Economics

Ways to bring private investment to the tourism industry for green growth

F. Gong and H. Chen

Discover how green growth and financial dynamics shape sustainable tourism in ASEAN economies! This research by Fengxiao Gong and Hui Chen uncovers significant impacts of economic factors on tourism sustainability from 2000 to 2021. Learn how proactive financial strategies can turn challenges into opportunities!

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Playback language: English

Index

Abstract

This research explores the impacts of green growth, inflation rate, economic uncertainty, green finance, and financial development on sustainable tourism in 10 ASEAN economies (2000-2021), using the PMG technique. Short-run findings show insignificant coefficients for financial development and green finance, with green growth having the most substantial positive impact. Economic uncertainty and inflation negatively affect sustainable tourism. Long-term analysis reveals green financing's profound impact, alongside green growth and financial market deepening, accelerating sustainable tourism. Conversely, economic uncertainty and inflation remain detrimental. Policy recommendations include comprehensive financial policy packages, ICT-based tourism services, early warning systems, and leveraging blockchain/cryptocurrency in green investments.

Publisher

Humanities and Social Sciences Communications

Published On

Oct 06, 2023

Authors

Fengxiao Gong, Hui Chen

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