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Do Tourism and Institutional Quality Asymmetrically Effects on FDI Sustainability in BIMSTEC Countries: An Application of ARDL, CS-ARDL, NARDL, and Asymmetric Causality Test

Yixing Yang (), Md. Qamruzzaman (), Mohd Ziaur Rehman () and Salma Karim ()
Additional contact information
Yixing Yang: Economics and Education, Teachers College, Columbia University, New York, NY 10027, USA
Md. Qamruzzaman: School of Business and Economics, United International University, Dhaka 1212, Bangladesh
Mohd Ziaur Rehman: Department of Finance, College of Business Administration, King Saud University, Riyadh 11587, Saudi Arabia
Salma Karim: School of Business and Economics, United International University, Dhaka 1212, Bangladesh

Sustainability, 2021, vol. 13, issue 17, 1-29

Abstract: The motivation of the study is to investigate the nature of the relationship between institutional quality, tourism, and FDI in BIMSTEC nations for the period 1996Q1–2018Q4. Exploring their nature of association, the study performed several panel econometric models, namely Panel ARDL, Nonlinear ARDL, and Toda-Yamamoto causality test, with symmetric and asymmetric effects of institutional quality and tourism. The results of the Wald test confirmed the long-run asymmetric relationship between institutional quality, tourism, and FDI , both in the long-run and short-run. Furthermore, directional casualty established a feedback hypothesis explaining the relationship between institutional quality, tourism, and FDI .

Keywords: institutional quality; tourism; FDI; ARDL; NARDL; asymmetric-causality (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2021
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