ABSTRACT

This study contributes to the literature by establishing the linkages between new institutional economics, public finance theory, and tourism economics, to explore the motives of capital investment into the tourism industry. We apply panel data techniques across a global sample of 150 countries, running from 2003 through 2017, encompassing 53 Low- and Lower-Middle-Income Economies (LMEs), 44 Upper-Middle-Income Economies (UMEs), and 53 High-Income Economies (HIEs). The findings are threefold. First, government tourism expenditure, economic growth, urbanisation, working or young population rate, and UNESCO heritage sites are found to be the leading drivers of tourism investment, whereas inflation and unemployment negate this development. Second, government expenditure could have stronger effects in LMEs and UMEs, while UNESCO heritage sites are a more crucial factor for UMEs and HIEs. Finally, it is proved that institutional quality improvements significantly boost capital tourism investment in LMEs.

摘要

本研究通过建立新制度经济学、公共财政理论和旅游经济学之间的联系，探索资本投资旅游业的动机，为文献做出了贡献。我们在 2003 年至 2017 年期间对 150 个国家/地区的全球样本应用面板数据技术，涵盖 53 个低收入和中低收入经济体 (LME)、44 个中高收入经济体 (UME) 和 53 个高收入经济体经济体 (HIE)。研究结果有三个方面。首先，政府旅游支出、经济增长、城市化、工作人口或年轻人口率以及联合国教科文组织遗产地被认为是旅游投资的主要驱动力，而通货膨胀和失业则否定了这一发展。第二，政府支出可能对 LME 和 UME 产生更强的影响，而联合国教科文组织遗产地对于 UME 和 HIE 来说是更关键的因素。最后证明，制度质量的提升显着促进了大中型企业的资本旅游投资。