The Causal Relationship of Tourism and The Selected Macroeconomic Variables With Economic Growth

The world is making tourism its cash cow. So is Malaysia. Currently, tourism is Malaysia’s important foreign exchange earner, second only to manufacturing. Tourism, one of the world’s largest and fastest growing industries is a strategic factor for economic growth. Since the empirical results associ...

Full description

Saved in:

Bibliographic Details
Main Author:	Cheam, Chai Li
Format:	Thesis
Language:	eng
Published:	2012
Subjects:	G154.9-155.8 Travel and state Tourism HB Economic Theory
Online Access:	https://etd.uum.edu.my/3782/1/s91299.pdf
Tags:	Add Tag No Tags, Be the first to tag this record!

id	my-uum-etd.3782
record_format	uketd_dc
institution	Universiti Utara Malaysia
collection	UUM ETD
language	eng
advisor	Mahmood, Rosli Abdullah, Hussin
topic	G154.9-155.8 Travel and state Tourism HB Economic Theory
spellingShingle	G154.9-155.8 Travel and state Tourism HB Economic Theory Cheam, Chai Li The Causal Relationship of Tourism and The Selected Macroeconomic Variables With Economic Growth
description	The world is making tourism its cash cow. So is Malaysia. Currently, tourism is Malaysia’s important foreign exchange earner, second only to manufacturing. Tourism, one of the world’s largest and fastest growing industries is a strategic factor for economic growth. Since the empirical results associated with Granger causality among economic growth, tourism and exports within neoclassical framework are inconsistent, the present study sets out to show that tourism has a role in economic growth using the Malaysian context by utilizing the selected macroeconomic variables of physical capital, education, health and exports as the control variables from 1974-2010. The objectives are to determine 1) the long run relationships, 2) the short run relationships, 3) the long run and short run Granger causality, 4) the long run triangular relationships and 5) the speed of adjustment for economic growth. The study employs econometric techniques such as unit roots, Johansen cointegration, Vector Error Correction Model (VECM) within Granger causality. Results from Johansen cointegration show all the variables are positive and statistically significant to growth except exports and government tourism expenditure. Short run relationships reveal only tourism variables are significant and positively related to growth. The long run Granger causality in VECM show bidirectional relationship among economic growth, tourism receipts and health; while unidirectional causalities are found for the rest of the variables to growth. Interestingly, the selected macroeconomic variables and government tourism expenditure precede tourism receipts while tourism receipts cause health–all these in turn indirectly lead to economic growth thus showing that triangular relationships exists. The speed of adjustment shows a high coefficient when there is a state of disequilibrium. Besides enhancing the present knowledge, the findings also suggest to policy makers to further improve and sustain tourism and the selected macroeconomic variables in order to generate greater economic growth.
format	Thesis
qualification_name	Ph.D.
qualification_level	Doctorate
author	Cheam, Chai Li
author_facet	Cheam, Chai Li
author_sort	Cheam, Chai Li
title	The Causal Relationship of Tourism and The Selected Macroeconomic Variables With Economic Growth
title_short	The Causal Relationship of Tourism and The Selected Macroeconomic Variables With Economic Growth
title_full	The Causal Relationship of Tourism and The Selected Macroeconomic Variables With Economic Growth
title_fullStr	The Causal Relationship of Tourism and The Selected Macroeconomic Variables With Economic Growth
title_full_unstemmed	The Causal Relationship of Tourism and The Selected Macroeconomic Variables With Economic Growth
title_sort	causal relationship of tourism and the selected macroeconomic variables with economic growth
granting_institution	Universiti Utara Malaysia
granting_department	Othman Yeop Abdullah Graduate School of Business
publishDate	2012
url	https://etd.uum.edu.my/3782/1/s91299.pdf
_version_	1747827644611690496
spelling	my-uum-etd.37822016-04-19T01:43:52Z The Causal Relationship of Tourism and The Selected Macroeconomic Variables With Economic Growth 2012-05 Cheam, Chai Li Mahmood, Rosli Abdullah, Hussin Othman Yeop Abdullah Graduate School of Business Othman Yeop Abdullah Graduate School of Business G154.9-155.8 Travel and state. Tourism HB Economic Theory The world is making tourism its cash cow. So is Malaysia. Currently, tourism is Malaysia’s important foreign exchange earner, second only to manufacturing. Tourism, one of the world’s largest and fastest growing industries is a strategic factor for economic growth. Since the empirical results associated with Granger causality among economic growth, tourism and exports within neoclassical framework are inconsistent, the present study sets out to show that tourism has a role in economic growth using the Malaysian context by utilizing the selected macroeconomic variables of physical capital, education, health and exports as the control variables from 1974-2010. The objectives are to determine 1) the long run relationships, 2) the short run relationships, 3) the long run and short run Granger causality, 4) the long run triangular relationships and 5) the speed of adjustment for economic growth. The study employs econometric techniques such as unit roots, Johansen cointegration, Vector Error Correction Model (VECM) within Granger causality. Results from Johansen cointegration show all the variables are positive and statistically significant to growth except exports and government tourism expenditure. Short run relationships reveal only tourism variables are significant and positively related to growth. The long run Granger causality in VECM show bidirectional relationship among economic growth, tourism receipts and health; while unidirectional causalities are found for the rest of the variables to growth. Interestingly, the selected macroeconomic variables and government tourism expenditure precede tourism receipts while tourism receipts cause health–all these in turn indirectly lead to economic growth thus showing that triangular relationships exists. The speed of adjustment shows a high coefficient when there is a state of disequilibrium. Besides enhancing the present knowledge, the findings also suggest to policy makers to further improve and sustain tourism and the selected macroeconomic variables in order to generate greater economic growth. 2012-05 Thesis https://etd.uum.edu.my/3782/ https://etd.uum.edu.my/3782/1/s91299.pdf text eng validuser Ph.D. doctoral Universiti Utara Malaysia 9th MP. (2006). Economic Planning Units Malaysia. Retrieved April 5, 2009, from Ninth Malaysia Plan, realizing tourism potential: http:www.epu.gov.my/rm9/English/chapter8.pdf. Abdul Rahman, A. R. (1991). The economic impact of tourism in Malaysia. Paper presented at the ESCAP workshop. New York Abdullah, H. A. (2000). The relationship between government expenditure and economic growth in Saudi Arabia. Journal of Administrative Science, 12(2), 173-191. Abdullah, H., & Maamor, S. (2010). Relationship between national product and Malaysia government development expenditure: Wagner's Law validity application. International Journal of Business and Management, 5(1), 88-97. Abu Al-Foul, B., & Baghestani, H. (2004). The causal relation between government revenue and spending: Evidence from Egypt and Jordan. Journal of Economics and Finance, 28(2), 260-269. Abu Aliqah, K. M., & Al-rfou’, A. N. (2010). The role of tourism sector on economic development in Jordan during the Period (1990-2008) . European Journal of Economics, Finance and Administrative Sciences, ISSN 1450-2887, 18, 173-180. Abual-Foul, B. (2004). Testing the export led growth hypothesis: Evidence from Jordan. Applied Economics Letters, 11, 393-396. Abu-Bader, S., & Abu-Qarn, A. (2003).Government expenditures , military spending and economic growth: causality evidence from Egypt, Israel and Syria. Journal policy Model 25, 567- 583. Accountant General of Malaysia. (1974-2010). Federal Government Financial Statements. Accountant General of Malaysia. Ackley, G. (1961). Macroeconomic theory. New York: Macmillan. Adamou, A., & Clerides, S. (2010). Prospects and limits of Tourism Led Growth: The International Evidence. Review of Economic Analysis, 3, 287- 303. Adams, P., & Parmenter, B. (1995). An applied general equilibrium analysis of the economic effects of tourism in quite small, quite open economy. Applied Economics, 27; 985- 994. Adams, P., & Parmenter, B. (1999). General equilibrium model. In K. Corcoran, A. Allcock, T. Frost, & L. Johnson, Valuing Tourism: methods and techniques (pp. 110-121). Canberra: Ocassional Paper Bureau of Tourism Research No. 28. Adelman, I., & Robinson, S. (1978). Income distribution policy in developing countries: a case study of Korea. Stanford, CA: Stanford University Press. Afzal, M., Butt, A. R., & Rehman, H. U. (2010). A dynamic analysis of the relationship among human development, exports and economic growth in Pakistan. Retrieved August 08, 2011, from http:// www.pide.org.pk/psde/25/pdf/Day3/Muhammad%20Afzal.pdf. Agence Francaise de Developpement-AFD. (2008). Tourism and Development. Economic Newsletter. Agion, P., & H., P. (1992) . A model of growth through creative destruction. Econometrica, 60, 323-351. Agosin, M. (1999). Trade and growth in Chile. Cepal Review, 68, 79-100. Akal, M. (2010). Economic implications of international tourism on Turkish economy. Tourismos: An International Multidisciplinary Journal of Tourism, 5(1), 131-152. Akama, J. S. (2002). The role of government in the development of tourism in Kenya. International Journal of Tourism Research, 4, 1-13. Akindoade, O. A., & Braimoh, L. A. (2010). International tourism and economic development in South Africa: a granger causality test. International Journal of Tourism Research, 12. 