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Dynamic spillover effects among tourism, economic growth and macro-finance risk factors
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Orientador(es)
Resumo(s)
This paper examines spillover effects among international tourism growth, economic growth and a group of major macroeconomic and financial variables in the
US. The empirical results show significant interactions among tourism growth,
economic growth and the selected macro-finance factors, which have notably
increased following the intensification of the global financial crisis in the fall of
2008. Furthermore, international tourism growth in the US appears as the main net
receiver of spillovers from macroeconomic factors, thus providing evidence contrary to the empirical validity of the tourism-led growth hypothesis for the US.
However, real GDP growth is identified as a net transmitter of spillovers to the
tourism growth, which supports, at least partly, the economic-driven tourism
growth hypothesis for the US. Novel to the literature, global economic policy
uncertainty is the most important transmitter of shocks to US tourism growth,
suggesting that heightened uncertainty about economic policy may have especially
harmful effects on international tourism flows.
Descrição
Palavras-chave
Tourism growth Economic growth Economic policy uncertainty Tourismled growth hypothesis Spillover effects
Contexto Educativo
Citação
Shahzad, Syed Jawad Hussain e Román Ferrer (2020). "Dynamic spillover effects among tourism, economic growth and macro-finance risk factors". Portuguese Economic Journal, 19(3):173-194
Editora
Springer