Journal
TOURISM MANAGEMENT
Volume 30, Issue 6, Pages 812-818Publisher
ELSEVIER SCI LTD
DOI: 10.1016/j.tourman.2008.12.013
Keywords
Tourism expansion; Economic growth; Uncertainty; Causality; EGRACH-M model
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This study examines the causal relationship between tourism expansion and economic growth in two Asian countries: Taiwan and South Korea. An EGARCH-M model with uncertainty factors is employed to examine the direction of causality between tourism expansion and economic growth, as well as the impulse impacts of uncertainty on both variables. The results indicate that the tourism-led economic growth hypothesis is supported for Taiwan while a reciprocal causal relationship is found for South Korea. The significant impacts of uncertainty on growth are also identified. (C) 2009 Elsevier Ltd. All rights reserved.
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