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The Contribution of Tourism and Financial Development to Economic Growth in Turkey: An Analysis of Tourism-Led-Growth Hypothesis

Year 2020, Volume: 8 Issue: 5, 1531 - 1542, 14.10.2020

Abstract

This study empirically investigated the impact of tourism and financial development on the real gross domestic product (GDP) of Turkey by using autoregressive-distributed lag (ARDL) bounds test, fully modified ordinary least squares (FMOLS), dynamic ordinary least squares (DOLS) and canonical cointegrating regression (CCR) long-run estimators and vector error correction model (VECM) during the period of 1964-2017. The result of a cointegration test found that there was a long-run relationship between these series. The long-term coefficients obtained from the ARDL, FMOLS, DOLS and CCR showed that increase in tourism revenue and financial development lead to economic growth. The outcomes of VECM indicated a long run unidirectional causality running from tourism revenue and financial development to economic growth and short run unidirectional causality running from financial development to economic growth.

References

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  • Aydın, Y. (2019). Finansal Gelişme ve Ekonomik Büyüme İlişkisinin Kırılgan Beşli Ülkeleri İçin Analizi. Ekonomi Politika ve Finans Araştırmaları Dergisi, 4(1), 37-49.
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  • Balaguer, J., & Cantavella-Jorda, M. (2002). Tourism as a long-run economic growth factor: the Spanish case. Applied economics, 34(7), 877-884.
  • Bencivenga, V.R., & Smith, B.D., (1991). Financial intermediation and endogenous growth. The Review of Economic Studies, 58, 195-209.
  • Bencivenga, V.R., Smith, B.D., & Starr, R.M. (1996). Equity markets, transaction costs, and capital accumulation: an illustration. World Bank Economic Review, 10, 241-265.
  • Berthelemy, J., & Varoudakis, A. (1996). Economic growth, convergence clubs, and the role of financial development. Oxford Economic Papers, 48, 300-328.
  • Bhargava, A. (1986). On the theory of testing for unit roots in observed time series. Review of Economic Studies, 53(3), 369-384.
  • Cortes-Jimenez, I., Nowak, J. J., & Sahli, M. (2011). Mass beach tourism and economic growth: Lessons from Tunisia. Tourism Economics, 17(3), 531-547.
  • Çetintaş, H., & Bektaş, Ç. (2008). Türkiye’de turizm ve ekonomik büyüme arasındaki kısa ve uzun dönemli ilişkiler. Anatolia: Turizm Araştırmaları Dergisi, 19(1), 37-44.
  • Chatziantoniou, I., Filis, G., Eeckels, B., & Apostolakis, A. (2013). Oil prices, tourism income and economic growth: A structural VAR approach for European Mediterranean countries. Tourism Management, 36, 331-341.
  • Çoban, O., & Özcan, C. C. (2013). Türkiye’de turizm gelirleri-ekonomik büyüme ilişkisi: nedensellik analizi (1963-2010). Eskişehir Osmangazi Üniversitesi İktisadi ve İdari Bilimler Dergisi, 8(1), 243-261.
  • Değer, M. K. (2006). Turizme ve ihracata dayalı büyüme: 1980-2005 Türkiye deneyimi. Atatürk Üniversitesi İktisadi ve İdari Bilimler Dergisi, 20(2), 67-86.
  • Demiroz, D. M., & Ongan, S. (2005). The contribution of tourism to the long-run Turkish economic growth. Ekonomický časopis, 9, 880-894.
  • Durusu-Ciftci, D., Ispir, M. S., & Yetkiner, H. (2017). Financial development and economic growth: Some theory and more evidence. Journal of Policy Modeling, 39(2), 290-306.
  • Elliott, G., Rothenberg, T. J., & Stock, J. H. (1996). Efficient tests for an autoregressive unit root. Econometrica, 64, 813-836.
  • Esen, E., Özata, E., & Uzuner, Y. (2017). Turizmin Ekonomik Büyümeye Etkisi: Turizme Dayalı Büyüme Hipotezinin Türkiye İçin Geçerliğinin ARDL Modeli ile Analizi, Anadolu Üniverstesi Sosyal Bilimler Dergisi, 43-58.
  • Eugenio-Martin, J. L., Martín Morales, N., & Scarpa, R. (2004). Tourism and economic growth in Latin American countries: A panel data approach. Natural Resources Management, 26, 1-20.
  • Goldsmith, R. W. (1969). Financial structure and development, New Haven, Yale University Press.
  • Greenwood J, & Jovanovic B. (1990). Financial development, growth, and the distribution of income. Journal of Political Economy, 98, 1076-1107.
  • Greenwood, J. & Smith, B. (1997). Financial markets in development and the development of financial markets. Journal of Economic Dynamics and Control, 145-182.
  • Gunduz, L., & Hatemi-J, A. (2005). Is the tourism-led growth hypothesis valid for Turkey? Applied Economics Letters, 12(8), 499-504.
  • Hatemi-J, A. (2016). On the tourism-led growth hypothesis in the UAE: a bootstrap approach with leveraged adjustments. Applied Economics Letters, 23(6), 424-427.
  • Katircioglu, S. (2009a). Tourism, trade and growth: The case of Cyprus. Applied Economics 41(21), 2741-2750.
  • Katircioglu, S. T. (2009b). Revisiting the tourism-led-growth hypothesis for Turkey using the bounds test and Johansen approach for cointegration. Tourism Management, 30(1), 17-20.
  • Kızılkaya, O., Sofuoğlu, E., & Karaçor, Z. (2016). Türkiye’de turizm gelirleri-ekonomik büyüme ilişkisi: ARDL sınır testi yaklaşımı. Yönetim ve Ekonomi, 23(1), 203-215.
  • Kim, H. J., Chen, M. H., & Jang, S. (2006). Tourism expansion and economic development: The case of Taiwan. Tourism Management, 27(5), 925-933.
  • King, R.G., & Levine, R. (1993). Finance, entrepreneurship, and growth: theory and evidence. Journal of Monetary Economics, 32, 513-542.
  • Kreishan, F. M. (2011). Time-series evidence for tourism-led growth hypothesis: A case study of Jordan. International Management Review, 7(1), 89-93.
