Tourism and Foreign Direct Investment Inflows in Sri Lanka

South Asia Economic Journal Pub Date : 2019-09-01 DOI:10.1177/1391561419858475

K. Ravinthirakumaran, E. Selvanathan, S. Selvanathan, Tarlok Singh

引用次数: 9

Abstract

This article examines the relationship between tourism and foreign direct investment (FDI) and the factors that enhance tourism in Sri Lanka using data over the years 1978–2015, under a vector autoregressive framework. The results reveal that there is a significant long-run equilibrium relationship between tourism, and a number of variables such as FDI, exchange rate, tourism price and civil war of the country. The results also reveal that there exist unidirectional causal relationships from FDI to tourism and tourism price to tourism, in both the long run and the short run. In light of this finding, it is recommended that Sri Lanka should introduce policies that would increase FDI inflows into the tourism industry and maintain a competitive tourism price to attract more tourist arrivals. JEL: C32, F19, F41, O53

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斯里兰卡的旅游业和外国直接投资流入

本文在矢量自回归框架下，利用1978-2015年的数据，研究了旅游业与外国直接投资(FDI)之间的关系，以及促进斯里兰卡旅游业发展的因素。结果表明，旅游业与外国直接投资、汇率、旅游价格和国家内战等变量之间存在显著的长期均衡关系。研究结果还表明，FDI与旅游、旅游价格与旅游之间存在单向因果关系，无论从长期还是短期来看都是如此。根据这一发现，建议斯里兰卡应采取政策，增加外国直接投资流入旅游业，并保持有竞争力的旅游价格，以吸引更多的游客。耶利米书:32,19,41,53

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

South Asia Economic Journal Economics, Econometrics and Finance-Economics, Econometrics and Finance (all)

CiteScore

1.10

自引率

0.00%

发文量

期刊介绍： The South Asian nations have progressively liberalized their economies in recent years in an effort to integrate with the world economy. They have also taken steps to enhance multilateral and regional economic integration. Even though the South Asian economies have grown at an average rate of more than 5 per cent over the last few years, roughly 40 per cent of their people still live below the poverty line. Hence, the South Asian region continues to face many challenges of economic and social development. The South Asia Economic Journal (SAEJ) is designed as a forum for informed debate on these issues, which are of vital importance to the people of the region who comprise one-sixth of the world’s population. The peer-reviewed journal is devoted to economic analysis and policy options aimed at promoting cooperation among the countries comprising South Asia. It also discusses South Asia’s position on global economic issues, its relations with other regional groupings and its response to global developments. We also welcome contributions to inter-disciplinary analysis on South Asia. As a refereed journal, SAEJ carries articles by scholars, economic commentators,policy-makers and officials, from both the private and public sectors. Our aim is to create a vibrant research space to explore the multidimensional economic issues of concern to scholars working on South Asia. Among the issues debated in relation to South Asia are: - the implications of global economic trends; - the issues and challenges by WTO; - approaches to industrialization and development; - the role of regional institutions such as the SAARC; - the relationship between SAARC and other regional economic groupings such as ASEAN; - the implications of economic liberalization for trade and investment in the region; - new initiatives that can be launched to enhance economic cooperation among the South Asian countries both on a bilateral and a regional basis.