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TOURISM AND GROWTH IN SINGAPORE: NEW EXTENSION FROM BOUNDS TEST TO LEVEL RELATIONSHIPS AND CONDITIONAL GRANGER CAUSALITY TESTS

TOURISM AND GROWTH IN SINGAPORE: NEW EXTENSION FROM BOUNDS TEST TO LEVEL RELATIONSHIPS AND... This paper empirically investigates the tourism-led growth (TLG) hypothesis in the case of Singapore by employing the bounds test to cointegration, error correction models and Granger causality tests using annual data from 1960 to 2007. Results confirm the existence of long-term equilibrium relationship between international tourism and economic growth in the case of Singapore; real income growth converges to its long-term equilibrium level significantly by 51.4% in the TLG model. The major finding of this study is that the TLG hypothesis is confirmed for the Singaporean economy in the long-term as a result of conditional Granger causality tests. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png The Singapore Economic Review World Scientific Publishing Company

TOURISM AND GROWTH IN SINGAPORE: NEW EXTENSION FROM BOUNDS TEST TO LEVEL RELATIONSHIPS AND CONDITIONAL GRANGER CAUSALITY TESTS

The Singapore Economic Review , Volume 56 (03): 13 – Aug 1, 2011

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References (31)

Publisher
World Scientific Publishing Company
Copyright
Copyright ©
ISSN
0217-5908
eISSN
1793-6837
DOI
10.1142/S0217590811004365
Publisher site
See Article on Publisher Site

Abstract

This paper empirically investigates the tourism-led growth (TLG) hypothesis in the case of Singapore by employing the bounds test to cointegration, error correction models and Granger causality tests using annual data from 1960 to 2007. Results confirm the existence of long-term equilibrium relationship between international tourism and economic growth in the case of Singapore; real income growth converges to its long-term equilibrium level significantly by 51.4% in the TLG model. The major finding of this study is that the TLG hypothesis is confirmed for the Singaporean economy in the long-term as a result of conditional Granger causality tests.

Journal

The Singapore Economic ReviewWorld Scientific Publishing Company

Published: Aug 1, 2011

Keywords: Tourism-led growth economic growth bounds test conditional causality Singapore

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