  • Kumar, R. R. (2014). Exploring the role of technology, tourism and financial development: an empirical study of Vietnam. Quality & Quantity, 48(5), 2881-2898.
  • Lanza, A., Temple, P., & Urga, G. (2003). The implications of tourism specialisation in the long run: an econometric analysis for 13 OECD economies. Tourism Management, 24(3), 315-321.
  • Levine, R. (1991). Stock markets, growth, and the tax policy. Journal of Finance, 46, 1445-1465.
  • Levine, R., & Zervos, S. (1996). Stock Market Development and Long-Run Growth. The World Bank Economic Review, 10, 323-339.
  • Lumsdaine, R. L., & Papell, D. H. (1997). Multiple trend breaks and the unit-root hypothesis. Review of Economics and Statistics, 79(2), 212-218.
  • Mark, N. C., & Sul, D. (2003). Cointegration vector estimation by panel DOLS and long-run money demand. Oxford Bulletin of Economics and Statistics, 65(5), 655-680.
  • Masih, A. M., & Masih, R. (1996). Energy consumption, real income and temporal causality: results from a multi-country study based on cointegration and error-correction modelling techniques. Energy Economics, 18(3), 165-183.
  • McKinnon, R. I. (1964). Foreign exchange constraints in economic development and efficient aid allocation. The Economic Journal, 74(294), 388-409.
  • McKinnon RI., 1973. Money and capital in economic development. The Brookings Institution: Washington, DC.
  • Mitra, S. K. (2019). Is tourism‐led growth hypothesis still valid?. International Journal of Tourism Research, 21(5), 615-624.
  • Narayan, P. K. (2004). Fiji’s tourism demand: the ARDL approach to cointegration. Tourism Economics, 10(2), 193-206.
  • Narayan, P. K. (2005). The saving and investment nexus for China: evidence from cointegration tests. Applied economics, 37(17), 1979-1990.
  • Ng, S., & Perron, P. (2001). Lag length selection and the const-ruction of unit root tests with good size and power. Econometrica, 69(6), 1519-1554.
  • Nyasha, S., & Odhiambo, N. M. (2018). Financial development and economic growth nexus: A revisionist approach. Economic Notes: Review of Banking, Finance and Monetary Economics, 47(1), 223-229.
  • Oh, C. O. (2005). The contribution of tourism development to economic growth in the Korean economy. Tourism management, 26(1), 39-44.
  • Ohlan, R. (2017). The relationship between tourism, financial development and economic growth in India. Future Business Journal, 3(1), 9-22.
  • Park, J. Y. (1992). Canonical cointegrating regressions. Econometrica: Journal of the Econometric Society, 60(1), 119-143.
  • Pesaran, M. H., Shin, Y., & Smith, R. J. (2001). Bounds testing approaches to the analysis of level relationships. Journal of Applied Econometrics, 16(3), 289-326.
  • Phillips, P. C. B. (1987). Time series regression with a unit root. Econometrica, 55(2), 277-301.
  • Phillips, P. C., & Perron, P. (1988). Testing for a unit root in time series regression. Biometrika, 75, 335-345.
  • Phillips, P.C. (1995). Fully modified least squares and vector autoregression. Econometrica: Journal of the Econometric Society, 63(5), 1023-1078.
  • Phillips, P.C., & Hansen, B.E. (1990). Statistical inference in instrumental variables regression with I (1) processes. The Review of Economic Studies, 57(1), 99-125.
  • Polat, E., & Günay, S. (2012). Türkiye’de turizm ve ihracat gelirlerinin ekonomik büyüme üzerindeki etkisinin testi: eşbütünleşme ve nedensellik analizi. Süleyman Demirel Üniversitesi Fen Bilimleri Enstitüsü Dergisi, 16(2), 204-211.
  • Roudi, S., Arasli, H., & Akadiri, S. S. (2019). New insights into an old issue–examining the influence of tourism on economic growth: evidence from selected small island developing states. Current Issues in Tourism, 22(11), 1280-1300.
  • Rousseau, P.L., & Wachtel, P. (2000). Equity market and growth: cross-country evidence on timing and outcomes 1980–1995. Journal of Banking and Finance, 24, 1933-1957.
  • Saint-Paul, G. (1992). Technological choice, financial markets and economic development. European Economic Review, 36, 763-781.
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  • Schwert, G. (1989). Tests for unit roots: a Monte Carlo investigation. J. Bus. Econ. Stat., 20, 147-159.
  • Shahbaz, M., Kumar, R. R., Ivanov, S., & Loganathan, N. (2017). The nexus between tourism demand and output per capita with the relative importance of trade openness and financial development: A study of Malaysia. Tourism Economics, 23(1), 168-186.
  • Shaw ES. 1973. Financial deepening in economic development. Oxford University Press: Oxford.
  • Soukiazis, E., & Proença, S. (2008). Tourism as an alternative source of regional growth in Portugal: a panel data analysis at NUTS II and III levels. Portuguese Economic Journal, 7(1), 43-61.
  • Stock, J.H., & Watson, M.W. (1993). A simple estimator of cointegrating vectors in higher order integrated systems. Econometrica: Journal of the Econometric Society, 61(4), 783-820.
  • Şit, M. (2016). Türkiye’de turizm sektörünün istihdama katkısı. Akademik Yaklaşımlar Dergisi, 7(1), 101-117.
  • Tang, C. F., & Abosedra, S. (2016). Tourism and growth in Lebanon: new evidence from bootstrap simulation and rolling causality approaches. Empirical Economics, 50(2), 679-696.
  • Tang, C. F., & Ozturk, I. (2017). Is tourism a catalyst of growth in Egypt? Evidence from Granger non-causality and the generalised variance decomposition analysis. Anatolia, 28(2), 173-181.
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Türkiye’de Turizmin ve Finansal Gelişmenin Ekonomik Büyümeye Katkısı: Turizme Dayalı Büyüme Hipotezi Analizi

