Do institutions matter for tourism spending?

2021 ◽  
pp. 135481662110458
Author(s):  
Canh Phuc Nguyen
Keyword(s):  
Method Of Moments ◽  
Policy Implications ◽  
Institutional Factors ◽  
Colonial History ◽  
Explanatory Factors ◽  
Institutional Frameworks ◽  
Domestic Tourism ◽  
Travel Decisions ◽  
Generalised Method Of Moments ◽  
Jel Code

Institutional frameworks are important for individuals’ attitudes and behaviours, and thus they are important for travel decisions. This study endeavours to examine the influence of various formal and informal institutional factors on tourism spending for a global sample of 120 countries from 2002 to 2019. Applying the two-step system generalised method of moments estimate, the results are robust and consistent. First, informal institutions, that is, colonial history, socialist history, origin of the legal system, religion and language, are important explanatory factors for differences in tourism spending between countries. Second, improvements in formal institutions appear to increase domestic tourism spending while they decrease outbound tourism spending. The results have important policy implications. JEL code: E02, Z30, Z32.

Revisiting the growth effects of government bonds in the emerging capital market.

2019 ◽  
Vol 3 (1) ◽  
pp. 32-38
Author(s):  
Temitayo O. Olaniyan ◽  
Samuel O. Ekundayo
Keyword(s):  
Method Of Moments ◽  
Capital Market ◽  
Time Series Data ◽  
Stock Exchange ◽  
Annual Reports ◽  
Series Data ◽  
Government Bonds ◽  
Market Growth ◽  
The Public ◽  
Generalised Method Of Moments

We revisited the effects of government bonds for the growth on the Nigerian capital market. Utilising time-series data obtained from the Nigeria Stock Exchange (NSE) annual reports for the period from 2010 to 2017, this study through the Generalised Method of Moments (GMM) regression estimator found that the value and the number of listed government bonds’ positively and significantly affect capital market growth in Nigeria. Furthermore, low capitalisation of government bonds negatively affects the growth of the market. The null hypothesis of the Hansen J-statistics is accepted; hence this implies that the IVs used in the GMM model is valid. We concluded that government bonds have positive and significant effects on the growth of the Nigerian capital market, thus government bonds have made the NSE All-Share Index grow over the period under investigation. Following the findings from the study, it was recommended, inter alia, that there should be more issuance of government bonds to the public and further to enhance the efficiency of the capital markets, both primary and secondary, while the funds raised from the capital market through government issuance should be channelled towards Nigeria’s productive sectors to promote an all-inclusive growth in the Nigerian economy.

Effects of tourism development on economic growth: An empirical study of China based on both static and dynamic spatial Durbin models

2021 ◽  
pp. 135481662110211
Author(s):  
Honghong Liu ◽  
Ye Xiao ◽  
Bin Wang ◽  
Dianting Wu
Keyword(s):  
Economic Growth ◽  
Spillover Effect ◽  
Tourism Development ◽  
Spillover Effects ◽  
Policy Implications ◽  
Long Term Effects ◽  
Spatial Spillover ◽  
Domestic Tourism ◽  
Inbound Tourism ◽  
Spatial Spillover Effect

This study applies the dynamic spatial Durbin model (SDM) to explore the direct and spillover effects of tourism development on economic growth from the perspective of domestic and inbound tourism. The results are compared with those from the static SDM. The results support the tourism-led-economic-growth hypothesis in China. Specifically, domestic tourism and inbound tourism play a significant role in stimulating local economic growth. However, the spatial spillover effect is limited to domestic tourism, and the spatial spillover effect of inbound tourism is not significant. Furthermore, the long-term effects are much greater than the short-term impact for both domestic and inbound tourism. Plausible explanations of these results are provided and policy implications are drawn.

scholarly journals Local generalised method of moments: an application to point process-based rainfall models

