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| Author: | Tang, C-H. Jang, S.C. |
| Title: | The tourism-economy causality in the United States: a sub-industry level examination |
| Journal: | Tourism Management
2009 : AUG, VOL. 30:4, p. 553-558 |
| Index terms: | tourism economic growth airlines hotel and catering industry restaurants investors investment planning |
| Language: | eng |
| Abstract: | This article discusses the connections between the performance of four tourism related industries (airlines, casinos, hotels, and restaurants) along with GDP in the U.S., using cointegration and Granger causality tests. No cointegration is found between U.S. economic growth and industry performance, suggesting that mechanisms increasing the revenue of tourism related industries can possibly be successful in the long-run, even in sustained economic stagnation. The results also imply a temporal causal hierarchy in industry performance, which could be a valuable tool for timing and prioritizing resource allocation among industries to ensure improved tourism and economic outcomes. Investors and managers could also use this temporal hierarchy to observe the best timing for investments and business strategies by studying performance trends of industries located higher on the temporal hierarchy. |
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