Year 2020, Volume: 8 Issue: 5, 1531 - 1542, 14.10.2020

Abstract

Bu çalışmada Türkiye’de 1964-2017 döneminde turizmin ve finansal gelişmenin gayri safi yurt içi hasıla (GSYİH) üzerindeki etkisi; gecikmesi dağıtılmış otoregresif model (ARDL) sınır testi, tam değiştirilmiş en küçük kareler (FMOLS), dinamik en küçük kareler (DOLS) ve kanonik eşbütünleşme regresyonu (CCR) uzun dönem tahmincileri ve vektör hata düzeltme modeli (VECM) yardımıyla araştırılmıştır. Eşbütünleşme testi sonucuna göre seriler arasında uzun dönemde eşbütünleşme ilişkisi olduğu bulunmuştur. ARDL, FMOLS, DOLS ve CCR tahmincilerinden elde edilen katsayılara göre uzun dönemde turizm gelirlerindeki artış ile finansal gelişmenin ekonomik büyümeyi arttırdığı sonucuna ulaşılmıştır. VECM’den elde edilen sonuçlara göre kısa dönemde finansal gelişmeden ekonomik büyümeye doğru tek yönlü, uzun dönemde ise turizm gelirlerinden ve finansal gelişmeden ekonomik büyüme doğru tek yönlü bir nedensellik ilişkisi olduğu belirlenmiştir.

