Tsung-Pao Wu, Hung-Che Wu, Ge Ye, Xi Yao, Feng Chen
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Abstract
Abstract To account for potential asymmetries in the relationship, this study applies new bootstrap symmetric and asymmetric multivariate panel Granger causality test to examine the causal relationship between international tourism receipts (ITRs) and economic growth in China for the period from 1995 to 2019. The result supports evidence for the symmetric causality in Henan, showing significant one-way Granger causality from ITRs to real gross domestic product (RGDP). They also indicate that Hunan has significant one-way Granger causality from RGDP to ITRs. These results denote that the hidden tourism-led growth hypothesis is valid in Heilongjiang, Henan, Hubei and Jiangxi.
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