Does Financial Development Raise Tourism Demand? A Cross-Country Panel Evidence

IF 4.4 3区管理学 Q1 HOSPITALITY, LEISURE, SPORT & TOURISM

Journal of Hospitality & Tourism Research Pub Date : 2021-12-02 DOI:10.1177/10963480211060789

Rupika Khanna, C. Sharma

引用次数: 8

Abstract

This study examines the effects of bank and stock market development on three tourism demand indicators: number of tourist arrivals, expenditure to gross domestic product ratio, and expenditure per arrival. We analyze annual data spanning the period 1995-2018 for a sample of 207 countries. The theoretical contribution of this study is threefold: first, we assess a variety of financial development indicators; second, we employ cross-sectionally augmented distributed lags estimator that produces estimates robust to the dependence structure in the data; third, using data on a wide assortment of countries, we generalize the findings of several country-specific case studies. We observe that financial development affects both tourist arrivals and tourism expenditure positively. However, the gains in tourist arrivals are more significant relative to those in tourism expenditure. Furthermore, we find the responsiveness of tourism demand to financial development to vary with the income level.

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金融发展会提高旅游需求吗？跨国小组证据

本研究考察了银行和股票市场发展对三个旅游需求指标的影响：游客人数、支出与国内生产总值的比率和每次游客的支出。我们以207个国家为样本，分析了1995-2018年期间的年度数据。本研究的理论贡献有三个方面：首先，我们评估了各种金融发展指标；其次，我们采用了截面增广的分布式滞后估计器，该估计器产生对数据中的依赖结构具有鲁棒性的估计；第三，利用各种国家的数据，我们总结了几个国家具体案例研究的结果。我们观察到，金融发展对游客人数和旅游支出都有积极影响。然而，与旅游支出相比，游客人数的增长更为显著。此外，我们发现旅游需求对金融发展的反应随收入水平的不同而不同。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Hospitality & Tourism Research HOSPITALITY, LEISURE, SPORT & TOURISM-

CiteScore

10.10

自引率

9.50%

发文量

期刊介绍： The Journal of Hospitality & Tourism Research (JHTR) is an international scholarly research journal that publishes high-quality, refereed articles that advance the knowledge base of the hospitality and tourism field. JHTR focuses on original research, both conceptual and empirical, that clearly contributes to the theoretical development of our field. The word contribution is key. Simple applications of theories from other disciplines to a hospitality or tourism context are not encouraged unless the authors clearly state why this context significantly advances theory or knowledge. JHTR encourages research based on a variety of methods, qualitative and quantitative.