Abstract
AbstractThis work uses a multivariate panel Granger causality test to examine the causal relationship between real international tourism receipts and economic growth in 11 Asian regions for the period from 1995 to 2015, accounting for both dependency and heterogeneity across regions. The results of this study support evidence for the growth hypothesis in the regions, such as Cambodia, China, and Malaysia. A reverse relationship supports evidence on the conservation hypothesis for the regions, such as Hong Kong, Indonesia, the Philippines, and South Korea. A reciprocal causal relationship was found in Macau and Singapore.
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