This paper examines the nexus between tourism, financial development and economic growth in 31 African countries using the Dumitrescu–Hurlin Granger non-causality test that accounts for heterogeneity and cross-sectional dependence. It also employs the Granger causality test in the frequency domain that distinguishes between temporary and permanent causality for the country-specific analysis. It shows a cointegration relationship between tourism, financial development and economic growth. It reveals a joint long-run causality from tourism and financial development to economic growth, and a joint short-run and long-run causality from tourism and economic growth to financial development, albeit the joint causality from financial development and economic growth to tourism is tenuous. The individual causality shows a bidirectional causality between tourism and economic growth, between financial development and economic growth, and between tourism and financial development. The country-specific analysis reveals that tourism is a significant predictor of financial development and economic growth at high frequency rather than at low frequency in most countries. Therefore, African countries should prioritize the policies and programs that can facilitate the development of the tourism and financial sectors in their quest to accelerate economic growth and development.

中文翻译：

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旅游、金融发展和经济增长之间的关系：来自非洲国家的证据

本文使用 Dumitrescu-Hurlin Granger 非因果关系检验检验了 31 个非洲国家的旅游业、金融发展和经济增长之间的关系，该检验解释了异质性和横截面依赖性。它还在频域中使用 Granger 因果关系检验，以区分针对特定国家/地区的分析的临时和永久因果关系。它显示了旅游、金融发展和经济增长之间的协整关系。它揭示了旅游和金融发展对经济增长的长期联合因果关系，以及旅游和经济增长对金融发展的短期和长期联合因果关系，尽管金融发展和经济增长对旅游业的联合因果关系是脆弱的。个体因果关系表现为旅游与经济增长、金融发展与经济增长、旅游与金融发展的双向因果关系。针对具体国家的分析表明，在大多数国家，旅游业是高频而非低频的金融发展和经济增长的重要预测指标。因此，非洲国家应优先考虑能够促进旅游和金融部门发展的政策和计划，以寻求加速经济增长和发展。针对具体国家的分析表明，在大多数国家，旅游业是高频而非低频的金融发展和经济增长的重要预测指标。因此，非洲国家应优先考虑能够促进旅游和金融部门发展的政策和计划，以寻求加速经济增长和发展。针对具体国家的分析表明，在大多数国家，旅游业是高频而非低频的金融发展和经济增长的重要预测指标。因此，非洲国家应优先考虑能够促进旅游和金融部门发展的政策和计划，以寻求加速经济增长和发展。