unit root tests with allowance for comovements and structural breaks reveals a significant reduction in the number of rejections of the unit root null hypothesis when compared to LM unit root tests without comovements. Additional analysis allowing for Fourier gradual breaks confirms our findings of limited evidence of stochastic convergence. Upon further examination of convergence clubs, we identify four convergence clusters for per capita international tourist arrivals distinguished by whether a country is considered a small island economy.
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