TOURISM DEMAND AND ECONOMIC GROWTH IN VIETNAM: FRESH INSIGHTS BASED ON THE PARTIAL AND MULTIVARIATE WAVELET APPROACHES

Ngo Thai Hung and Ha Minh Hieu ()
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Ngo Thai Hung: Faculty of Economics and Law, University of Finance-Marketing, Ho Chi Minh City, Vietnam
Ha Minh Hieu: Faculty of Trade, University of Finance-Marketing, Ho Chi Minh City, Vietnam

The Singapore Economic Review (SER), 2025, vol. 70, issue 03, 829-850

Abstract: This study aims to examine the interaction among tourism revenue (TOV), the real exchange rate (REX), and economic development in Vietnam throughout 1995–2019. Using the bivariate and multivariate wavelet frameworks, we examine the lead–lag connectedness, co-movement and dynamic associations between these indicators across various time and frequency domains. By doing so, we employ wavelet transform coherence (WTC), cross-wavelet transform (XWT), partial wavelet coherence (PWC) and multiple wavelet coherence (MWC) frameworks. The findings indicate low covariance but a positive and robust nexus between tourism demand (TOV), economic growth (gross domestic product (GDP)), and the REX in the time–frequency space. In the long run, interdependence between variables is primarily negative and weak. The outcomes of PWC and MWC reveal that REX and GDP determinants affect the TOV–GDP and TOV–REX relationships under different frequencies, respectively. These results are of interest and significance to the Vietnamese government and policymakers as the outcomes have important implications for informing their decision-making.

Keywords: Tourism demand; economic growth; exchange rate; wavelet analysis; Vietnam (search for similar items in EconPapers)
Date: 2025
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DOI: 10.1142/S0217590822500126

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