Financial development and tourism: a century of evidence from Germany

Churchill, Sefa Awaworyi; Cai, Yifei; Erdiaw‐Kwasie, Michael Odei; Pan, Lei

doi:10.1080/00036846.2022.2086964

Cited by 9 publications

(4 citation statements)

References 70 publications

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“…There was no statistically significant relationship between the financial development index and tourism efficiency. Churchill et al (2022) stated that there may be a negative or positive relationship conceptually between tourism and financial development depending on the mechanism by which financial development is transferred to tourism. In addition, when examined empirically, it was predicted that the impact of financial development on tourist arrivals, in particular, would not be known.…”

Section: Discussionmentioning

confidence: 99%

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Tourism Efficiency: Bootstrap-Data Envelopment and Tobit Panel Data Analysis

GÜNEY,

TOPÇUOĞLU,

BOZKURT

2023

jotags

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Tourism is an important sector for countries, not only for cultural but also for economic activities. The tourism sector, which operates effectively, contributes to the development of the country's economy. Therefore, the study aims at calculating tourism efficiency and identifying factors that influence it. The study discussed 18 European countries that are among the world's major destination centers. Firstly, tourism efficiency scores were calculated with the data covering the period 2002-2019. Inputs are the number of tourists and tourism expenditures, and output is tourism revenues. Tourism sector efficiency was calculated with the standard Data Envelopment Analysis (DEA) model. Because of the possible statistical limitations of the DEA method, analysis was repeated with the Bootstrap-DEA method. The resulting efficiency scores were used as dependent variables in the Tobit model. The variables including per capita income, digitalization, energy consumption, financial development, political stability, and life expectancy at birth were handled as new trends of tourism efficiency in the Tobit panel data analysis. Boostrap DEA results, which yield more accurate results, gave efficiency results for a smaller number of countries than the efficiency analysis performed with standard DEA. Tobit panel data analysis results showed that income per capita, digitalization, political stability, and life expectancy at birth enhanced tourism efficiency. In the study, unlike the literature, tourism efficiency was not considered at the level of companies, but at the level of countries. In addition to the standard DEA analysis, the Bootstrap DEA method was used, which yielded superior results. Additionally, not only the efficiency values were calculated in the study, but also the factors affecting the tourism efficiency were determined.

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Section: Discussionmentioning

confidence: 99%

“…Financial development is driving tourism demand by stimulating investment in the tourism sector (Churchill et al, 2022). It can be said that there is a hypothesis of feedback causality between financial development and tourism.…”

Section: Introductionmentioning

confidence: 99%

Tourism Efficiency: Bootstrap-Data Envelopment and Tobit Panel Data Analysis

GÜNEY,

TOPÇUOĞLU,

BOZKURT

2023

jotags

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“…Tourism has therefore been widely recognised as a catalyst for export trade and economic growth in many countries. However, despite the significant economic contributions of the tourism industry, top tourism destinations are becoming increasingly concerned about the environmental impacts such as rising natural resource consumption, carbon emissions, litter, and pollution and the associated costs [ 3 , 6 , 7 ]. This paper investigates whether progress towards circular economy innovations in the form of recycling and the use of secondary raw materials improves tourism receipts.…”

Section: Introductionmentioning

confidence: 99%

“…Approximately 1460 million international arrivals in 2019 generated $1,481 billion in international tourism receipts [2]. Furthermore, tourism contributes significantly to the economic growth of a destination by providing employment opportunities, accumulating foreign exchange earnings, and improving infrastructure [3][4][5]. In 2019 these figures represented more than 28% of the world's services exports [1].…”

Section: Introductionmentioning

confidence: 99%

Circular economy, environmental quality and tourism receipts in Europe: A time series data analysis

Erdiaw-Kwasie,

Owusu-Ansah,

Abunyewah

et al. 2023

PLoS ONE

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The study examines how progress towards a circular economy (CE), patents related to recycling and secondary raw materials as a proxy for innovation, affect tourism receipts. The study uses Autoregressive Distributed Lag (ARDL) and Error Correction Method (ECM) to analyse time series data from EU countries from 2000 to 2020. Our estimates show that there exist long-run and short-run equilibrium relationships. In sum, evidence shows that promoting circular innovative practices, including recycling and using secondary raw materials in tourist destinations, could improve environmental quality and positively impact tourism receipts. The study concludes with policy and practical suggestions for circular economy innovation towards green tourism, destination management, and sustainable tourism.

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Applying Circular Economy Thinking to Food Systems in the Hospitality Industry in Nigeria

Okupe

2023

Sustainable Development Goals Series

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Financial development and tourism: a century of evidence from Germany

Cited by 9 publications

References 70 publications

Tourism Efficiency: Bootstrap-Data Envelopment and Tobit Panel Data Analysis

Tourism Efficiency: Bootstrap-Data Envelopment and Tobit Panel Data Analysis

Circular economy, environmental quality and tourism receipts in Europe: A time series data analysis

Applying Circular Economy Thinking to Food Systems in the Hospitality Industry in Nigeria

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