149-163. Akis, S. (1998). A compact econometric model of tourism demand for Turkey. Tourism Management, 19(1), 99-102. Alegre, J., & Pou, L. (2006). The length of stay in the demand for tourism. Tourism Management, 27(6), 1343-1355 Alexiou, C. (2009). Government spending and Economic growth : econometric evidence from South Eastern Europe (SEE). Journal of Economic and Social Research, 11, 1, 1-16. Alhajhoj, H. (2007). Exports and economic growth in Saudi Arabia: a VAR model analysis. Journal of Applied Sciences, 7(23), 3649-3658. Al-Hasson, I.M. (2005, Spring) Estimating the relationship between GDP Growth and Government Spending in Four GCC countries: a comparison of GDP and Non-Oil GDP growth. Unpublished doctoral dissertation, Colorado State University, USA. Alipour, H. (1991). An alternative tourism policy: A case study in Turkey. Interntional symposium on archetecture of tourism in Meditterannean, 2(1). Istanbul, Turkey: Yildiz Universijty. Alkhuzaim, W. M. (2005). Eport led growth hypothesis: causality analysis for oil-based gulf cooperation council countries. Unpublished doctoral disertation, Colorado State University. Al-Ma’yta, S. (1991) Analytical study for tourism sector and its effects on Jordanian economic during the period 1970-1989. Unpublished Master Degree dissertation, Jordan University, Amman. Al-Mamun, K., & Nath, H. (2005). Export led growth in Bangladesh: A time series analysis. Applied Economics Letters, 12, 361-364. Al-Ta’amna, M. (2001). The role of tourism sector in economic developing in Jordan in 1980- 1999. Unpublished Master Degree dissertation, Jordan University, Amman. Al-Yousif, Y. (2000). Does government expenditure inhibit or promote economic growth: some empirical evidence from Saudi Arabia. Indian Economic Journals, 48(2). Al-Yousif, Y. K. (2008). Education expenditure and economic growth: some empirical evidence from the GCC countries. The Journal of Developing Areas, 69- 80. Anaman, K. A. (2004). Determinants of economic growth in Brunei Darussalam. Journal of Asian Economics, 15(4), 777-796. Ang, J. B., & McKibbin, W. J. (2007). Financial liberalization, financial sector development and grwoth: evidence from Malaysia. Journal of Development Economics, 84(1), 215-233. Anis, M. N. (2011, October 28). Properly managed development ensures sustainable long term economic growth, says Najib. The Star . Anoruo, E., & Ramchander, S. (1998). Exports and economic growth: an error correction model. Retrieved Jan 27, 2011, from http://coin.wne.uw.edu. pl/pwojcik/macroeconometrics/06/VECM_Anoruo_Ramchander.pdf. Arabsheibani, G. R., & Labarthe, A. D.-A. (2002). Tourism multiplier effects on Peru. Archer, B. (1996). Economic Impact Analysis. Annals of Tourism Research, 23(3), 704-707. Archer, B. (1984). Economic impact: Misleading multiplier. Annals of Tourism Research, 11(3), 517-518. Archer, B. H. (1995). Importance of tourism for the economy of Bermuda. Annals of Tourism Research, 22, 918-930. Archer, B.H. (1976) The anatomy of multiplier. Regional Studies, 10, 71-77. Archer, B. H. (1982). The value of multipliers and their policy implications. Tourism Management, 3, 236-241. Archer, B. H. (1977b). Tourism in Bhamas and Bermuda: Two case studies. Bangor Occasionall Papers in Economics, 10 . Cardiff: University of Wales Press. Archer, B. H. (1977a). Tourism multiplier: The state of art. Occasional Papers in Economics. No. 11, Bangor: University of Wales Press. Archer, B. H. (1989). Toursim and island economies: Impact analyses. In C. Cooper, Progress in tourism, recreation and hospitality management. New York: Belhaven Press. Archer, B. H., & Owen, C. (1971). Towards a tourist regional multiplier. Regional Studies, 5, 289-294. Archer, B. (1978). Input-Output analysis: Its strength, limitations and weaknesses. Annals of Tourism Research, 5(1), 185-186. Archer, B., & Fletcher, J. (1996). The economic impact of tourism in the Seychelles. Annals of Tourism Research, 23(1) , 32-47. Arellano, M., & Bond, S. (1991). Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. Review of Economic Studies, 58, 277-297. Arrow, K. (1962). The economic implications of learning by doing. Review of Economic Studies, 29, 155-173. Aschauer, D. (2000). Public capital and economic growth: Issues of quantity, finance and efficiency. Economic Development and Cultural Change, 48, 391-406. Asteriou, D., & Agiomirgianakis, G. M. (2001). Human capital and economic growth time series evidence from Greece. Journal of Policy Modeling, 481-489. Awan, R. U., Azid, T., & Sher, F. (2011). Growth implications of government expenditure in Pakistan: an empirical analysis. Interdisciplinary Journal of Contemporary Research in Business, 3(3), 451-471. Awokuse, T. (2005). Export led growth and the Japanese economy: Evidence from VAR and Directed Acyclic Graphs. Applied Economics Letters, 12, 849- 858. Awokuse, T. O. (2005b). Exports, economic growth and causality in Korea. Applied Economics Letters, 12(11),693-96 Awokuse, T. O. (2004). Is the export led growth hypothesis valid for Canada? . Canadian Journal of Economics, 36, 126- 136. Awokuse, T. O. (2008). Trade openess and economic growth: Is growth export led or import led? Applied Economics, 40, 161-173. Azam, M., & Ahmed, A. M. (2010). The role of human capital in economic development: Evidence from Pakistan, 1961-2009. Interdisciplinary Journal of Contemporary Research in Business, 220-233. Baffes, J., & Shah, A. (1994). Causality and co-movement between taxes and expenditures: Historical evidence from Argentina, Brazil and Mexico. Journal of Development Economics, 44, 311-331. Baharumshah, A. Z., & Rashid, S. (1999). Exports, imports and economic growth in Malaysia: Empirical evidence based on multivariate time series. Asian Economic Journal, 13(4). Bahmani-Oskooee, M., & Miteza, I. (2004). Panel cointegration and productivity bias hypothesis. Journal of Economic Studies, 31, 448-456. Bahmani-Oskooee, M., & Oyolola, M. (2007). Export growth and output growth: An application of bounds testing approach. Journal of Economics and Finance, 31(1), 1-11. Bahmani-Oskooee, M., Economidou, C., & Goswami, G. G. (2005). Export Led Growth hypothesis revisited: A panell cointegration approach. Scientific Journal of Administrative Development, 3. Balaguer, J., & Cantavella-Jorda, M. (2001). Examining the export led growth hypothesis for Spain in the last century. Applied Economics Letters, 8, 681-685. Balaguer, J., & Cantavella-Jorda, M. (2000). Tourism as a long run economic growth factor: The Spanish case. WE-EC. Balaguer, J., & Cantavella-Jorda, M. (2002). Tourism as a long run economic growth factor: the Spanish case. Applied Ecoonomics, 34, 877 -884. Balaguer, J., & Cantevella-Jorda, M. (2004). Export composition and Spanish economic growth: Evidence from the 20th century. Journal of Policy Planning, 26, 165-179. Balassa, B. (1978). Exports and economic growth: Further evidence. Journal of Development Economics, 5, 181-189. Balasubarmanyam, V. N., Salisu, M., & Sapsford, D. (1996). Foreign direct investment and growth in EP and IS countries. The Economic Journal, 106, 92-105. Baretje, R. (1982). Tourism’s external account and the balance of payments. Annals of Tourism Research, 9(1), 57-67. Barro, R (1991). Economic Growth in Cross Section of Countries. Quarterly Journal of Economics, 407-443. Barro, R. (2001). Economic growth in East Asia before and after the financial crisis. NBER Working Paper 8330 . Barro, R. J., & Sala-i-Martin, X. (1999). Economic Growth, 1st Ed. Cambridge, MA: MIT Press. Barro, R.J., & Sala-i-Martin, X. (1992) Regional growth and migration: a Japan-United States comparison. Journal of the Japanese and International Economies, 6, 312- 346. Barro, R. J., & Xavier Sala-i-Martin, X. (1995). Economic Growth. New York: McGraw-Hill. Barro, R. J., & Xavier Sala-i-Martin, X. (2004). Economic growth. New York: McGraw-Hill. Barro, R. (1979). On the determination of public