References

  • Atje, R., & Jovanovic, B. (1993). Stock markets and development. European Economic Review, 632–640.
  • Ayaydın, H., Baltacı, N., Pala, F., & Barut, A. (2019). Türkiye’de turizm, finansal gelişme ve ekonomik büyüme arasındaki ilişki. Global Journal of Economics and Business Studies, 8(15), 69-84.
  • Aydın, Y. (2019). Finansal Gelişme ve Ekonomik Büyüme İlişkisinin Kırılgan Beşli Ülkeleri İçin Analizi. Ekonomi Politika ve Finans Araştırmaları Dergisi, 4(1), 37-49.
  • Bahar, O. (2006). Turizm sektörünün Türkiye’nin ekonomik büyümesi üzerindeki etkisi: VAR analizi yaklaşımı. Yönetim ve Ekonomi: Celal Bayar Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 13(2), 137-150.
  • Balaguer, J., & Cantavella-Jorda, M. (2002). Tourism as a long-run economic growth factor: the Spanish case. Applied economics, 34(7), 877-884.
  • Bencivenga, V.R., & Smith, B.D., (1991). Financial intermediation and endogenous growth. The Review of Economic Studies, 58, 195-209.
  • Bencivenga, V.R., Smith, B.D., & Starr, R.M. (1996). Equity markets, transaction costs, and capital accumulation: an illustration. World Bank Economic Review, 10, 241-265.
  • Berthelemy, J., & Varoudakis, A. (1996). Economic growth, convergence clubs, and the role of financial development. Oxford Economic Papers, 48, 300-328.
  • Bhargava, A. (1986). On the theory of testing for unit roots in observed time series. Review of Economic Studies, 53(3), 369-384.
  • Cortes-Jimenez, I., Nowak, J. J., & Sahli, M. (2011). Mass beach tourism and economic growth: Lessons from Tunisia. Tourism Economics, 17(3), 531-547.
  • Çetintaş, H., & Bektaş, Ç. (2008). Türkiye’de turizm ve ekonomik büyüme arasındaki kısa ve uzun dönemli ilişkiler. Anatolia: Turizm Araştırmaları Dergisi, 19(1), 37-44.
  • Chatziantoniou, I., Filis, G., Eeckels, B., & Apostolakis, A. (2013). Oil prices, tourism income and economic growth: A structural VAR approach for European Mediterranean countries. Tourism Management, 36, 331-341.
  • Çoban, O., & Özcan, C. C. (2013). Türkiye’de turizm gelirleri-ekonomik büyüme ilişkisi: nedensellik analizi (1963-2010). Eskişehir Osmangazi Üniversitesi İktisadi ve İdari Bilimler Dergisi, 8(1), 243-261.
  • Değer, M. K. (2006). Turizme ve ihracata dayalı büyüme: 1980-2005 Türkiye deneyimi. Atatürk Üniversitesi İktisadi ve İdari Bilimler Dergisi, 20(2), 67-86.
  • Demiroz, D. M., & Ongan, S. (2005). The contribution of tourism to the long-run Turkish economic growth. Ekonomický časopis, 9, 880-894.
  • Durusu-Ciftci, D., Ispir, M. S., & Yetkiner, H. (2017). Financial development and economic growth: Some theory and more evidence. Journal of Policy Modeling, 39(2), 290-306.
  • Elliott, G., Rothenberg, T. J., & Stock, J. H. (1996). Efficient tests for an autoregressive unit root. Econometrica, 64, 813-836.
  • Esen, E., Özata, E., & Uzuner, Y. (2017). Turizmin Ekonomik Büyümeye Etkisi: Turizme Dayalı Büyüme Hipotezinin Türkiye İçin Geçerliğinin ARDL Modeli ile Analizi, Anadolu Üniverstesi Sosyal Bilimler Dergisi, 43-58.
  • Eugenio-Martin, J. L., Martín Morales, N., & Scarpa, R. (2004). Tourism and economic growth in Latin American countries: A panel data approach. Natural Resources Management, 26, 1-20.
  • Goldsmith, R. W. (1969). Financial structure and development, New Haven, Yale University Press.
  • Greenwood J, & Jovanovic B. (1990). Financial development, growth, and the distribution of income. Journal of Political Economy, 98, 1076-1107.
  • Greenwood, J. & Smith, B. (1997). Financial markets in development and the development of financial markets. Journal of Economic Dynamics and Control, 145-182.
