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Exploring the Nexus Between Information And Communication Technologies, Globalization, Terrorism, and Tourism for South Asian Economies

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Abstract

In the contemporary times, the tourism industry is growing dramatically and is prognosticated by researchers to be the worldwide fastest growing industry by the end of 2050. Despite having the enormous importance, less attention is paid to the South Asian region’s tourism and its determinants. To this end, the current study scrutinizes the plausible effects of shocks in ICTs, globalization, and terrorism on tourism in South Asia for the period 1995–2019. Unlike the previous studies, the current article deploys several second-generation tests, including cross-sectional dependence test, slope heterogeneity test, CIPS unit root test, Westerlund cointegration test, and CS-ARDL technique. The findings unveil that the positive shocks in ICTs and globalization promote South Asia’s tourism activities. However, the adverse shocks generate harmful repercussions on tourism by curtailing the tourist arrivals. Furthermore, the tourism industry endures the adverse effects stemming from a rise in terrorism, while a decrease in terrorism activities causes to boost the tourism activities. Also, it is inferred that oil prices and the real effective exchange rate are the crucial drivers of tourism. Besides, the application of the causality test validates the results of the CS-ARDL approach by confirming the causal nexus among the series. Based on the findings, some salient policies are also recommended.

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Authors and Affiliations

  1. School of Business, Zhengzhou University, Henan, 450001, China

    Muhammad Zubair Chishti

  2. School of Economics, Quaid I Azam University, Islamabad, Pakistan

    Muhammad Zubair Chishti

  3. Department of Economics, University of Chakwal, Punjab, Pakistan

    Muhammad Zubair Chishti

  4. Department of Political Economy and Public Finance, Economic and Business Statistics and Economic Policy, University of Castilla La Mancha, Cuenca, Spain

    Daniel Balsalobre Lorente

  5. Department of Economics, Kirsehir Ahi Evran University, Kirsehir, 40100, Turkey

    Umit Bulut

  6. Department of Management, Faculty of Economics and Management, Czech University of Life Sciences Prague, 16500, Prague, Czech Republic

    Daniel Balsalobre Lorente

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  1. Muhammad Zubair Chishti
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Chishti, M.Z., Lorente, D.B. & Bulut, U. Exploring the Nexus Between Information And Communication Technologies, Globalization, Terrorism, and Tourism for South Asian Economies. J Knowl Econ (2023). https://doi.org/10.1007/s13132-023-01123-0

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