This paper examines spillover effects among international tourism growth, economic growth and a group of major macroeconomic and financial variables in the US. The empirical results show significant interactions among tourism growth, economic growth and the selected macro-finance factors, which have notably increased following the intensification of the global financial crisis in the fall of 2008. Furthermore, international tourism growth in the US appears as the main net receiver of spillovers from macroeconomic factors, thus providing evidence contrary to the empirical validity of the tourism-led growth hypothesis for the US. However, real GDP growth is identified as a net transmitter of spillovers to the tourism growth, which supports, at least partly, the economic-driven tourism growth hypothesis for the US. Novel to the literature, global economic policy uncertainty is the most important transmitter of shocks to US tourism growth, suggesting that heightened uncertainty about economic policy may have especially harmful effects on international tourism flows.

中文翻译：

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旅游业，经济增长和宏观金融风险因素之间的动态溢出效应

本文研究了国际旅游业增长，经济增长以及美国一系列主要宏观经济和金融变量之间的溢出效应。实证结果表明，旅游业增长，经济增长与选定的宏观融资因素之间存在显着的相互作用，随着2008年秋季全球金融危机的加剧，这种相互作用显着增加。此外，美国的国际旅游业增长似乎是主要的宏观经济因素溢出的净接收者，因此提供了与美国旅游主导的增长假设的经验有效性相反的证据。但是，实际GDP增长被确定为旅游业增长溢出的净传递者，这至少部分地支持了美国经济驱动的旅游业增长假说。文学小说，