관광개발, 해외직접투자 및 경제성장 간 그랜저 인과성에 관한 연구 = Granger Causality among Tourism Development, Foreign Direct Investment and Economic Growth: The Case of Korea

다국어 초록 (Multilingual Abstract)

This study investigates the causal relationships among tourism development, foreign direct investment and economic growth in Korea by using cointegration and Granger causality tests under a Vector Autoregression (VAR) framework. The results indicate that there was no long-run equilibrium relation among three time series. The causality test results suggest that there was a one-way Granger causal relationship between tourism development and foreign direct investment. The causality test also reveals that there was a one-way Granger causal relationship between economic growth and foreign direct investment. The results support neither tourism-led growth hypothesis nor the causal impact of foreign direct investment on tourism development in the case of Korean economy. The findings suggest that foreign direct investment is considered being the consequence of tourism development and economic growth rather than a factor of tourism and economic growth.