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Dynamic inter-relationships among tourism, economic growth and energy consumption in India
Chor Foon Tang,Aviral Kumar Tiwari,Muhammad Shahbaz 한국자원공학회 2016 Geosystem engineering Vol.19 No.4
This study attempts to explore the dynamic causal and inter-relationships among tourism, economic growth and energy consumption in India. This study covers the annual data from 1971 to 2012. This study applies the cointegration and generalised variance decomposition methods to verify the relationship. The bounds testing approach to cointegration and the Gregory–Hansen test for cointegration with structural break consistently reveal that energy consumption, tourism and economic growth in India are cointegrated. We find that tourism and economic growth strongly affects energy consumption in the long-run. Additionally, we also find that tourism and economic growth in India are inter-related, but the causal effect of tourism on economic growth is stronger than the other way around in both the short- and long-run. Therefore, this study concludes that the tourism-led growth hypothesis is valid but the energy-led growth hypothesis is invalid in India. With such findings, we can confirm that tourism is an important catalyst of growth to the Indian economy. Therefore, policy-makers should promote and expand tourism industry in order to sustain the process of economic growth and development in India.
Re-visiting the Savings-Led Growth Hypothesis and Its Stability in East Asian Economies
Chor Foon Tang,Eu Chye Tan 한국국제경제학회 2017 International Economic Journal Vol.31 No.3
The causal relationships between savings and economic growth have been given special attention because it has significant implication on policy-making. Nevertheless, the direction of causality remains unclear as previous studies failed to provide persuasive evidence to support the savings-led growth hypothesis. Therefore, the primary aim of this study is to empirically re-investigate the savings–growth nexus in selected East Asian economies. It covers the quarterly sample period from 1970:Q1 to 2011:Q4. Our empirical results reveal that savings, economic growth and some other variables are cointegrated in these economies. Additionally, the causality results exhibit that the causal effect from savings to economic growth is stable over the period of analysis. Therefore, the probability of success in boosting economic growth through any policy action to induce greater savings is the greatest in the case of East Asian economies.
Does the Source of Foreign Direct Investment Matter to Economic Growth in Malaysia?
Chor Foon Tang,Eu Chye Tan 연세대학교 동서문제연구원 2018 Global economic review Vol.47 No.2
Foreign direct investment (FDI) is often viewed as a potential contributor to a country’s economic growth and development. However, the extent of the contribution may depend upon the source of such investment inflows. This paper assesses the contribution of inward FDI to Malaysia’s economic growth using investment data disaggregated by source over the period, 2008:Q1–2016:Q3. Due to the mixed orders of integration of the series involved, the autoregressive distributed lag (ARDL) framework is employed to conduct the assessment. The econometric results indicate that the source of the FDI does matter greatly when considering the extent of its spin-off for the local economy. Specifically, FDI flows from North America and Southeast Asia contribute more significantly to Malaysia’s economic growth than FDI flows from Central and South America, Northeast Asia and Oceania.
CHOR FOON TANG 연세대학교 동서문제연구원 2010 Global economic review Vol.39 No.4
The main objective of this study is to empirically re-investigate the money-prices nexus for Malaysia through the Johansen multivariate cointegration and the modified Wald (MWALD) causality techniques. This study covered the monthly dataset from 1971:M1 to 2008:M11. The Johansen cointegration test suggests that the variables under investigation are comove in the long run. Furthermore, the MWALD causality test shows a bidirectional causal relationship between money supply (M2) and aggregate prices, meaning that both the monetarist’s and also the structuralists’ views are vindicated in the Malaysian economy. However, the time-varying cointegration and causality tests indicate that the cointegrating and also the causal relationships are not stable over the analysis period. These results suggest that inflation in Malaysia is not purely a monetary phenomenon. Therefore, implementing a tighter monetary policy may not be an effective macro-economic instrument in managing the inflationary behaviour in the Malaysian economy.