debt. Journal of Political Economy, 87, 940-71. Barros, C., Butler, R., & Correia, A. (2010). The length of stay of gold tourism: A Survival Analysis. Tourism Management, 31(1), 12-21. Barth, J. R., Keleher, R., & Russek, F. (1990). The scale of government and economic activity. Sourth Economic Journal, 13, 142-183. Bashar, O. K., Lau, C. W., & Sim, C. H. (2008). Impact of economic liberalisation on growth: Evidence from Malaysia. Malaysian Journal of Economic Studies, 45, 79-94. Bassanini, A., & Scarpetta, S. (2002). The driving forces of economic growth: Panel data evidence for the OECD countries, organization for economic co-operation and development economic studies, 33. Becken, S., & Hay, J. E. (2007). Tourism and climate change, risks and opportunities. Channel View Publications. Belisle, F. J., & Hoy, D. R. (1980). The perceived impact of tourism by residents. Annals of Tourism Research, 7(1), 83-101. Belloumi, M. (2010). The relationship between tourism receipts, real effective exchange rate and economic growth in Tunisia. International Journal of Tourism Research, 12(5), 550-560. Bhagwati, J., & Srinivasan, T. (1979). Trade policy and development . In R. Donbusch, & J. Frenkel, Internaitional Economic Policy: Theory and evidence (pp. 1-35). Baltimore: Johns Hopkins University Press. Bharat, K., Panik, M., & Wahab, M. (2000). Government expenditure and economic growth: Evidence from G7 countries. Applied Economics, 32(8) , 1059-1068. Bini, P., & Masini, R. (2008). Dacia and The Roman Empire: Tourism led growth and catching up with macro economic constrains. CRIE working paper, 1/2008. Bird, R. M. (1992). Taxing tourism in developing countries. World Development, 20, 1145-1158. Black, A. (2000). The economic effects of tourism in Spain. (Discussion Paper 2000/2). Nottingham University, UK: Christel Dehaan Tourism and Travel Research Institute. Blake, A. S., & Sugivarto, G. (2003). How fast are the tourism countries growing? The cross contry evidence. Milan, Italy: Fondazione Eni Enrico Mattei. Nota di Lavoro, No. 85. Blake, A., & Sinclair, M. (2003). Tourism crisis management: US response to September 11 . Annals of Tourism Research, 39, 813-832. Blankenau, W., & Simpson, N. B. (2004). Public education, expenditure and growth. Journal of Development Economics, 73, 583-605. Bloom, D. E., & Canning, D. (2000). Public health: The health and wealth of nation. Science 287, 1207-1209. Blundell, R., & Bond, S. (1998). Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics, 87, 115-43. BNM. (1974-2010). Bank Negara Malaysia Annual Report. Bank Negara Malaysia. Bonham, C., Gangnes, B., & Zhou, T. (2009). Modeling tourism: A fully identified VECM approach. International Journal of Forecasting, 25, 561-549. Boriss, S., & Herzer, D. (2006). Export led growth hypothesis: Evidence from Chile. Applied Economics Letters, 13, 319-324. Bose, N., Haque, M. E., & Osborn, D. R. (2007). Public expenditure and economic growth: A disaggregated analysis for developing countries. The Manchester School, 75(5), 533-556. Bowen, D. (2002). Research through participation in tourism: A creative solution to the measurement of consumer satisfaction/ dissatisfaction (CS/D) among tourists. Journal of Travel Research, 41, 4-15. Brau, R., Lanza, A., & Pigilaru, F. (2003). How fast are the tourism countries growing? The cross-country evidence. CRENoS, Working Paper. Briassouolis, H. (1991). Methodological issues: Tourism input-output analysis. Annals of Tourism Research, 18(3), 485-495. Brida, J. G., & Pulina, M. (2010). A literature review on the tourism led growth hypothesis. Working Papers, CRENos, 17. Brida, J. G., Barquet, A., & Risso, W. A. (2010b). Causality between economic growth and tourism expansion: empirical evidence from Trentino-Alto Adige. Tourismos: An interntional Multidisciplinary. Journal of Tourism, 5(2), 87-98. Brida, J. G., Lionetti, S., & Risso, W. A. (2009b). Lung run economic growth and tourism: inferring from Uruguay. Decanato della Facolta di Scienze economiche, Quaderno N. Brida, J., Carrera, E., & Risso, W. (2008). Tourism’s impact on long run Mexican economic growth. Economics Bulletin, 3(7), 1-10. Brida, J., Pereyra, J. S., Risso, W. A., Devesa, M. J., & Sandra, Z. (2009). The tourism led growth hypothesis: Empirical evidence from Colombia. Tourismos: An International Multidisciplinary Journal of Tourism, 4(2), 13-27. Brimelow, P. (1993, March 15). Why the deficit is the wrong number. Forbes. Brist, L. E., & Caplan, A. J. (1999). More evidence on the role of secondary education in the development of lower income countries: Wishful thinking or useful knowledge. Economic Development and Cultural Change, 48(1), 155-75. Britton, S. (1982). The political economy of tourism in the Third World. Annals of Tourism Research, 9, 331-58. Brown, D. M. (2002) Rural tourism: An annotated bibliography. Brownrigg, M., & Greig, M. A. (1975). Differential multipliers for tourism. Scottish Journal of Political Economy, 22, 261-275 Bruno, G. (2005). Estimation and infrence in dynamic unbalanced panel data models with a small number of individuals. Stata Journal, 5, 473-500. Bryden, J. (1980). Tourism and development. New York/London: Cambridge University Press. Buccellato, T., Webber, D., White, S., Ritchie, F., & Begum, S. (2010). The economic impact of tourism across regions and nations of UK. Economic and Labour Market Review, 4(5), 44-50. Bull, A. (1995). The economics of travel and tourism. Second edition. Harlow: Longman. Burkart, A. J., & Medlik, S. (1981). Tourism: past, present and future. 2nd Edition, Heinemann Professional Publishing Ltd. Burton, R. (1998). Ecotours operators’ responses to growth. Journal of Sustainable Tourism, 6(2), 142-145. Butler, R. W. (1980). The concept of tourist area cycle of evolution: Implications for management of resources . Canadian Geographer, 24, 5-12. Caner, M., & Hansen, B. (2004). Instrumental variable estimation of a threshold model. Economic Theory, 20, 813-943. Cascante, D. M. (2008). Consequences of tourism-based growth on rural communities’ quality of life: A comparative study of Liberia and La Fortuna, Costa Rica. Unpublished doctoral dissertation, The Pennsylvania State University. Cass, D. (1965). Optimum growth in an aggregative model of capital accumulation. Review of Economic Studies, 32, 233-240. Cater, E. (1990). The development of tourism in the least developed countries. In G. B., & A. G, Marketing in the Tourism Industry the Promotion of Destination Regions (eds) (pp. 39-66). London: Routledge. Caven, J. (1990). Introduction to economics. 2nd Edition. Oxford: Blackwell. Caves, R., & Holton, R. (1959). The Canadian economy, prospect and retrospect . Cambridge, Mass: Harvard University Press. Chang, C.-L., Khamkaew, T., & McAleer, M. (2010). IV estimation of a panel threshold model of tourism specialization and economic development. Social Science Research Network. Chang, T. Y., & Caudill, S. B. (2002). Tax and spend, spend and tax, or fiscal synchronization: new evidence for then countries. Applied Economics, 34, 1553-1561. Chen, C. F., & Song Zan, C. W. (2009). Tourism expansion, tourism uncertainty and economic growth: New evidence from Taiwan and Korea. Tourism Management, 20, 812-818. Cheng, B. S. (1999). Causality between taxes and expenditures: Evidence from Latin American Countries. Journal of Economics and Finance, 23, 184-192. Cheuk, S., Liew-Tsonis, J., Grace, P. I., & Razli, I. A. (2010). An establishment of the role of private and public sector interests in the context of tourism transport Planning and development: The case of Malaysia. The International Business & Economics Research Journal, 9(2), 59. Chew, G. L., & Woan, T. H. (2010). Tourism, health and income in Singapore. International Journal of Tourism Research, 355-359. Chhabra, D., Sills, E., & Cubbage, F. W. (2003). The significance of festivals to rural economies: Estimating the economic impacts of Scottish Highland Games in North Carolina. Journal of Travel Research, 41, 421-427. Choong, C. K., Zulkornain, Y., & Liew, K. S. (2003). Export led growth hypothesis in Malaysia: an application of two stage least square technique. EconWPA. Clarida, R.H. (1993) International capital mobility, public investment and economic growth. NBER Workiing Paper, No. 4506. Cambridge, MA: NBER. Cointegration. (2005, April 5). Retrieved May 31, 2011, University of Washington: http://faculty.washington. edu/ezivot/econ584/notes/cointegration.pdf. Conrady, R., & Buck, M. (2008). Trends and issues in global tourism. Springer. Constantin, D. L. (2000). Tourism and environmentally sustainable regional development: the case of Romania. In 40th Congress of the European Regional Science Association, 19 August–1 September. Vienna, Austria : European Regional Science Assoc. Constantin, D. L., & Constantin, M. (2007). Strategies for cultural tourism, sustainability and regional development. A case study in Romania. 