  • Gunduz, L., & Hatemi-J, A. (2005). Is the tourism-led growth hypothesis valid for Turkey? Applied Economics Letters, 12(8), 499-504.
  • Hatemi-J, A. (2016). On the tourism-led growth hypothesis in the UAE: a bootstrap approach with leveraged adjustments. Applied Economics Letters, 23(6), 424-427.
  • Katircioglu, S. (2009a). Tourism, trade and growth: The case of Cyprus. Applied Economics 41(21), 2741-2750.
  • Katircioglu, S. T. (2009b). Revisiting the tourism-led-growth hypothesis for Turkey using the bounds test and Johansen approach for cointegration. Tourism Management, 30(1), 17-20.
  • Kızılkaya, O., Sofuoğlu, E., & Karaçor, Z. (2016). Türkiye’de turizm gelirleri-ekonomik büyüme ilişkisi: ARDL sınır testi yaklaşımı. Yönetim ve Ekonomi, 23(1), 203-215.
  • Kim, H. J., Chen, M. H., & Jang, S. (2006). Tourism expansion and economic development: The case of Taiwan. Tourism Management, 27(5), 925-933.
  • King, R.G., & Levine, R. (1993). Finance, entrepreneurship, and growth: theory and evidence. Journal of Monetary Economics, 32, 513-542.
  • Kreishan, F. M. (2011). Time-series evidence for tourism-led growth hypothesis: A case study of Jordan. International Management Review, 7(1), 89-93.
  • Kumar, R. R. (2014). Exploring the role of technology, tourism and financial development: an empirical study of Vietnam. Quality & Quantity, 48(5), 2881-2898.
  • Lanza, A., Temple, P., & Urga, G. (2003). The implications of tourism specialisation in the long run: an econometric analysis for 13 OECD economies. Tourism Management, 24(3), 315-321.
  • Levine, R. (1991). Stock markets, growth, and the tax policy. Journal of Finance, 46, 1445-1465.
  • Levine, R., & Zervos, S. (1996). Stock Market Development and Long-Run Growth. The World Bank Economic Review, 10, 323-339.
  • Lumsdaine, R. L., & Papell, D. H. (1997). Multiple trend breaks and the unit-root hypothesis. Review of Economics and Statistics, 79(2), 212-218.
  • Mark, N. C., & Sul, D. (2003). Cointegration vector estimation by panel DOLS and long-run money demand. Oxford Bulletin of Economics and Statistics, 65(5), 655-680.
  • Masih, A. M., & Masih, R. (1996). Energy consumption, real income and temporal causality: results from a multi-country study based on cointegration and error-correction modelling techniques. Energy Economics, 18(3), 165-183.
  • McKinnon, R. I. (1964). Foreign exchange constraints in economic development and efficient aid allocation. The Economic Journal, 74(294), 388-409.
  • McKinnon RI., 1973. Money and capital in economic development. The Brookings Institution: Washington, DC.
  • Mitra, S. K. (2019). Is tourism‐led growth hypothesis still valid?. International Journal of Tourism Research, 21(5), 615-624.
  • Narayan, P. K. (2004). Fiji’s tourism demand: the ARDL approach to cointegration. Tourism Economics, 10(2), 193-206.
  • Narayan, P. K. (2005). The saving and investment nexus for China: evidence from cointegration tests. Applied economics, 37(17), 1979-1990.
  • Ng, S., & Perron, P. (2001). Lag length selection and the const-ruction of unit root tests with good size and power. Econometrica, 69(6), 1519-1554.
  • Nyasha, S., & Odhiambo, N. M. (2018). Financial development and economic growth nexus: A revisionist approach. Economic Notes: Review of Banking, Finance and Monetary Economics, 47(1), 223-229.
  • Oh, C. O. (2005). The contribution of tourism development to economic growth in the Korean economy. Tourism management, 26(1), 39-44.
  • Ohlan, R. (2017). The relationship between tourism, financial development and economic growth in India. Future Business Journal, 3(1), 9-22.
  • Park, J. Y. (1992). Canonical cointegrating regressions. Econometrica: Journal of the Econometric Society, 60(1), 119-143.
