Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/337789 
Year of Publication: 
2024
Citation: 
[Journal:] Annals of Tourism Research Empirical Insights [ISSN:] 2666-9579 [Volume:] 5 [Issue:] 2 [Article No.:] 100126 [Year:] 2024 [Pages:] 1-8
Publisher: 
Elsevier, Amsterdam
Abstract: 
The paper aims to probe the tourism-economic growth nexus in the case of India. The paper incorporates a more structural view of sector-specific macroeconomic variables like central government expenditure on tourism (CGET), investment in the tourism industry (IOT), foreign tourist arrivals, and foreign tourist visits as explanatory parameters. Johansen's cointegration and error correction model results support the long-run relationship among the variables. All the independent variables are unidirectional causal on GDP except investment in tourism, which shows long-run bidirectional causality. Thus, the long-run unidirectional tourism-led growth hypothesis is supported. The empirical implications support government and private sector-based resource allocation towards tourism expansion, thereby escalating the country's economic growth.
Subjects: 
Granger causality
India
Johansen cointegration
Time series
Tourism led economic growth
VECM model
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article

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