Interactions between tourism and financial sector development: evidence from Turkey

Setareh Katircioglu, Salih Katircioğlu and Mehmet Altinay

The Service Industries Journal, 2018, vol. 38, issue 9-10, 519-542

Abstract: This article aims to examine the interactions between tourism growth and financial development in Turkey, which is a top tourist destination and has developed a well-functioning financial system over the last decade. The results confirm a long-term association between tourism development and financial development; foreign direct investments and foreign trade also impact this interaction. According to the results, tourism expansion in Turkey is mainly influenced by financial markets. The results also reveal that in Turkey, changes in tourism volume precede changes in financial volume. Thus, the major finding of this study is that tourism development and financial development in Turkey have a long-term and reinforcing interaction.

Date: 2018
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Citations: View citations in EconPapers (14)

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DOI: 10.1080/02642069.2017.1406479

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The Service Industries Journal is currently edited by Eileen Bridges, Professor Domingo Ribeiro, Ronald Goldsmith, Barry Howcroft and Youjae Yi

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