Journal
TOURISM MANAGEMENT
Volume 27, Issue 5, Pages 925-933Publisher
ELSEVIER SCI LTD
DOI: 10.1016/j.tourman.2005.05.011
Keywords
tourism expansion; economic development; Granger causality; cointegration; Taiwan
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This study examines the causal relationship between tourism expansion and economic development in Taiwan. A Granger causality test is performed following the cointegration approach to reveal the direction of causality between economic growth and tourism expansion. Test results indicate a long-run equilibrium relationship and further a bi-directional causality between the two factors. In other words, in Taiwan, tourism and economic development reinforce each other. A discussion follows and managerial implications are identified based on the empirical findings. (c) 2005 Elsevier Ltd. All rights reserved.
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