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Economies 2017, 5(3), 23; doi:10.3390/economies5030023

Regime-Switching Effect of Tourism Specialization on Economic Growth in Asia Pacific Countries

1
Department of Finance, Feng Chia University, Taichung City 407, Taiwan
2
Institute of Public Affairs Management, National Sun Yat-sen University, Kaohsiung City 804, Taiwan
3
Department of Tourism and Travel Management, Da-Yen University, Changhua County 515, Taiwan
*
Author to whom correspondence should be addressed.
Academic Editor: Juan Ignacio Pulido Fernández
Received: 30 March 2017 / Revised: 23 May 2017 / Accepted: 20 June 2017 / Published: 27 June 2017
(This article belongs to the Special Issue Tourism Economics)
View Full-Text   |   Download PDF [297 KB, uploaded 27 June 2017]

Abstract

In the past 30 years, many studies have focused on exploring the relationship between tourism development and economic growth. However, there has been no consensus reached concerning of the relationship. This study will attempt to clarify the relationship between tourism development and economic growth. The purpose of this study is to analyze the relationship between tourism development and economic growth. This study applies the Panel Smooth Transition Regression Model (PSTR) proposed by Gonzalez et al. (2005) to investigate the regime-switching effect of tourism specialization on economic growth in Asia Pacific countries over the period 1996–2009. The results are as follows: (a) there were regime-switching effects of tourism specialization on economic growth; (b) the tourism specialization on economic growth has a better explanation for the effects of non-linear PSTR than linear PLS (Panel Least Squares); (c) in medium degree of tourism specialization countries (the value is between 0.0123~0.01663), tourism development has a significantly positive influence on economic growth, but consumption ability and investment ratios have a significantly negative influence on economic growth; (d) in low or high degree of tourism specialization countries (the value is below 0.0123 or above 0.01663), tourism development has a reduced influence on economic growth, and significantly positive influence on consumption ability and investment ratios. On the basis of these results, this study presents policy recommendations and areas for future research. View Full-Text
Keywords: tourism specialization; real international tourism receipts growth (% of GDP); economic growth; regime-switching effect; Asia Pacific countries; Panel Smooth Transition Regression Model (PSTR) tourism specialization; real international tourism receipts growth (% of GDP); economic growth; regime-switching effect; Asia Pacific countries; Panel Smooth Transition Regression Model (PSTR)
This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. (CC BY 4.0).

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MDPI and ACS Style

Chiang, G.-N.; Sung, W.-Y.; Lei, W.-G. Regime-Switching Effect of Tourism Specialization on Economic Growth in Asia Pacific Countries. Economies 2017, 5, 23.

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