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Tourism, Financial Development and Sectoral Development in ECOWAS Countries: Empirical Evidence from the CS-ARDL Approach

Author

Listed:
  • Prao Yao Séraphin

    (Alassane Ouattara University (Bouaké)/LAMPE-Laboratory of Economic Policies’ Analysis and Modeling, Ivory Coast)

  • Kongoza Kouassi Cyrille

    (Ph.D. Student, Alassane Ouattara University (Bouaké)/LAMPE-Laboratory of Economic Policies’ Analysis and Modeling, Ivory Coast)

Abstract

This study examines the role of financial development in the relationship between tourism and sectoral development in 12 ECOWAS countries over the period 2003-2020. Methodologically, it mobilized the Cross-sectional Augmented Autoregressive Distributed Lag (CS-ARDL) model developed by Chudik and Pesaran (2015), which takes cross-sectional dependence and heterogeneity into account. The results reveal that tourism hurts the development of the agricultural and industrial sectors in both the short and long term. Financial development harms the agricultural sector, while it improves the development of the industrial sector in both the short and long term. On the other hand, tourism associated with a developed financial sector improves the development of the agricultural sector and also the industrial sector. This result suggests that the contribution of tourism to sectoral development in ECOWAS countries depends on the level of financial development.

Suggested Citation

  • Prao Yao Séraphin & Kongoza Kouassi Cyrille, 2024. "Tourism, Financial Development and Sectoral Development in ECOWAS Countries: Empirical Evidence from the CS-ARDL Approach," International Journal of Economics and Financial Issues, Econjournals, vol. 14(2), pages 54-64, March.
    • Handle: RePEc:eco:journ1:2024-02-7
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    Citations

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    Cited by:

    1. Richard Arhinful & Leviticus Mensah & Halkawt Ismail Mohammed Amin & Hayford Asare Obeng, 2024. "The influence of cost of debt, cost of equity and weighted average cost of capital on dividend policy decision: evidence from non-financial companies listed on the Frankfurt Stock Exchange," Future Business Journal, Springer, vol. 10(1), pages 1-24, December.
    2. John Bbale Mayanja & Brian Arinaitwe & Ronald Kasaijja & John Mutenyo & Edward Damulira Sengonzi, 2024. "The Nexus Between Renewable Energy Consumption, Financial Development, and Trade Openness Based on Environmental Quality in Uganda: An Application of the ARDL," International Journal of Energy Economics and Policy, Econjournals, vol. 14(3), pages 711-718, May.

    More about this item

    Keywords

    Sector Development; Tourism; Financial Development; CS-ARDL; ECOWAS;
    All these keywords.

    JEL classification:

    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models
    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
    • Z32 - Other Special Topics - - Tourism Economics - - - Tourism and Development

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