Dynamic spillover effects among tourism, economic growth and macro-finance risk factors
Syed Jawad Hussain Shahzad () and
Román Ferrer ()
Additional contact information
Román Ferrer: University of Valencia
Portuguese Economic Journal, 2020, vol. 19, issue 3, No 2, 173-194
Abstract 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.
Keywords: Tourism growth; Economic growth; Economic policy uncertainty; Tourism-led growth hypothesis; Spillover effects (search for similar items in EconPapers)
References: View references in EconPapers View complete reference list from CitEc
Citations: Track citations by RSS feed
Downloads: (external link)
http://link.springer.com/10.1007/s10258-019-00165-0 Abstract (text/html)
Access to the full text of the articles in this series is restricted.
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:spr:portec:v:19:y:2020:i:3:d:10.1007_s10258-019-00165-0
Ordering information: This journal article can be ordered from
http://www.springer. ... cs/journal/10258/PS2
Access Statistics for this article
Portuguese Economic Journal is currently edited by Luís F. Costa
More articles in Portuguese Economic Journal from Springer, Instituto Superior de Economia e Gestao
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().