The Relationship between Tourism Receipt, Economic Growth, Inflation, Energy Consumption, and Carbon Dioxide Emissions: Evidence in Southeast Asia
The article aims to investigate the causal relationship between tourism receipt, economic growth, inflation, energy consumption, and CO2 emissions in five developing countries, including Indonesia, Malaysia, the Philippines, Thailand, and Viet Nam in Southeast Asia between 1995 and 2014 based on time-series data using the vector autoregressive model. We found that tourism receipts and CO2 emissions were positive drivers of inflation, while GDP and energy consumption negatively impacted inflation. It has been empirically found that GDP has a negative effect on CO2 emissions. In the short run, there is a directional causality running from inflation to tourism receipt, energy consumption, and CO2 emissions, but there is no relationship among variables in the long run. Empirical findings of the study suggest that the development of the tourism sector, especially in international tourism arrivals, should be encouraged along with carefully controlling inflation. In addition, economic growth has been identified as a significant determinant contributing to reducing inflation and CO2 emissions in Southeast Asia. Finally, policies were recommended to achieve sustainable tourism in Southeast Asia.
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