2015 ◽  
Vol 26 (4) ◽  
pp. 312-325 ◽  
Author(s):  
Jo M. Kaczmarska ◽  
Valerie S. Isham ◽  
Paul Northrop
Keyword(s):  
Point Process ◽  
Method Of Moments ◽  
Generalised Method Of Moments

Financial Crisis, Globalisation and Development in Africa

2020 ◽  
Vol 56 (1) ◽  
pp. 89-104
Author(s):  
Simplice A. Asongu ◽  
Joseph Nnanna
Keyword(s):  
Financial Development ◽  
Method Of Moments ◽  
Banking System ◽  
System Efficiency ◽  
African Countries ◽  
Jel Codes ◽  
Crisis Period ◽  
Generalised Method Of Moments ◽  
The Impact ◽  
Financial Globalisation

This study unites two streams of research by simultaneously focusing on the impact of financial globalisation on financial development and pre- and post-crisis dynamics of the investigated relationship. The empirical evidence is based on 53 African countries for the period 2004–2011 and Generalised Method of Moments. The following findings are established. First, whereas marginal effects from financial globalisation are positive on financial dynamics of activity and size, corresponding net effects (positive thresholds) are negative (within range). Second, while decreasing financial globalisation returns are apparent for financial dynamics of depth and efficiency, corresponding net effects (negative thresholds) are positive (not within range). Third, financial development dynamics are more weakly stationary and strongly convergent in the pre-crisis period. Fourth, the net effect from the: pre-crisis period is lower on money supply and banking system efficiency; post-crisis period is positive on financial system efficiency and pre-crisis period is positive on financial size. JEL Codes: F02, F21, F30, F40, O10

scholarly journals Utilizing Social Media to Encourage Domestic Tourism in Oman

2017 ◽  
Vol 12 (4) ◽  
pp. 84 ◽  
Author(s):  
Ali Al-Badi ◽  
Ali Tarhini ◽  
Salima Al-Sawaei
Keyword(s):  
Social Media ◽  
Virtual Communities ◽  
Economic Benefits ◽  
Media Technology ◽  
Tourism Sector ◽  
Domestic Tourism ◽  
Social Media Tools ◽  
Travel Decisions ◽  
Media Channels ◽  
Social Media Technology

Nowadays people use social media in order to create, share or exchange information, pictures or videos in virtual communities and networks. Furthermore, followers can ‘like’, ‘share’ and ‘comment’ on other people’s content or posts. Obviously, social media sites have an influence on the decision-making process, especially in the tourism sector, which has economic benefits for the country; people utilize social media channels in tourism promotional activities in order to encourage and promote domestic tourism. Hence, this Study aims to investigate how to use social media technology in order to encourage and improve domestic tourism in Oman. Data were collected using a self-administrated questionnaire from individuals who are currently using social media sites and have an interest in domestic tourism in Oman. There are three main findings: 1) there are a large number of people who use social media technology to obtain information about different attractive places they wish to visit in Oman, 2) the majority of the respondents claim that negative experiences posted on social media about a particular destination influence their travel decisions, and 3) many of the respondents indicate that the Ministry of Tourism in Oman should utilize more social media tools such as Instagram, Twitter, etc. in order to encourage domestic tourism. This research has implications not only to the Ministry of Tourism to promote domestic tourism in Oman, but also to Omani people and tourists from other countries who visit or like to visit Oman.

scholarly journals Globalisation and governance in Africa: a critical contribution to the empirics

2018 ◽  
Vol 17 (1) ◽  
pp. 2-27 ◽  
Author(s):  
Simplice A. Asongu ◽  
Uchenna Efobi ◽  
Vanessa S. Tchamyou
Keyword(s):  
Political Stability ◽  
Policy Implications ◽  
Economic Governance ◽  
African Countries ◽  
Institutional Governance ◽  
Content Type ◽  
Government Effectiveness ◽  
Generalised Method Of Moments ◽  
Political Governance ◽  
Economic Globalisation