  • Pesaran, M. H., Shin, Y., & Smith, R. J. (2001). Bounds testing approaches to the analysis of level relationships. Journal of Applied Econometrics, 16(3), 289-326.
  • Phillips, P. C. B. (1987). Time series regression with a unit root. Econometrica, 55(2), 277-301.
  • Phillips, P. C., & Perron, P. (1988). Testing for a unit root in time series regression. Biometrika, 75, 335-345.
  • Phillips, P.C. (1995). Fully modified least squares and vector autoregression. Econometrica: Journal of the Econometric Society, 63(5), 1023-1078.
  • Phillips, P.C., & Hansen, B.E. (1990). Statistical inference in instrumental variables regression with I (1) processes. The Review of Economic Studies, 57(1), 99-125.
  • Polat, E., & Günay, S. (2012). Türkiye’de turizm ve ihracat gelirlerinin ekonomik büyüme üzerindeki etkisinin testi: eşbütünleşme ve nedensellik analizi. Süleyman Demirel Üniversitesi Fen Bilimleri Enstitüsü Dergisi, 16(2), 204-211.
  • Roudi, S., Arasli, H., & Akadiri, S. S. (2019). New insights into an old issue–examining the influence of tourism on economic growth: evidence from selected small island developing states. Current Issues in Tourism, 22(11), 1280-1300.
  • Rousseau, P.L., & Wachtel, P. (2000). Equity market and growth: cross-country evidence on timing and outcomes 1980–1995. Journal of Banking and Finance, 24, 1933-1957.
  • Saint-Paul, G. (1992). Technological choice, financial markets and economic development. European Economic Review, 36, 763-781.
  • Sbia, R., Shahbaz, M., & Ozturk, I. (2017). Economic growth, financial development, urbanisation and electricity consumption nexus in UAE. Economic research-Ekonomska istraživanja, 30(1), 527-549.
  • Schumpeter, J. (1911). The theory of economic development. Harvard economic studies, vol. XLVI.
  • Schwert, G. (1989). Tests for unit roots: a Monte Carlo investigation. J. Bus. Econ. Stat., 20, 147-159.
  • Shahbaz, M., Kumar, R. R., Ivanov, S., & Loganathan, N. (2017). The nexus between tourism demand and output per capita with the relative importance of trade openness and financial development: A study of Malaysia. Tourism Economics, 23(1), 168-186.
  • Shaw ES. 1973. Financial deepening in economic development. Oxford University Press: Oxford.
  • Soukiazis, E., & Proença, S. (2008). Tourism as an alternative source of regional growth in Portugal: a panel data analysis at NUTS II and III levels. Portuguese Economic Journal, 7(1), 43-61.
  • Stock, J.H., & Watson, M.W. (1993). A simple estimator of cointegrating vectors in higher order integrated systems. Econometrica: Journal of the Econometric Society, 61(4), 783-820.
  • Şit, M. (2016). Türkiye’de turizm sektörünün istihdama katkısı. Akademik Yaklaşımlar Dergisi, 7(1), 101-117.
  • Tang, C. F., & Abosedra, S. (2016). Tourism and growth in Lebanon: new evidence from bootstrap simulation and rolling causality approaches. Empirical Economics, 50(2), 679-696.
  • Tang, C. F., & Ozturk, I. (2017). Is tourism a catalyst of growth in Egypt? Evidence from Granger non-causality and the generalised variance decomposition analysis. Anatolia, 28(2), 173-181.
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Details

Primary Language Turkish
Journal Section Research Article
Authors

Süleyman Yurtkuran 0000-0002-7085-9203

Publication Date October 14, 2020
Acceptance Date May 14, 2020
Published in Issue Year 2020 Volume: 8 Issue: 5

Cite

APA Yurtkuran, S. (2020). Türkiye’de Turizmin ve Finansal Gelişmenin Ekonomik Büyümeye Katkısı: Turizme Dayalı Büyüme Hipotezi Analizi. Anemon Muş Alparslan Üniversitesi Sosyal Bilimler Dergisi, 8(5), 1531-1542.

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