ROLE OF TOURISM ON FOREIGN EXCHANGE OF DEVELOPING COUNTRIES AND CASE OF TURKEY

Year 2017, Volume: 4 Issue: 1, 59 - 66, 30.03.2017

Sabriye Celik Uguz

https://doi.org/10.17261/Pressacademia.2017.379

Abstract

Purpose- An important factor restricting the development of developing
countries is foreign exchange deficit. Investments require foreign exchange but
sufficient foreign exchange can not be obtained through exports and it is
difficult to obtain foreign exchange by means foreign  capital, foreign aids and loans, and this
makes the metioned countries find adequate and reliable sources. However,
countries with rich natural and cultural heritage provide a significant portion
of the the required foreign exchange for development with foreign tourism
revenues. 

Methodology- In the study, in order to measure the effect of
foreign tourism revenues on commodity trade balance in Turkey, using the
monthly data in the period 1992: 1-2007: 1, long term relationship between
variables was investigated with the Autoregressive Distributed Lag (ARDL) models.

Findings-  It has been determined that
financial account and tourism account have a statistically significant effect
in the resolved of the goods trade deficit. 

Conclusion- According to the obtained findings, policies and
strategies for the development and strengthening of the tourism sector were
presented. 

Keywords

Balance of payments, foreign exchange, tourism, Turkey, ARDL

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