Tourism, Financial Development and Sectoral Development in ECOWAS Countries: Empirical Evidence from the CS-ARDL Approach

Prao Yao Séraphin and Kongoza Kouassi Cyrille
Additional contact information
Prao Yao Séraphin: Alassane Ouattara University (Bouaké)/LAMPE-Laboratory of Economic Policies’ Analysis and Modeling, Ivory Coast
Kongoza Kouassi Cyrille: Ph.D. Student, Alassane Ouattara University (Bouaké)/LAMPE-Laboratory of Economic Policies’ Analysis and Modeling, Ivory Coast

International Journal of Economics and Financial Issues, 2024, vol. 14, issue 2, 54-64

Abstract: This study examines the role of financial development in the relationship between tourism and sectoral development in 12 ECOWAS countries over the period 2003-2020. Methodologically, it mobilized the Cross-sectional Augmented Autoregressive Distributed Lag (CS-ARDL) model developed by Chudik and Pesaran (2015), which takes cross-sectional dependence and heterogeneity into account. The results reveal that tourism hurts the development of the agricultural and industrial sectors in both the short and long term. Financial development harms the agricultural sector, while it improves the development of the industrial sector in both the short and long term. On the other hand, tourism associated with a developed financial sector improves the development of the agricultural sector and also the industrial sector. This result suggests that the contribution of tourism to sectoral development in ECOWAS countries depends on the level of financial development.

Keywords: Sector Development; Tourism; Financial Development; CS-ARDL; ECOWAS (search for similar items in EconPapers)
JEL-codes: C23 E22 O16 Z32 (search for similar items in EconPapers)
Date: 2024
References: View complete reference list from CitEc
Citations: View citations in EconPapers (3)

Downloads: (external link)
https://www.econjournals.com/index.php/ijefi/article/download/15658/7792 (application/pdf)
https://www.econjournals.com/index.php/ijefi/article/view/15658 (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eco:journ1:2024-02-7

Access Statistics for this article

International Journal of Economics and Financial Issues is currently edited by Ilhan Ozturk

More articles in International Journal of Economics and Financial Issues from Econjournals
Bibliographic data for series maintained by Ilhan Ozturk ().