Table 8.
The short-run and long-run effects of tourism development on the shadow economy: ARDL DFE estimators.
| Dep. Var: The shadow economy (% GDP) | Full sample | LMEs | UMEs | HIEs | |
|---|---|---|---|---|---|
| The short-run effects | Domestic Tourism Spending (% GDP) | –a | – | –c | – |
| Internal T&T Consumption (% GDP) | –c | – | – | – | |
| Business Tourism Spending (% GDP) | + | + | – | – | |
| Leisure Tourism Spending (% GDP) | –a | –b | –b | + | |
| Outbound Travel & Tourism Expenditure (% GDP) | – | – | + | + | |
| The long-run effects | Domestic Tourism Spending (% GDP) | – | – | + | + |
| Internal T&T Consumption (% GDP) | –b | –c | + | –c | |
| Business Tourism Spending (% GDP) | – | – | + | –a | |
| Leisure Tourism Spending (% GDP) | –a | –b | – | – | |
| Outbound Travel & Tourism Expenditure (% GDP) | + | + | + | – | |
Notes: −/+ denote negative/positive coefficients (effects); a, b, c denote statistical significance at 1 %, 5 %, and 10 %, respectively. The full results are reported in Tables A8-A11, Appendix.