In the developing economy, tourism is the most visible and steadiest growing facade. Tourism is considered one of the rapidly increasing elements for economic development from the last two decades. Therefore, the proposed study used vector autoregression (VAR) model, error correction model...

In this paper we investigate the long-run and short-run relationship between housing investment and economic growth in China using the quarterly province-level panel data for the period 1999 q1 to 2007 q4. Recently developed econometric techniques for panel unit root testing and heterogeneous...

This paper examines the relationship between stock market development and economic growth in case of Argentina's economy. Apply Granger causality and exogeneity tests based on VEC (vector error correction) models with monthly data covering the period 1993:1-2010:8. The results show that the...

Tourism has over the past decades turned into a core activity for accelerated growth. The purpose of this study is to determine the role of tourism in the economy of Aruba. More specifically, this investigation attempts to answer the following questions: (1) is there is a long-run equilibrium...

There exists vast literature on the determinants and effects of Foreign Direct Investment (FDI). The issue has increased in importance due to strong globalization processes. Many developed and developing countries try to attract FDI to support their economic growth and development. However,...

We investigate the causal relationship between the public debt to GDP ratio and economic growth for 31 EU and OECD countries from 1995 to 2013. A number of studies have tackled this problem, but very few make the transmission mechanism explicit in their analysis. We estimate a panel VAR model...

In this paper we present and describe the revised version of the KOF Globalisation Index, a composite index measuring globalisation for every country in the world along the economic, social and political dimension. The original index was introduced by Dreher (2006) and updated in Dreher et al....

The study examined the causal linkage between oil price change and economic growth. The study made use of secondary data that were extracted from World Development Indicators and International Financial Statistics. Descriptive statistics, unit root test, Johansen cointegration test and Granger...

By using the Emirmahmutoglu-Kose bootstrap Granger non-causality method, this study explores the directions of causality among tourist arrivals, tourism receipts, energy consumption and economic growth for the top 10 most-visited countries (France, the USA, Spain, China, Italy, Turkey, Germany,...

The theoretical analysis of structural changes in the context of economic growth has a long tradition. However, studies which analyze the empirical relationship between these two economic categories are still very rare. In the literature, whether growth causes structural changes or the other way...