Asian Journal of Economic Modelling

Journal Information
ISSN / EISSN : 2313-2884 / 2312-3656
Published by: Pak Publishing Group (10.18488)
Total articles ≅ 166
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, Kyei Baffour Tutu, Afenya Millicent Salase
Asian Journal of Economic Modelling, Volume 9, pp 214-229; https://doi.org/10.18488/journal.8.2021.93.214.229

Abstract:
In pursuant to sustainable economic growth on the ticket of FDI-led growth hypothesis, the government of Ghana has instituted a myriad of thoughtful policy reforms to help boost the economy to realize a self-sustaining economic growth. To some extent, the policies might have paid off as the country was named the highest recipient of FDI in West Africa in 2018. However, the supposed upsurge in the inflow of foreign direct investment in the country and its expected long-run spillover benefits have not been tangibly felt in the region as the economy continues to oscillate. Therefore, this study utilized two methods; the autoregressive distributed lag model (ARDL) and the variance decomposition method (VDM) to empirically examine economic growth of Ghana as a function of foreign direct investment (FDI) whiles controlling for exchange rate, financial development, trade oppeness and employment rate. The results of the study endorses the FDI-led growth for Ghana by indicating that a positive long run causal impact flows from FDI to economic growth. The findings from the VDM test affirm the results are robust and reliable. Therefore, the study suggests that government should amplify FDI inflow via policies like incentives to draw more foreign investors directly into other sectors other than the conventional sectors gratified by foreign investors.
Rana Ejaz Ali Khan, Tusawar Iftikhar Ahmad, Jaweria Haleem
Asian Journal of Economic Modelling, Volume 9, pp 199-213; https://doi.org/10.18488/journal.8.2021.93.199.213

Abstract:
Tourism is a rapidly growing industry globally and it is contributing a significant part in the GDP of the economies. In the literature, a variety of determinants of tourism are discussed theoretically and empirically but the effect of national governance on tourism is rarely discussed. This study investigates the effect of governance on tourism development in a panel of 65 developing economies for the time period of 2000-2015. Tourism development is measured by an index of three components, i.e. spending by international tourists, spending by local tourists and tourism’s share in total employment in the economy. For governance an index is constructed based on indicators of government effectiveness, political stability, regulatory quality, rule of law, and voice and accountability. Data has been taken from World Development Indicators (WDI), Worldwide Governance Indicators (WGI) and World Travel and Tourism Council (WTTC). Generalized Method of Moment (GMM) estimation indicates that governance positively influence tourism development and its components, i.e. foreign visitors spending, domestic tourist spending and contribution of tourism in employment. The indicators of governance, i.e. government effectiveness, political stability, regulatory quality, rule of law and voice and accountability also positively affect tourism development. Terrorism, environmental degradation and corruption have shown adverse effect on tourism development as well as components of tourism development. The economic growth and trade openness have encouraging effect on tourism development and its comments. It is concluded that through good governance tourism may be developed but terrorism and corruption are needed to be eliminated.
Eshiozemhe Micheal Inusa, Aminu Umaru
Asian Journal of Economic Modelling, Volume 9, pp 132-144; https://doi.org/10.18488/journal.8.2021.92.132.144

Michael Asiedu, Patrick Bimpong, Thomas Hezkeal Nan Khela, Benedict Arthur
Asian Journal of Economic Modelling, Volume 9, pp 58-87; https://doi.org/10.18488/journal.8.2021.91.58.87

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