The Role of Tourism, Real Exchange Rate and Economic Growth in Singapore: Are there Asymmetric Effects?
Hanafiah Harvey, Fumitaka Furuoka

This paper examines the relationship between tourism development, real exchange rate and economic growth in Singapore for the period of 2005-2015 by using disaggregated data of eleven major tourist arrival countries, namely China, France, Germany, India, Indonesia, Japan, Malaysia, Philippines, Thailand, United Kingdom and USA. Previous literature focused the effects of exchange rate changes on tourism growth are symmetric. We are evaluating a new course of analysis which is on asymmetry and asymmetry cointegration. We find support for short-run asymmetric effects in majority of the cases and long-run significant asymmetric effects in five of the major tourist arrivals to Singapore.

Full Text: PDF     DOI: 10.15640/jthm.v7n2a8