19 August–2 September. In 47th Congress of the European Regional Science Association. Paris: European R. Constantin, D. (2000b). Tourism and sustainable regional development strategy, effects and costs. Bucharest: Romanian Statistical Review, 8-9. Cooper, C., Fletcher, J., Wanhill, S., Gilbert, D., & Shepherd, R. (1998). Tourism principles and practice. Essex: Pearson Education. Cooper, C., Fletcher, J., Wanhill, S., Gilbert, D., & Shepherd, R. (2005). Tourism: Principles and Practice. 3rd Edition. Prentice Hall. Cooray, A. (2009). Government expenditure, governance and economic growth. Retrieved July 6, 2011, from comparative conomic studies: http://papers.ssrn.com/ sol3/papers.cfm?abstract_id=1686538. Cornelissen, S. (2005) Tourism impact, distribution and development: The spatial structure of tourism in the Western Cape province of South Africa. Development Southern Africa, 22(2), 163-186. Cortes-Jimenez, I. (2006). Tourism and economic growth at regional level: The cases of Spain and Italy. Retrieved February 4, 2011, from European Regional Science Association: http://www.rcfea.org/papers/WS1/Cortes%20Jimenez.pdf. Cortes-Jimenez, I. (2008). Which type of tourism matters to the regional economic growth? The cases of Spain and Italy. International Journal of Tourism Research, 10, 127-139. Cortes-Jimenez, I., & Pulina, M. (2006b). A further step into the ELGH and TLGH for Spain and Italy. FEEM working paper. No. 118, 06. Cortes-Jimenez, I., & Pulina, M. (2009) Inbound tourism and long run economic growth of Spain and Italy. Current Issues in Tourism, Forthcoming. Cortes-Jimenez, I., & Pulina, M. (2006). Tourism and growth: Evidence for Spain and Italy. 46th Congress of the European Regional Science Association. University of Thressaly. Cortes-Jimenez, I., Pulina, M., Prunera, C., & Artis, M. (2009b). Tourism and exports as a means of growth. Research Institute of Applied Economics, Working papers, 1-28. Country Analysis Report: Malaysia-In dept PESTLE Insights. (2009, September). DATAMONITOR, pp. 1-81. Country Analysis Report: Malaysia-In-dept PESTLE Insights. (2008, October). DATAMONITOR, pp. 1-84. Craven, I. (1990). Community involvement in management of the Arfak Mountains Nature Reserve. WWF . Indonesia. Creel, J., & Poilon, G. (2008). Is public capital productive in Europe? International Review of Applied Economics, 673-691. Croes, R., & Venegas Sr, M. (2008). Cointegration and causality between tourism and poverty reduction. Journal of Tourist Research, 47, 94- 103. Cromption, J. L. (2006). Economic impact studies: Instruments for political Shenanigans? Journal of Travel Research, 45, 67-85. Dakurah, A. H. (1999, spring). An empirical investigation of three economic development relationships in the LCDs. Fort Collins, Colorado, US: Colorado State University. Daniels, M. J., Norman, W. C., & Henry, M. S. (2004). Estimating income effects of a sport tourism event. Annals of Tourism Research, 31(1), 180-99. Darrat, A. (2002). Budget balance through spending cuts or tax adjustments. Contemporary Economic Policy, 20, 221-233. Darrat, A. (1998). Tax and Spend, or Soend and Tax? An Inquiry into the Turkish Budgetary Process. Southern Economic Journal, 64, 940-956. Dash, R.K. (2009) Revisited export led growth hypothesis: An empirical study on India. South Asia Economic Journal, 10(2), 305-324. Davidson, L. S., & Schaffer, W.A. (1980)A discussion of methods employed in analyzing the impact of short-term entertainment events. Journal of Travel Research, 18, 12-16. Davis, D., Allen, J., & Consenza, R. M. (1988). Segmenting local resident by their attitudes, interests and opinions toward tourism. Journal of Travel Research, 27(2), 2-8. Dawson, S. A., Blahna, D. J., & Keith, J. E. (1993). Expected and actual regional economic impacts of great Basin National Part. Journal of Park and Recreation Administration, 45-59. DCT Consultancy. (1997). Northern region tourism directional Plan: marketing and Promotion. Penang, Malaysia: DCT Consultancy Services Sdn. Bhd. Dean Runyan Associates. (2005). Taxes tourism. Office of the Gavernor, Economic Development & Tourism. Deaton. (1995). Growth and saving: what do we know, what do we need to know, and what might we learn?. Manuscript. Princeton University. Deller, S. C., Marcouiller, D. W., & Green, G. P. (1997). Recreational housing and Local government finance. Annals of Tourism Research, 24(3), 687-705. Dervis, K., de Melo, J., & Robinson, S. (1992). General Equilibrium models for development policy. Cambridge: Cambridge University Press. Despiney, B., & Karpa, W. (2010). estimating economic regional effects of Euro 2012. Documents de Travail du Centre d’Economie de la Sorbonne. Devarajan, S., Swaroop, V., & and Zau, H. (1996). Fiscal policy and economic growth: An emprical investigation. Journal of Monetary Economics, 32, 417-458. Diamond, J. (1975). Tourism and development policy: A quantitative appraisal. Bulletin of Economic Research, 17, 36-50. Dickey, D.A., & Fuller, W.A. (1979). Distribution of the estimator for autoregressive time series with a unit root. Journal of the American Statistical Association, 74, 427-31. Dickey, D.A., & Fuller, W.A. (1981). Likelihood ratio statistics for autoregressive time series with a unit root. Econometrica, 49, 1057-72. Dixon, A. W. (2009). Estimating the private consumption benefits derived from the college football game experience, Parks, recreation and Tourism Management. Unpublished doctoral disertation, Parks, recreation and Tourism Management University. Dodaro, S. (1993). Exports and growth: A reconsideration of causality. Journal of Developing Areas, 27, 227-244. Dogan, E., & Tuck, T. C. (2006)Government expenditure and national income: Causality tests for five South East Asian Countries. International Business & Economics Research, 49-58. Domar, E. D. (1946). Capital expansion, rate of growth, and employment. Econometrica, 14, 137-147. DOSM. (1974-2010). Balance of Payments. Malaysia: Department of Statistics. Downes, A. S. (2002). Economic growth in a small developing country: the case of Barbados. Retrieved September 01, 2011, from http://depot.gdnet.org/gdnshare/pdf/draft_country_studies/ Barbados.pdf. Dritsakis, N. (2004). Tourism as a long run economic growth factor: An empirical investigation for Greece using causality analysis. Tourism Economics, 10(3), 305-316. Du Cross, H. (2001). A new model to assist in planning for sustainable cultural heritage tourism. International Journal of Tourism Research, 3, 165-170. Dunnavant, K. (1989). The impact of economics. Sports Inc. pp. 31-33. Durbarry, R. (2002). The economic contribution of tourism in Mauritius. Annals of Tourism Research, 29(3), 862-865. Durbarry, R. (2004). Tourism and economic growth: The case of Mauritius. Tourism Economics, 10(4), 389-401. Dwyer, L., & Forsyth, P. (1998). Economic significance of cruise tourism. Annals of Tourism Research, 25(2), 393-415. Dwyer, L., & Kulendran, N. (2008). Measuring the return from Australia. Tourism Marketing Expenditure, 47, 275-284. Dwyer, L., Forsyth, P., & Spurr, R. (2004). Evaluating tourism’s economic effects: New and old approaches. Tourism Management, 25, 307-317. Dwyer, L., Forsyth, P., & Spurr,R. (2003). Inter-industry effects of tourism growth: Implications for destination managers. Tourism Economics, 9 , 117-132. Dwyer, L., Forsyth, P., Spurr, R., & Vahno, T. (2003). Tourism’s contribution to a state economy: A Multi-regional General Equilibrium analysis. Tourism Economics, 9 , 431-448. Eadington, W. R., & Redman, M. (1991). Economics and tourism. Annals of Tourism Research, 18, 41-56. Easterly, W., & Kraay, A. (2000). Small states, small problems? Income, growth and volatility in small states. World Development, 28, 2013-27. Easterly, W., & Rebelo, S. (1993). Fiscal policy and economic growth: An empirical investigation. Journal of Monetary Economics, 32, 417-458. EC821: time series econometrics. (2003, Spring). Retrieved January 10, 2011, from http://fmwww.bc.edu/ec-c/s2003/821/ec 821.sect05.nn1.pdf Economic Growth. (n.d.). Retrieved February 29, 2012, from Tutor2u: http://tutor2u.net/economic s/revision-notes/as-macro-economic-growth.html. Economic Growth: What macroeconomic factors lead to economic growth? (n.d.). Retrieved March 03, 2012, from Economic Master Class: http://www.jet-to-letmagazine.com/articles/issue4/ propertymagazinesarticleEconomicsMasterclass.pdf. Economic Planning Unit (EPU). (2006). Ninth Malaysia Plan. Malaysia. Economy of Malaysia. (n.d.). Retrieved March 03, 2012, from Wikipedia: http://en.wikipedia.org/wiki/Economy_of_Malaysia Emery, R. (1967). The relation of exports and economic growth. Kyklos, 20, 270-484. Enders, W., & Siklos, P. (2001) Cointegration and threshold adjustment. Journal of Business & Economic Statistics, 19, 304-11. Engen, E. M., & Skinner, J. (1992). Fiscal Policy and Economic Growth. NBER Working Paper 4223. Engle, R. F., & Bollerslev, T. (1986). Modeling the persistence of conditional variances. Econometric Reviews, 5, 1-50. Engle, R., & Granger, C. (1987). Cointegraion