Search Results (5)

Tourism has increasingly become one of the key drivers of economic growth and foreign exchange earnings for developing economies. The relationship between financial development and tourism has attracted growing academic interest, particularly in recent years. This study aims to examine the causal relationship between financial development and tourism indicators in Mediterranean countries. To this end, a panel dataset for 13 Mediterranean countries covering the period 1995–2020 was constructed using annual data. The variables selected for this study include the number of international tourists, tourism revenues, tourism expenditures, and the financial development index. In this study, the cross-sectional dependence of the data and heterogeneity at the country level were taken into account, and the Kónya bootstrap panel causality approach was chosen. The findings of this study indicate a bidirectional causal relationship between financial development and tourism revenues at the panel level; however, despite country-specific relationships, no significant causal relationship was found across the panel as a whole for tourist receipts or tourism expenditures. The results of the study indicate that the tourism–financial development relationship must be analyzed in light of country-specific dynamics. In this regard, the study contributes to the existing literature through its multidimensional examination of tourism indicators and country-specific causality analysis, thereby providing valuable policy implications for Mediterranean countries. Full article

This study examines the dynamics of inbound tourism in China, utilizing a mixed-effects gravity model to analyze data from urban clusters around China’s three major airports. The research methodology of the study includes applying advanced econometric techniques, such as the Poisson pseudo-maximum likelihood estimation, to ensure robust and accurate results. The study focuses on international tourist arrivals and foreign exchange earnings, identifying key drivers such as tourism resources, transportation safety, and service quality. Our findings indicate a 10% increase in per capita GDP correlates with a 0.88% rise in inbound tourist numbers. Additionally, proximity to major urban centers like Beijing, Shanghai, and Guangzhou significantly influences tourist arrivals, with every 100 km increase in distance resulting in a 5.56% decrease in tourist numbers. The study also explores the impact of environmental factors on tourism, suggesting that improvements in green coverage and reductions in industrial waste and traffic fatalities could enhance tourist arrivals. Conversely, environmental protection measures can both positively and negatively impact tourism. This research provides a strategic blueprint for policymakers and professionals in tourism and environmental sustainability, emphasizing the importance of integrated environmental sustainability in tourism development strategies. The model accounts for up to 79% of the variability in inbound tourism flows, offering robust evidence that economic and policy dimensions impact tourism. Full article

The United Arab Emirates (UAE) has developed rapidly into one of the highest per capita income nations globally. The travel and tourism sector is a central contributor to the Gross Domestic Product (GDP), employment, foreign exchange earnings, and the country’s economic diversification strategy. However, the rapid growth of the sector and increase in international tourist arrivals are also major contributors to carbon emissions and long-term environmental challenges. In this context, we employed a tourism-induced Environmental Kuznets Curve (EKC) model for the UAE from 1984 to 2019. The study applied an Autoregressive Distributed Lag (ARDL) model to determine the marginal impact of tourist arrivals and related variables, namely, bank credits to the private sector, urbanization, and energy use, on CO₂ emissions. The Pesaran bounds test indicated redundancy of short run estimates. The long-run coefficients confirmed the EKC hypothesis of inverted U-shape for carbon emissions and per capita income, along with environmental degradation due to tourist arrivals and financial development. Notably, urbanization and energy use highlighted the positive steps taken by the government. Granger causality tests indicated a unidirectional association from GDP, bank credits, and energy consumption to carbon emissions. Importantly, tourist arrivals and urbanization had bidirectional causality with carbon dioxide levels. This study is the first to apply the tourism-induced EKC model to the UAE, and the findings have important implications for policymakers and practitioners. The causality results highlight the need to balance tourism targets and sustainable economic growth through the adoption of ‘green’ standards. The results also indicate the potential importance of financial sector efforts to boost green investments and implement clean energy-related technologies. Full article

This paper studies a quantile regression spatial dynamic Durbin panel data (SDDPD) model with fixed effects. Conventional fixed effects estimators of quantile regression specification are usually biased in the presentation of lagged response variables in spatial and time as regressors. To reduce this bias, we propose the instrumental variable quantile regression (IVQR) estimator with lagged covariates in spatial and time as instruments. Under some regular conditions, the consistency and asymptotic normalityof the estimators are derived. Monte Carlo simulations show that our estimators not only perform well in finite sample cases at different quantiles but also have robustness for different spatial weights matrices and for different disturbance term distributions. The proposed method is used to analyze the influencing factors of international tourism foreign exchange earnings of 31 provinces in China from 2011 to 2017. Full article

Today, international tourism is one of the most affected sectors of the economy due to the global COVID-19 pandemic. The main purpose of this article is to analyze current trends and identify prospects for the international tourism development in the context of increasing globalization risks in the world, using the example of Ukraine’s integration into the global tourism industry, as Ukraine is located in the centre of Europe and belongs to a number of countries with developing economies, and has the potential to expand its tourism industry, which may be of interest to the international scientific community in terms of overcoming the bifurcation point of its economic development. Analyzing the tourism industry, as one of the most progressive sectors of the world economy, we used general scientific and special research methods (abstract-logical, statistical, systemic analysis and synthesis, abstract-theoretical, and correlation-regression analysis). The paper analyzes major indexes of international tourism development in the modern globalized world and details the risks emerging during the global COVID-19 pandemic. It examines the global dynamics of tourism flows, where France, Spain, and the USA are unquestionable leaders. The study considers foreign exchange earnings of international tourism and the industry contribution to the gross domestic product of countries being an essential component of national budgets. Based on the study conducted, there were developed reliable forecast models for the tourism industry development in the countries under research. These models will provide an opportunity to generate reliable forecasts, which will allow timely identification of potential threats and making effective decisions to address them. At the same time, the issues of managing information support of economic entities in the field of international tourism need to be further developed in order to reduce risks. Full article