Dynamic spillover effects among tourism, economic growth and macro-finance risk factors
Autor(a) principal: | |
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Data de Publicação: | 2020 |
Outros Autores: | |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | http://hdl.handle.net/10400.5/26153 |
Resumo: | This paper examines spillover effects among international tourism growth, economic growth and a group of major macroeconomic and financial variables in the US. The empirical results show significant interactions among tourism growth, economic growth and the selected macro-finance factors, which have notably increased following the intensification of the global financial crisis in the fall of 2008. Furthermore, international tourism growth in the US appears as the main net receiver of spillovers from macroeconomic factors, thus providing evidence contrary to the empirical validity of the tourism-led growth hypothesis for the US. However, real GDP growth is identified as a net transmitter of spillovers to the tourism growth, which supports, at least partly, the economic-driven tourism growth hypothesis for the US. Novel to the literature, global economic policy uncertainty is the most important transmitter of shocks to US tourism growth, suggesting that heightened uncertainty about economic policy may have especially harmful effects on international tourism flows. |
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Dynamic spillover effects among tourism, economic growth and macro-finance risk factorsTourism growthEconomic growthEconomic policy uncertaintyTourismled growth hypothesisSpillover effectsThis paper examines spillover effects among international tourism growth, economic growth and a group of major macroeconomic and financial variables in the US. The empirical results show significant interactions among tourism growth, economic growth and the selected macro-finance factors, which have notably increased following the intensification of the global financial crisis in the fall of 2008. Furthermore, international tourism growth in the US appears as the main net receiver of spillovers from macroeconomic factors, thus providing evidence contrary to the empirical validity of the tourism-led growth hypothesis for the US. However, real GDP growth is identified as a net transmitter of spillovers to the tourism growth, which supports, at least partly, the economic-driven tourism growth hypothesis for the US. Novel to the literature, global economic policy uncertainty is the most important transmitter of shocks to US tourism growth, suggesting that heightened uncertainty about economic policy may have especially harmful effects on international tourism flows.SpringerRepositório da Universidade de LisboaShahzad, Syed Jawad HussainFerrer, Román2022-11-22T14:51:38Z20202020-01-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10400.5/26153engShahzad, Syed Jawad Hussain e Román Ferrer (2020). "Dynamic spillover effects among tourism, economic growth and macro-finance risk factors". Portuguese Economic Journal, 19(3):173-1941617-982X10.1007/s10258-019-00165-0metadata only accessinfo:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-03-06T14:55:39Zoai:www.repository.utl.pt:10400.5/26153Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T17:09:52.163317Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse |
dc.title.none.fl_str_mv |
Dynamic spillover effects among tourism, economic growth and macro-finance risk factors |
title |
Dynamic spillover effects among tourism, economic growth and macro-finance risk factors |
spellingShingle |
Dynamic spillover effects among tourism, economic growth and macro-finance risk factors Shahzad, Syed Jawad Hussain Tourism growth Economic growth Economic policy uncertainty Tourismled growth hypothesis Spillover effects |
title_short |
Dynamic spillover effects among tourism, economic growth and macro-finance risk factors |
title_full |
Dynamic spillover effects among tourism, economic growth and macro-finance risk factors |
title_fullStr |
Dynamic spillover effects among tourism, economic growth and macro-finance risk factors |
title_full_unstemmed |
Dynamic spillover effects among tourism, economic growth and macro-finance risk factors |
title_sort |
Dynamic spillover effects among tourism, economic growth and macro-finance risk factors |
author |
Shahzad, Syed Jawad Hussain |
author_facet |
Shahzad, Syed Jawad Hussain Ferrer, Román |
author_role |
author |
author2 |
Ferrer, Román |
author2_role |
author |
dc.contributor.none.fl_str_mv |
Repositório da Universidade de Lisboa |
dc.contributor.author.fl_str_mv |
Shahzad, Syed Jawad Hussain Ferrer, Román |
dc.subject.por.fl_str_mv |
Tourism growth Economic growth Economic policy uncertainty Tourismled growth hypothesis Spillover effects |
topic |
Tourism growth Economic growth Economic policy uncertainty Tourismled growth hypothesis Spillover effects |
description |
This paper examines spillover effects among international tourism growth, economic growth and a group of major macroeconomic and financial variables in the US. The empirical results show significant interactions among tourism growth, economic growth and the selected macro-finance factors, which have notably increased following the intensification of the global financial crisis in the fall of 2008. Furthermore, international tourism growth in the US appears as the main net receiver of spillovers from macroeconomic factors, thus providing evidence contrary to the empirical validity of the tourism-led growth hypothesis for the US. However, real GDP growth is identified as a net transmitter of spillovers to the tourism growth, which supports, at least partly, the economic-driven tourism growth hypothesis for the US. Novel to the literature, global economic policy uncertainty is the most important transmitter of shocks to US tourism growth, suggesting that heightened uncertainty about economic policy may have especially harmful effects on international tourism flows. |
publishDate |
2020 |
dc.date.none.fl_str_mv |
2020 2020-01-01T00:00:00Z 2022-11-22T14:51:38Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10400.5/26153 |
url |
http://hdl.handle.net/10400.5/26153 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.none.fl_str_mv |
Shahzad, Syed Jawad Hussain e Román Ferrer (2020). "Dynamic spillover effects among tourism, economic growth and macro-finance risk factors". Portuguese Economic Journal, 19(3):173-194 1617-982X 10.1007/s10258-019-00165-0 |
dc.rights.driver.fl_str_mv |
metadata only access info:eu-repo/semantics/openAccess |
rights_invalid_str_mv |
metadata only access |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
Springer |
publisher.none.fl_str_mv |
Springer |
dc.source.none.fl_str_mv |
reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação instacron:RCAAP |
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Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
instacron_str |
RCAAP |
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RCAAP |
reponame_str |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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1799131194130956288 |