and error correction: representation, estimation and testing. Econometrica, 55, 251-76. Ennew, C. (2003). Understanding the economic impact of tourism. Som Nath Chib Memorial Lecture. EPU. (n.d.). The 1st-9th Malaysian Plans. Retrieved May 30, 2009, from Economic Planning Unit: http://www.epu.gov.my/home#=e. Erdogan, H. (2005). Uluslararasi Turizm. (2nd Ed) Bursa,: Uladag University Press, No. 18-003-0275. Eriksen, L., & Ahmt, T. (1999). Meausring and modeling the regional impact of tourism in Denmark. International Journal of Tourism Research, 1, 313-327. Estado de la Nacion (EN). (2007). Estado de la Nacion en el desarrollo humano sostenible. San Jose, Costa Rica: Informe 13, Lil. Eugenio-Martin, J. L., Morales, N. M., & Scarpa, R. (2004). Tourism and economic growth in Latin American Countries: A panel data approach. FEEM Working Paper No. 26. Ewing, B.T., & Payne, J.E. (1998) Government revenue-expenditure nexus: evidence from Latin America. Journal of Economic Development, 23, 57-69. Fayissa, B., Nsiah, C., & Tadasse, T. (2007). The impact of tourism on economic growth and development in Africa . Middle Tennessee State University, Department of Economics and Finance, Working Paper. Fayissa, B., Nsiah, C., & Tadasse, T. (2009). Tourism and economic growth in Latin American Countries (LAC): Further empirical evidence. Middle Tennessee State University, Department of Economics and Finance, Working Paper. Feder, G. (1982) On exports and economic growth. Journal of Development Economics, 12, 59-73 Figini, P., & Vici, L. (2009). Tourism and growth in a cross section of countries. The Rimine Centre for Economic Analysis, WP01-09. Figini, P., & Vici, L. (2010). Tourism and growth in a cross section of countries. Tourism Economics. Firebaugh, G., & Beck, F. (1994). Does economic growth benefit the masse? Growth, dependence, and welfare in the third world. American Sociological Review, 59(5), 631-653. Fleming, W. R., & Toepper, L. (1990). Economic impact studies: Relating the positive and negative impacts to tourism development. Journal of Travel Research, 2(1), 35-42. Fletcher, J. E., & Archer, B. H. (1991). The development and application for multiplier analysis. In C. P. Cooper, Progress in tourism, recreation and hospitality management, 1. London: Belhaven. Fletcher, J. (1994). Economic impact. In S. Witt, & L. Moutinho, Tourism marketing and management handbook (pp. 475-479). New York: Prentice Hall. Fletcher, J. (1989a). Input output analysis and tourism impact studies. Annals of Tourism Research, 16, 514-529. Fletcher, J. (1989b). Input-output models . In T. Baum, & R. Mudambi, Economic and management methods for tourism and hospitality research. Chichester, UK: John Wiley & Sons. Fletcher, J., & Snee, H. (1989). Tourism multiplier effects. In S. F. Witt, & L. Moutinho, Tourism marketing and management handbook (pp. 529-531). Hertfordshire, UK: Prentice Hall International Ltd (UK). Folster, S., & Henrekson, M. (1999). Growth and the public sector: A critique of the critics. European Journal of Political Economy, 15(2), pp. 337-358. Folster, S., & Henrekson, M. (2001). Growth effects of government expenditure and taxation in rich countries. European Economic Review, 45, 81, pp. 1501-1520. Frechtling, D. (1987). Assessing the impacts of travel and tourism: measuring economic benefits. In J. B. Ritchie, & C. R. Goeldner, Travel, tourism and hospitality research: A handbook for managers and researchers. New York: Wiley. Frechtling, D. C. (2006). An assessment of visitor expenditure methods and models. Journal of Travel Research, Sage publications. Frechtling, D. C. (1994). Assessing the impacts of travel and tourism–measuring economic benefits. In J. R. Ritchie, & C. R. Goeldner, Travel, tourism and hospitality research: A handbook for managers and researchers, 2nd ed. (pp. 367-91). New York: John Willey & Sons. Frechtling, D. C., & Horvah, E. (1999). Estimating the multiplier effects of tourism expenditures on a local economy through a regional input-output model. Journal of Travel Research, 37, 324-332. Friedman, M. (1978). The limitations of tax limitations. Policy Review, 7-14. Furuoka, F. (2007). Econometric analysis of the export led growth hypothesis: Evidence for BIMP-EAGA countries. Philippine Journal of Development, 34(2), 25-42. Furuoka, F. (2008). Wagner's law in Malaysia: A new empirical evidence. The Icfai University Press. Ganesan, V. (2004b, January 22). 10.5m in tourist arrivals (HL). Business Times , p. 1. Ganesan, V. (2005d, May 26). Tourism board: industry eye more tourist ringgit. Business Times, p. 11. Ganesan, V. (2005e, September 7). Tourism Malaysia expects higher budget allocation. Business Times, p. 2. Ganesan, V. (2002a, January 9). Tourist arrivals do not match spending here. Business Times, p. 03. Ganesan, V. (2005c, January 24). Tourist arrivals in March highest ever. Business Times , p. 3. Gani, A. (1998). Macroeconomic determinants of growth in South Pacific island economies. Applied Economics Letters, 5, 747-749. Gee, C.Y., Makens, J.C., & Choy, D.J. (1997). The travel industry. 3rd edition, John Wiley & Sons, Inc. Getz, D. (1994). Event tourism: Evaluating the impacts. In J.R. Goeldner, Travel, tourism and hospitality research: A handbook for managers and researchers, 2nd ed. (pp. 437-50). New York: John Willey & Sons. Geweke, J., Meese, R., & Dent, D. T. (1983). Comparing alternative tests of causality in temporal systems: Analytic results and experimental evidence. Journal of Econometrics, 21, 161- 94. Ghafoor, A., & Yorucu, V. (2002). Public expenditure and productivity puzzle: The case of Northern Cyprus. METU Studies in Development, 29(1-2), 69-85. Ghali, K. (1999). Government size and economic growth: Evidence from a multivariate cointegration analysis. Applied Economics, 31, 975-987. Ghali, M. A. (1973). Exports, investment and regional growth. Southern Economic Journal, 40. Ghali, M. A. (1976). Tourism and economic growth: An empirical study. Economic Development and Cultural change, The University of Chicago Press, 24(3), 527-538. Ghatak, S., Milner, C., & Utkulu, U. (1997). Exports, export composition and growth: Cointegration and causality evidence for Malaysia. Applied Economics, 29(2), 213-223. Giles, J., & Williams, C. L. (2000). Export led growth: A survey of the empirical literature and some non causality results-part I. Journal of International Trade and Development, 261-337. Goeldner, C. R. (2003). Tourism principles, practices, philosophies. UK: Wiley & Sons Publishings. Gokovalli, U., Bahar, O., & Kozak, M. (2007). Determinants of length of stay: A practical application of survival analysis. Tourism Management, 28(3), 736-746. Goodie, R. B. (1959). Adding to the stock of physical and human capital. American Economic Review, 49(2), 147. Gormsen, E. (1995). International tourism in China: Its organization and socio-economic impact. In A. Lew, & L. Yu, Tourism in china, geographical, political and economic perspectives (pp. 63-88). Colorado: Westview Press. Gounder, N., Narayan, P. K., & Prasad, A. (2007). An empirical investigation of the relationship between government revenue and expenditure: The case of the Fiji Islands. International Journal of Social Economics, 34 (3), 147-158. Government of Malaysia (GOM). The Malaysian 4th Plan -10th Plan. Percetakan National Malaysia Berhad. Government to further intensify tourism industry. (2009, October 23). The Star. Govindaraju, V. G., Rao, R., & Anwar, S. (2010). Economic growth and government spending in Malaysia: A re-examination of Wagner and Keynesian views. Springer Science. Granger, C. W. (1988). Causality, cointegration and control. Journal of Economic Dynamics and Control, 12, 551-559. Granger, C. W. (1986). Developments in the study of cointegrated economic variables. Oxford Bulletin of Economics and Statistics, 48, 213-228. Granger, C. W. (1969). Investigating causal relations by econometric models and cross-spectral methods. Econometrica, 37, 424-438 Granger, C. W. (1981). Some properties of time series data and their use in econometric model specification. Journal of Econometrics, 121-130. Granger, C. W., & Newbold, P. (1986). Forecasting economic time series, 2nd ed . Orlando, FL: Academic Press. Granger, C. W., & Newbold, P. (1974). Spurious regressions in econometrics. Journal of Econometrics, 2, 111-20. Griffiths, W. E., Hill, R. C., & Judge, G. G. (1993). Learning and practicing econometrics. New York: John Wiley and Sons. Groote, P., Jacobs, J., & Sturm, J. E. (1999). Output effects of infrastructure investment in the Netherlands, 1815-1913. Journal of Macroeconomics, 21, 351-380. Grossman, G. M., & Helpman, E. (1991)Innovation and growth in the global economy. Cambridge : MIT Press. Grossman, G.M., & Helpman, E. (1995)Technology and trade. In G. Grossman, & K. Rogoff, Handbook of international economics (vol. 3). New York: North Holland. Grossman, G. M., & Helpman, E. (1991b). Trade, knowledge, spillovers and growth. European