ABSTRACT

This study attempts to explore the impact of environmental quality, real exchange rate and institutional performance on tourism receipts in East-Asia and Pacific region. A new methodology dynamic common correlated effects (DCCE) is applied to deal with the issue of cross-sectional dependence (CSD) among cross-sectional units. This approach can calculate DCCE by recognizing the heterogeneous slopes and assuming that the variables can be represented by a common factor. The findings explain that traditional approaches give false results due to CSD. Environmental quality is measured through a new indicator ecological footprint. An index for institutional performance is calculated through principal component analysis (PCA) by using seven institutional indicators. Results of DCCE estimation identify that environmental quality, real exchange rate, institutional performance and trade openness have a positive and significant relationship with tourism receipts in East-Asia and Pacific region.

摘要

本研究试图探讨环境质量、实际汇率和制度绩效对东亚和太平洋地区旅游收入的影响。应用一种新的方法动态共同相关效应（DCCE）来处理横截面单元之间的横截面依赖性（CSD）问题。这种方法可以通过识别异质斜率并假设变量可以用一个公因子表示来计算 DCCE。研究结果解释说，由于 CSD，传统方法会给出错误的结果。环境质量是通过一个新的指标生态足迹来衡量的。机构绩效指数是通过使用七个机构指标通过主成分分析 (PCA) 计算得出的。DCCE 估计的结果表明，环境质量、实际汇率、