Small sample evidence on the tourism-led growth hypothesis in Lebanon

Chor Foon Tang · Salah S. Abosedra

147 citations0/0 files storedCurrent Issues in Tourism

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Diverse Aspects of Tourism Research Energy, Environment, Economic Growth Economic Growth and Development

Abstract

This paper investigates the contribution of tourism to economic growth in Lebanon for the time period of 1995–2010. The presence of long-run and causal relationships is investigated applying the bounds testing approach to cointegration and Granger causality tests. Because of the small sample (T = 16), econometric approaches and critical values used for testing receive special attention. Additionally, a number of diagnostic tests are utilised to ensure that the model is suitable and correct. Interestingly, our results reveal that tourism and economic growth are cointegrated. The Granger causality test indicates that the tourism-led growth hypothesis is valid for Lebanon. Therefore, policy initiatives promoting tourism ought to be further developed and implemented to stimulate economic growth and development for the economy of Lebanon.

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References

2001Bounds testing approaches to the analysis of level relationships 1995Statistical inference in vector autoregressions with possibly integrated processes 2012An Autoregressive Distributed-Lag Modelling Approach to Cointegration Analysis 1983On exports and economic growth 2009A literature survey on energy–growth nexus 2002Tourism as a long-run economic growth factor: the Spanish case 1978Exports and economic growth 2007Tourism development and economic growth: A closer look at panels

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