Economic Review, 35, 517-526 Grossman, P. J. (1988). Growth in government and economic growth: The australian experience. Australian Economic Papers, 33-43. Guilkey, D. K., & Salemi, M. K. (1982). Some sample properties of three tests for Granger causal ordering in a bivariate stochastic system. The Review of Economics and Statistics, 64, 668-80. Gujarati, D. (1992). Essentials of Econometrics. Third Edition, McGraw-Hill. Gulcan, Y., Kustepeli, Y., & Akgungor, S. (2009, 17 (10)). Public policies and development of the tourism industry in the Aegean Region. European Planning Studies, 1509-1522. Gunduz, L., & Hatemi, J. A. (2005). Is the tourism led growth hypothesis valid for Turkey? Applied Economics Letters, 12, 499-504. Gunn, C. A. (1994). Tourism planning. Washington: Taylor & Francis. Gurajati, D. N. (2003). Basic econometrics, (4th Ed) . Boston: McGraw Hill. Gurgul, H., Lach, L., & Mestel, R. (2011). The relationship between budgetary expenditure and economic growth in Poland. CEJOR. Haley, U. C., & Haley, G. T. (1997). When the tourists flew in: Strategic implications of foreign direct investment in Vietnam’s tourism industry. Management Decision, 35/8, 595- 604. Haley, U. V., Low, L., & Toh, M. H. (1996). Singapore Incorporated: Reinterpreting Singapore’s business environments through a corporate metaphor. Management Decision, 34(9), 21-23. Hall, C., & McArthur, S. (1993). Heritage management in New Zealand and Australia. Ackland: Oxford University Press. Hamilton, K., & Pavy, J. M. (2010) Unlocking the potential of tourism in Zambia . Proparco’s Magazine: Should Tourism be promoted in developing countries?. Private Sector and Development, 7. Work Bank. Hanafiah, M. H., & Harun, M. F. (2010). Tourism demand in Malaysia: A cross sectional pool time series analysis. International Journal of Trade, Economics and Finance, 80- 83. Hanagriff, R., & Beverly, M. (2009). Can a state funded rural economic development program positively impact the stat’s economy? A case study application using 2007 Texas Department of Agriculture’s Rural Tourism Economic Development Program. The Business Review, Cambridge, 12(2), 72-77. Hansen, B. E. (2000). Sample splitting and threshold estimation. Econometrica, 68 , 575-603. Hansen, H., & Rand, J. (2006). On the causal links between FDI and growth in developing countries. The World Economy, 29(1), 21-41. Harberger, A. (1962). The incidence of corporate taxation. Journal of Political Economy, 70, 215-240. Harrod, R. F. (1939). An essay in dynamic theory. Economic Journal, 49, 14-33. Hazari, B., & Sgro, P. (1995). Tourism and growth in a dynamic model of trade. Journal of International Trade and Economic Development, 4, 243-252. Hegeland, H. (1966). The multiplier theory. New York: Augustus, M. Kelley. Helpman, E., & Krugman, P. (1985). Market structure and foreign trade. Cambridge: MIT Press. Henrekson, M. (1993). Wagner's law-a spurious relationship? Public Finance, 48(2) , 406-415. Henson, F. G. (1989). Historical development and attendant problems of cultural resource management in the Philippines. In H. Cleere, Archaeological Heritage Management in the Mordern World, (pp. 109-17). London: Unwin Hyman. Hill, R. C., Griffiths, W. E., & Lim, G. (2008). Prinsiples of Econometrics, third Edition. John Wiley and Sons. Hodur, N. M., & Leistritz, F. L. (2006). Estimating the economic impact of event tourism: a review of issues and method. The Haworth Press. Holland, D., & Wyeth, P. (1993). SAM multipliers: Their interpretation and relationship to Input-Output multipliers. In D. Otto, & Johnson, Microcomputer based input-output modeling: applications to economic development (pp. 181-197). Boulder CO: Westview Press. Holz-Eakin, D. (2001). Capital in a Tourism Satellite Account. Tourism Economics, 7, 223-232. Horwath Tourism & Leisure Consulting. (1981). Tourism Multipliers Explained. Hou, J. R., Huang, P., & Huang, D. (2007). A unit root test for two time series in China's tourism industry. The Chinese Economy, 39-48. Howard, D.R., & Cromption, J.L. (1995). Financing Sport. Morgantown, WV: Fitness Information Technology. Hughes, H. L. (1994). Tourism multiplier studies: A more judicious approach. Tourism Management, 15(6), 403-406. Hulten, C. R. (1990). The measurement of capital . In E. R. Berntdt, & J. Triplett, Fifty years of economic measurement. National Bureau of Economic Research. Hulton, C. (1996). Infrastructure capital and economic growth: how well you use it may be more important than how much you have. NBER Working Paper no. 5847. Cambridge, MA, USA. Hunziker, W., & Krapf, K. (1941). Tourism as the sum of the phenomena and relationships arising from the travel and stay of non-residents. AIEST Association International Experts Scientific Tourism. Hurlin, C., & Venet, B. (2001). Granger causallity tests in panel data models with fixed coefficients. Working Paper Eurisco 2001-09. Paris: Universite Paris IX Dauphine. IMF. (2009). Tourism specialization and economic development: Evidence from the Unesco World Heritage List. Working Paper, 176. Ioannides, D., & Debbage, K. G. (1998). The economic geography of the tourist industry. London: Routledge. Iqbal, A., Siddiqi, M. W., & Tabassum, M. A. (2011). Short and long run dynamics of export composition and economic growth: Empirical evidence from Pakistan. Interdisciplinary Journal of Contemporary Research in Business, 446-462. Isar, Y. (1986) Collision course: Heritage preservation versus the demands of modernization. In Y. Isar, The challenge to our cultural heritage: Why preserve the past? (pp. 21-30). Washington, DC: Smithsonian Institute. Ishikawa, N., & Fukushige, M. (2009). Impacts of tourism and fiscal expenditure on remote islands in Japan: A panel data analysis. Applied Economics, 41, 921-928. Ishikawa, N., & Fukushige, M. (2007). Impacts of tourism and fiscal expenditure to remote islands: The case of the Amani Islands in Japan. Applied Economics Letters, 14, 661-666. Isles, K. S., & Cuthbert, N. (1956). An economic survey of Northern Ireland. HMSO: Belfast. Ivanov, S., & Webster, C. (2007). Measuring the impact of tourism on economic growth. Tourism Economics, 13(3), 379- 388. Jackman, M., & Lorde, T. (2010). On the relationship between tourist flows and household expenditure in Barbados : A dynamic OLS approach. Economics Bulleten, 30, 1-9. Jenkins, C., & Henry, B. M. (1982). Government involvement in tourism in developing countries. Annals of Tourism Research, 449-521. Jin, J.C. (2010) The effects of tourism on economic growth in Hong Kong. Cornell Hospitallity Quarterly, XX(X), 1-8. Jiranyakul, K. (2010). Recent evidence of the validity of the export led growth hypothesis for Thailand. Economics Bulliten, 30(3), 2151- 2159. Jiranyakul, K., & Brahmasrene, T. (2007). The relationship between government expenditures and economic growth in Thailand. Journal of Economics and Economic Education Research, 8(1), 93-102. Johansen, L. (1960). A multi-sectoral study of economic growth. Amsterdam: North-Holland. Johansen, S. (1988). Statistical analysis of coitegrating vectors. Journal of Economic Dynamics and Control, 12(2-3), 21-40. Johansen, S., & Juselius, K. (1990) Maximum likelihood estimation and inference on cointegration with application to the demand for money. Oxford Bulletin of Economics and Statistics, 54(2),169-210. Johnson, P., & Thomas, B. (1990). Measuring the local employment impact of a tourist attraction: An empirical study. Regional Studies, 24, 395-403. Johnson, R., & Moore, E. (1993). Tourism impact estimation. Annals of Tourism Research, 29, 279-288. Jones, L. E., & Manuelli, R. (1990). A convex model of equilibrium growth: Theory and policy implications. Journal of Polictical Economy, 98, 1008-1038. Joulfaian, D., & Mookerjee, R. (1991)Dynamics of government revenues and expenditures in industrial economies . Applied Economics, 23, 1839-1844. Jurowski, C., Uysal, M., & Williams, D. R. (1997). A theoretical analysis of host community resident reactions to tourism. Journal of Tourism Research, 36(2), 2-11. Ka, M. C. (2009). Three essays in tourism, trade and economic growth. Unpublished doctoral dissertation, Auburn University. Kababie, J. (2010). Export vs Import-led growth in Mexico. Unpublished master thesis, The University of Taxes at EL Paso, Texas, USA. Kadir, N., & Jusoff, K. (2010). The cointegration and causality tests for tourism and trade in malaysia. International Journal of Economics and Finance, 2(1), 138-143. Kadir, N., & Karim, M.A. (2009). Demand for tourism in Malaysia by UK and US tourists: A cointegration and error correction model approach. In P. N. A. Mathias, & M. Sarmento, Advances in Tourism Economics (eds.). Physica-Verlag Heidelberg. Kadir, N., Abdullah, M. S., & Nayan, S. (2010). The causal relationship between tourism and economic growth in Malaysia: Evidence from multivariate causality tests. Tourism and Management Studies, 6. Kahn, R. F. (1931). The relation of home investment to employment. Economic Journal , 41, 173-198. Kakar, Z.K., Khilji, B.A., & Khan, M.J. (2011). Relationship between education and economic growth in Pakistan: A time series analysis. Journal of International Academic Research, 11(1), 27-32. Kakwani, N. C. (1980). Income inequality and poverty: methods of estimation and policy Applications. Oxford, U.K: Oxford University Press. Kamps, C. (2005). The dynamic effects of public capital: VAR evidence for 22 OECD countries. International Tax and Public Finance, 12(4), 533-550. Kan, E. O., & Omay, T. (2006). Empirical issues and exmamples: Growth theory. International Business & Economic Resarch Journal, 5(8), 27-38. Kang, S. H., & Tan, K. G. (2004). Determinants of Domestic Travel Frequency: a preliminary analysis using Penang Data. Malaysian Journal of Economic Studies, 41, 1/2, 87. Kareem, O. I. (2008). Tourism-exports and economic growth in Africa. 