Özgür Bayram Soylu, Bosede Ngozi Adeleye, Fatih Okur, Murat Emi̇könel
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Tourism and FDI-Growth Nexus in Upper-Middle Income Countries
This paper examines the role of tourism in foreign direct investment-growth relation in upper-middle income countries. We deploy static and dynamic panel analysis to evaluate how tourism indicators influence the impact of FDI net inflows on growth using an unbalanced panel data on 29 upper middle-income countries from 2010-2019. The tourism indicators are receipts, arrivals and expenditures. The results from static and dynamic analyses indicate that for the most part (1) FDI and tourism exert asymmetric effects on growth, (2) tourism indicators reduce the negative effect of FDI on growth, (4) trade openness is a positive and significant predictor of growth, and (5) domestic credit negatively contributes to growth. Deductively, results evidence that tourism indicators are critical drivers of economic growth in upper middle-income countries. Overall, tourism receipts show the largest influence on FDI to spur the most appreciable impact on growth. Despite this, the fact that tourism indicators cannot completely eliminate the destructive impact of FDI on economic growth shows that tourism development policies should be based on a greener and sustainable ground, taking into account the effects of the coronavirus.
期刊介绍:
Journal TOURISM is an international academic and professional quarterly which welcomes articles on various aspects of travel and tourism. Th e journal emphasises the broadness and interrelatedness of the tourism sector. Manuscripts submitted to the Journal can be processed quickly if they are prepared according to the following guidelines. Manuscripts will be returned to the author with a set of instructions if they are not submitted according to our style guide. No contribution will be accepted which has been published elsewhere, unless it is specifi cally invited or agreed by the Editor.