Naslov
Tourism Foreign Direct Investment Led Tourism Gross Value Added: A Co-Integration and Causality Analysis of Croatian Tourism

Autori
Bezić, Heri ; Nikšić Radić, Maja

Izvornik
Ekonomska istraživanja (1331-677X) 30 (2017), 1; 1443-1460

Vrsta, podvrsta i kategorija rada
Radovi u časopisima, članak, znanstveni

Ključne riječi
foreign direct investment in tourism ; gross value added ; co-integration ; VEC model ; VAR model ; Granger causality test ; Toda Yamamoto causality test

Sažetak
The purpose of this study is to investigate the causal relationship between foreign direct investment in tourism and tourism gross value added in Croatia. The study employs econometric techniques such as unit root test, Johansen co- integration and Granger causality test in vector error correction model (VEC model) and Toda- Yamamoto causality test in vector autoregressive model (VAR model) using quarterly time series data from 2000(1) to 2012(4). The results confirmed the existence of a stable co- integrated relationship between variables in the long run. A short-term relationship was also proved, respectively, from the foreign direct investment in tourism to gross value added by using Toda-Yamamoto causality test. By including the control variables, the two-way causality between the subject variables was proven using the Granger causality test.

Izvorni jezik
Engleski

Znanstvena područja
Ekonomija

POVEZANOST RADA