13th African Econometrics Society (AES), (pp. 1-32). Pretoria, South Afica. Kasman, A., & Kirbas, K. S. (2004). Turizm gelirleri ve ekonomik butunlesme ve nedensellik iliskisi. Iktisat Isletme Finns Dergisi, 19(220), 122-131. Katircioglu, S. (2008). Revisiting the tourism led growth hypothesis for Turkey using the bounds test and Johansen approach for cointegration. Tourism Management. Katircioglu, S.T. (2010) Research note: testing the tourism led growth hypothesis for Singapore- an empirical investigation from bounds test to cointegration and Granger causality tests. Katircioglu, S. T. (2009a). Revisiting the tourism led growth hypothesis for Turkey using the bounds test and Johansen approach for cointegration. Tourism Management, 30, 17-20. Katircioglu, S. T. (2009b). Trade, tourism and growth: The case of Cyprus. Applied Economics, 41(21), 2741-2750. Katircioglu, S.T., Fethi, S., & Kilinc, C. (2010) A long run equilibrium relationship between international tourism, higher education and economic growth in Northern Cyprus. Ekonomska Istrazivanja, 23(1), 86-96. Katircioglu, S. (2007). Tourism led hypothesis revisited: the case of North Cyprus. Working papers in Banking and Finance. North cyprus: Eastern Mediterranean University. Kaur, G., & Chong, Y. (2010, September 1). Tourism thrust. Malaysian Business, p. 28. Kavoussi, R. (1984). Export expansion and economics growth: Further empirical evidence . Journal of Development Economics, 14, 241-250. Kennedy, P. (2003). A guide to econometrics, 5th edition. The MiT Press. Kerr, R. (2003). New Zealand’s flawed growth strategy. The Heritage Foundation Backgrounder, 1831, 1-18. Keynes, J. M. (1933). The multiplier. New Statesman and Nation, 405-407. Khadka, K. R. (1996). The economic impact of tourism in the Asian region. ESCAP workshop. New York: ESCAP. Khalafalla, K. Y., & Webb, A. J. (2001). Export led growth and structural change: Evidence from Malaysia. Applied Economics, 33, 1703- 1715. Khalil, S., Kakar, M. K., & Valiullah. (2007). Role of tourism in economic growth: Empirical evidence from Pakistan economy. The Pakistan Development Review, 46(4), 985-995. Khan, A. (1990). Wagner's law and the developing economy: A time series evidence from Pakistan. Indian Economic Journal, 38(1), 115-123. Khan, H., & Chua, C.L. (2002). International trade and tourism: Evidence from cointegration and causality tests by using Singapore Data. 33rd Annual TTRA Conference. Virginia, USA. Khan, H., Phang, S. Y., & Toh, R. S. (1995). The multiplier effect: Singapore’s hospitality industry. Cornell Hotel and Restaurant Administration Quarterly. Khan, H., Rex, T. S., & Chua, L. (2005). Tourism and trade: Cointegration and Granger causality tests. Journal of Travel Research, 44, 171-176. Khan, H., Seng, C. F., & Cheong, W. K. (1990). Tourism multiplier effects on Singapore. Annals of Tourism Research, 17, 408-418. Khilifah, Z., & Tahir, S. (1997). Malayisa: Tourism in perspective. In F. Go, & C. L. Jenkins, Tourism and economic development in Asia and Australasia (pp. 176-796). London: Cassel. Kim, H.J., Chen, M.H., & Jang, S.C. (2006). Tourism expansion and economic development: The case of Taiwan. Tourism Management, 27(5), 925-933. Kim, K. (2002). The effects of tourism impacts upon quality of life of residents in the community. Unpublished doctoral disertation, Virginia Polytechnic Institute and State University. Kimenyi, M.S. (1990). The causal relationship between revenues and expenditures: A developing country case study. Journal of Public Finance and Public Choice, 8, 3-11. Kissick, J. (2008, November 16) . Tapping the tourist dollar. Malaysian Business, p. 32. Koc, E. (2009) A review of country tourism competitiveness, research performance and overall country competitiveness, competitive review. An International Business Journal, 19(2) , 119-133. Kogid, M., Mulok, D., Beatrice, Y. F., & Mansur, K. (2010)Determinant factors of Economics Growth in Malaysia : Multivariate cointegration and causality analysis. Euro Journals Inc., 24, 123-135. Kohpaiboon, A. (2004). Foreign trade regime and FDI growth nexus: A case study of Thailand. Working Paper . Australian National University. Koncul, N. (2007). Public expenditure and tax policies for tourism. Zagreb International Review of Economics and Business, 16(2), 87-93. Koopmans, T.C. (1965)On the concept of optimal economic growth. In (study week on the) Econometric Approach to Development Planning (pp. 226-87). Amsterdam: North-Holland Publishing Co. KPMG Peat Marwick. (1993). A study to assess the economic impact of tourism on selected CDB Borrowing member countries., (pp. 1—127). Krannich, R. S., Berry, E. H., & Greider, T. (1989). Fear of crime in rapidly changing rural communities: A longitudinal analysis. Rural Sociology, 54, 195-212. Kreishan, F. M. (2010). Tourism and Economic growth: The case of Jordan. European Journal of Social Sciences, 15(2), 229-234. Krueger, A. (1980). Trade policy as an input to development. American Economic Review, 70, 188-292. Kulendran, N., & Wilson, K. (2000). Is there a relationship between international trade and international travel? Applied Economics, 32, 1001-1009. Kumar, P. (2004) Economic impact of tourism on Fiji’s economy: Empirical evidence from the Computable General Equilibrium Model. Tourism Economics, 10, 419-433. Kusluvan, S., & Karamustafa, K. (2001). Multinational hotel development in developing countries: An exploratory analysis of critical policy issues. International Journal of Tourism Research, 3, 179- 197. Kwaitkowski, D., Phillips, P. C., Schmidt, P., & Y, S. (1992). Testing the null hypothesis of stationarity against the alternative of a unit root: How sure are we that the economic time series have a unit root? Journal of Econometrics, 54(1-3), 159-178. Landau, D. (1986)Government and Economic Growth in LDCs: An empirical study for 1960- 1980. Economic Development and Cultural Change, 35, 35-75. Landau, D. (1983). Government expenditure and economic growth: A cross country study. Southern Economic Journal, 49(3), 783-92. Lanza, A., & Pigliaru, F. (1995). Specilization in tourism: The case of small open economy. In H.Coccossis, & P. Nijkamps, Sustainability Tourism Development. Aldershort: Avebury. Lanza, A., & Pigliaru, F. (2000a). Tourism and economic growth: Does country’s size matter? Rivista Internationale di Scienze Economiche e Commeriali, 47, 77-85. Lanza, A., & Pigliaru, F. (2000b). Why are tourism countries small and fast growing?. In A. Fossati, & G. Panella, Tourism and sustainable economic development (pp. 57-69). Dordrecht: Kluwer Academic Publisher. Lanza, A., Temple, P., & Urga, G. (2003). The implications of tourism specialization in the long run: An econometric analysis for 13 OECD economies. Tourism Management, 24, 315-321. Lau, E., Oh, S.