Purpose This study aims to assess the effect of globalisation on governance in 51 African countries for the period 1996-2011. Design/methodology/approach Ten bundled and unbundled governance indicators and four globalisation variables are used. The empirical evidence is based on Generalised Method of Moments. Findings Firstly, on political governance, while only social globalisation improves political stability, only economic globalisation does not increase voice and accountability and political governance. Secondly, with regard to economic governance: only economic globalisation significantly promotes regulation quality; social globalisation and general globalisation significantly advance government effectiveness; and economic globalisation and general globalisation significantly promote economic governance. Thirdly, with respect to institutional governance, while only social globalisation improves corruption-control, the effects of globalisation dynamics on the rule of law and institutional governance are not significant. Fourthly, the impacts of social globalisation and general globalisation are positive on general governance. Practical implications It follows that political governance is driven by voice and accountability compared to political stability; economic governance is promoted by both regulation quality and government effectiveness from specific globalisation angles; and globalisation does not improve institutional governance for the most part. Originality/value Governance variables are bundled and unbundled to reflect evolving conceptions and definitions of governance. Theoretical contributions and policy implications are discussed.

scholarly journals The Influence of Financial Market Development on Economic Growth in BRICS Countries

2017 ◽  
Vol 53 (1) ◽  
pp. 7-24 ◽  
Author(s):  
Charles Wait ◽  
Tafadzwa Ruzive ◽  
Pierre le Roux
Keyword(s):  
Economic Growth ◽  
Financial Market ◽  
Method Of Moments ◽  
Market Development ◽  
Brics Countries ◽  
Financial Depth ◽  
Endogenous Growth Model ◽  
Financial Market Development ◽  
Generalised Method Of Moments ◽  
Finance Growth Nexus

Abstract The debate about the influence of financial market development on economic growth has been ongoing for more than a century. Since Schumpeter [1912] wrote about the happenings on Lombard Street there has been growing interest in the way financial market development affects economic activity and growth. As development issues have deepened, inquiry into the finance-growth nexus has also grown, with recent research focusing on various aspects of financial crisis and developments in the BRICS economies. This study investigates the influence of financial market development on the higher growth of BRICS as compared to non-BRICS counterparts. The research utilizes the Generalised Method of Moments and an extended endogenous growth model to estimate the influence of a set of financial market indicators. We find that higher private sector levels of credit and financial depth in the BRICS economies contributed to the economic growth of those economies.

Fighting Terrorism: Empirics on Policy Harmonisation

2018 ◽  
Vol 19 (3) ◽  
pp. 237-259 ◽  
Author(s):  
Simplice Asongu ◽  
Jacinta Nwachukwu
Keyword(s):  
Policy Implications ◽  
Domestic Terrorism ◽  
Transnational Terrorism ◽  
Policy Initiatives ◽  
Catch Up ◽  
Country Differences ◽  
Cross Country ◽  
Common Policies ◽  
Generalised Method Of Moments ◽  
Common Policy

Abstract This paper models the feasibility of common policy initiatives against global terrorism, as well as timelines for their enforcement. The empirical evidence is based on 78 developing countries for the period 1984-2008. Domestic, transnational, unclear and total terrorism variables are used. Absolute (or unconditional) and conditional catch-ups are estimated using Generalised Method of Moments. We establish consistently that, the rate of catch-up is higher in domestic terrorism relative to transnational terrorism. The time to full catch-up required for the implementation of common policies without distinction of nationality is found to be in a horizon of 13-20 years for domestic terrorism and 24-28 years for transnational terrorism. Hence, from a projection date of 2009, in spite of decreasing cross-country differences in terrorists’ attacks, there is still a long way to go before feasible common policy initiatives can be fully implemented without distinction of nationality. The paper is original by its contribution to the empirics of conflict resolution through decreasing cross-country differences in terrorism tendencies. Policy implications are discussed.

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