-L., & Hu, S. S. (2008, Auguest 6). Tourist arrivals and economic growth in Sarawak. Retrieved May 30, 2010, from Munich Personal RePEc Archieve (MPRA): http://mpra.ub.uni-muenchen.de/9888/1/MPRA_ paper_9888.pdf. Lawanson, O. I. (2009) Human capital investment and economic development in Nigeria: The role of education and health. Retrieved January 3, 2011, from Oxford Business and Economics Conferences Programme: www.gcbe.us. Laws, E. (1991).Tourism Marketing. Cheltenham: Stanley Thornes. Lea, J. (1988). Tourism and development in the Third World. London: Routledge. Lean, H.H., & Tang, C.F. (2010). Is the tourism led growth hypothesis stable for Malaysia? A note. International Journal of Tourism Research , 375-378. Lee, C.C., & Chien, M.S. (2008).Structural breaks , tourism development and economic growth: Evidence from Taiwan. Mathematics and Computers in Simulation, 358-368. Lee, C. G. (2008). Tourism and economic growth: The case of Singapore, regional and sectoral economic studies. Euro- American Association of Economic Development, 89-98. Lee, C. K. (1992). The economic impact of international inbound tourism on the south Korean economy and its distributional effects on income classes. Unpublised doctoral dissertation , Texas A and M University. Lee, C. K., & Kang, S. (1998). Measuring earnings inequality and median earnings in the tourism industry. Tourism Management, 19(4), 341-348. Lee, C., & Chang, C. (2008). Tourism development and economic growth: A closer look at panels. Tourism Management, 29(1), 180-192. Leiper, N. (1979). The frame work of tourism: Towards a definition of tourism and the tourism industry. Annals of Tourism Research, 6(4), 390-407. Leiper, N. (2004) Tourism management (3rd edition) . Frenchs Forest: Pearson p. 53. Leiper, N. (1990). Tourist attraction systems. Annals of Tourism Research, 77(3), 367-384. Leiper, N. (1995). Tourist Management. Melbourne: RMIT Press. Lejarraja, I., & Walkenhorst, P. (2007). Diversification by deepening linkages with tourism. Retrieved October 25, 2010, from http://siteresources.worldbank.org/INTEXPCOMNET/ Resources/Lejarraja,_Diversification_by_Deepening_Linkages_ with_Tourism.pdf. Leontief, W. (1951). The structure of American economy 1919-1939: An empirical application of equilibrium analysis. New York: Oxford University Press. Leontief, W. W. (1936). Quantitative input and output relations in the economic systems of the United States. The Review of Economic Statistics, 18(3), 105-125. Lewis, W. A. (1955). Theory of economic growth. London: Unwin University Book. Li, G., Wong, K. K., Song, H., & Witt, F. S. (2006). Time varying parameter and fixed parameter linner AIDS: An application to tourism demand forecasting. International Journal of Forecasting, 22, 57-71. Li, H., & Huang, L. (2009). Health, education and economic growth in China: Empirical findings and implications. China Economic Review, 20, 374-387. Li, H., & Huang, L. (2010). Health, education and economic growth in East Asia. Journal of Chinese Economic and Foreign Trade Studies, 110-131. Li, X. M. (2001). Government revenue, government expenditure, and temporal causality: Evidence from China. Applied Economics, 33, 485-497. Liao, H., & Liu, X. (2009). Export total factor productivity growth nexus in East Asian economies. Applied Economics, 1663-1675. Ligthart, J. E. (2000). Public capital and output growth in Portugal: An empirical analysis. IMF Working Paper, No. 11. Washington, DC: IMF. Lim, C., & McAleer, M. (2000). A seasonal analysis of Asian tourist arrivals to Australia. Applied Economics, 32(4), 499-509. Lin, H.-L., Liu, L.-M., Tseng, Y.-H., & Su, Y.-W. (2010).Taiwan international tourism: A time series analysis with calendar effects and joint outlier adjustments. Internal Journal of Tourism Research. Liu, J., & Var, T. (1982). Differential multipliers for the accommodation sector. Tourism management, 3, 188-187. Liu, L. C.-H., Hsu, C. E., & Younis, M. Z. (2008). The Association between government expenditure and economic growth: Granger causallity test of US data, 1947-2002. Journal of Public Budgeting, Accounting and Financial Management, 537-553. Llop, M. L., & carod, J. M. (2008). Economic impact of a new museum on the local eonomy "the Gaudi centre". Retrieved June 02, 2009, from Working papers, department of economics, Universiti Rovira I Virgili: http://gandalf.fcee. urv.es/professors/JosepMariaArauzo/documents/Paper%20Llop%20 and%20Arauzo.pdf. Loganathan, N., & Ibrahim, Y. (2010). Forecasting international tourism demand in Malaysia using Box Jenkins Sarima Application. South Asian Journal of Tourism and Heritage, 50-60. Loizides, J., & Vamvoukas, G. (2005). Government expenditure and economic growth: Evidence from trivariate causality testing. Journal of Applied Economics, 125-152. Louca, C. (2006). Income and expenditure in the tourism industry: Time series evidence from Cyprus. Tourism Economics, 12(4), 603-617. Loutif, M., Moscardini, A., & Lawler, K. (2000). Using system dynamics to analyse the economic impact of tourism multipliers. In P.I. Davidsen, D. Ford, & A. N. Mashayeekhi, Proceeding of 18th International Conference of the System Dynamics Society (pp. 132-232). Albany New York: System Dynamics Society. Lucas, R. E. (1988). On the mechanics of economic development. Journal of Monetary Economics, 22(1), 3-42. (1999-2008). Macau statistics and census services, yearbook of statistics, 1999-2008. Macau. MacKinnon, J. G., Haug, A., & Michelis, L. (1999). Numerical distribution functions of likelihood ratio tests for cointegration. Journal of Applied Econometrics, 14, 5, 563-577. Magazzino, C. (2010). Wagner's law and Italian disaggregated public spending: Some empirical evidence. MPRA, Paper no. 26662, 1-23. Mahadevan, R. (2007). New evidence on the export led growth nexus: A case study of Malaysia. The World Economy, 1069- 1083. Mak, J. (2005). Tourism demand and output in the US Tourism Satellite Accounts: 1998-2003. Journal of Travel Research, 44, 4-5. Malacca to woo more tourists. (2010, March 22). News Straits Times. Malaysia Economy Profile 2012. (n.d.). Retrieved March 03, 2012, from Indexmund: http://www.indexmundi.com/malaysia/economy_profile.html. Malaysia: Tourism-Visitors flock in Foreign Direct Investment . (2007, Aug/Sep). Supplement, p. 1. Mamoozadeh, A. (1989). Cruise ships and small island economies: Some evidence from the Caribbean region. Unpublished doctoral dissertation, Kent State University, Ohio. Manente, M. (2000). Tourism consumption and interregional economic impacts in Italy. International Journal of Contemporary Hospitality Management, 12(7), 417-423. Mankiew, N. G., Romer, D., & Weil, D. N. (1992). A contribution to the empirics of economic growth. Quarterly Journal of Economics, 107, 407-37. Mansouri, B. (2005).The interaction impact of FDI and trade openess on economic growth: evidence from Morocco. 12th Econ. Research Forum (ERF) conference. Cairo. Marin, D. (1992). Is the export led hypothesis valid for industrialized countries? . Review of Economics and Statistics, 74, 678-688. Martin. (2004). Impact of tourist consumption on GDP: The role of Imports. Retrieved July 20, 2010, from Department of Applied economics, University of La Laguna: http://www.pigliaru.it/ chia/Hernandez.pdf. Marzuki, A. (2010). Tourism development iin Malaysia. A review on federal government policies. Theoretical and Empirical Researches in Urban Management, 85-97. Maser, C. (1997). Sustainable community development: Principles and concepts. Delray Beach, FL: St. Lucie Press. Matheson, V. (2009). Economic multipliers and mega-event analysis. International Journal of Sport Finance, West Virginia University, 4, 63-70. Matheson, V. (2002). Upon further review: An examination of sporting event economic impact studies. The Sport Journal, 5(1), 1-5. Mathieson, A., & Wall, G. (1982). Tourism: Economic, physical and social impacts. London: Longman. Mazumder, M., Ahmed, E.M., & Al-Amin, A. Q. (2009). Does tourism contribute significantly to the Malaysian economy? Multiplier analysis using I-O technique. International Journal of Business and Management, 4(7), 146-159. McCray, P.C. (2008). Economic impact of Liga De las Montanas Hispanic soccer league on Buncombe County, North Carolina. McDonald, J.F. (1997). Fundamental of urban economics. Upper Saddle River, NJ: Prentice Hall. McElroy, J. L., & Tinsely, J. F. (1982). United States Virgin Islands. In a. B. S. Seward, Tourism in the Caribbean the economic impact (pp. 23-65). Ottawa: International Development Research Center. McIntosh, R., & Gupta, S. (1980). Tourism: principles, practices, philosophies. Columbus, OH: Gird Publishing, Inc. McIntosh, R., Goeldner, C., & Ritchie, J. (1995).Tourism, Principles, Practices, Philosophies . New York, NY: John Wiley and Sons Inc. McKercher, B., Ho, S.Y., & Du Cros, H. (2005). Relationships between tourism and cultural heritage management. Tourism Management, 26(4), 539-548. McKinnon,R. (1964). Foreign exchange constrain in economic development and efficient aid allocation. Economic Journal, 74, 388-409 McMichael, P. (2004). Development and social change: A global perspective. Thousand Oaks, CA: Pine Forge Press. McMillin, W., & Smyth, D. J. (1994). A multivariate time series analysis of the United States aggregate production function. Empirical Economics, 19, 659-673. Medlik, S. (1991). Managing tourism. Oxford: Buterworth-heinemann. Meltzer, A. H., & Richard, S. F. (1981). A rational theory of the size of the government. Journal of Political Economy , 89, 914-27. MIDA. (n.d.). Hotel and tourism projects approved incentive from 1999-2009. Ministry of International and Domestic Authority. Mill, R., & Morrison, A. (2002). The tourism system, 4th Edition. Dubuque, IO: Kendall. Miller, S. M., & Russek, F. S. (1997). Fiscal structures and economic growth at the state and local level. In D. J. Mitchell, The impact of government spending on economic growth. Public Finance Review (25, 2). The Heritage Foundation Backgrounde. Miller, S. M., & Russke, F. S. (1997) Fiscal structures and economic growth. Economic Inquiry, 35, 603-13. Milne, S. (1987). Differential multipliers. Annals of Tourism Research, 14, 499-515.

The Causal Relationship of Tourism and The Selected Macroeconomic Variables With Economic Growth

Similar Items