翻译理论与实践

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The interaction between tourism and FDI in real estate in OECD countries

Hassan Gholipour Fereidouni a

& Usama Al-mulali

b

a

School of Management, Universiti Sains Malaysia, Penang,Malaysia

b

Economic Programe, Universiti Sains Malaysia, Penang, Malaysia Published online: 30 Oct 2012.

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D o w n l o a d e d b y [B e i j i n g N o r m a l U n i v e r s i t y ] a t 23:54 13 M a r c h 2015

CURRENT ISSUES IN TOURISM LETTER

The interaction between tourism and FDI in real estate in OECD countries

Hassan Gholipour Fereidouni a ∗and Usama Al-mulali b

a

School of Management,Universiti Sains Malaysia,Penang,Malaysia;b Economic Programe,Universiti Sains Malaysia,Penang,Malaysia

(Received 17July 2012;final version received 5September 2012)

The purpose of this article is to investigate the empirical link between foreign direct investment (FDI)in real estate sector (FDIRE)and international tourism (TOUR).Panel co-integration and panel Granger causality techniques are applied to analyse both long-and short-run relationships for the case study of selected OECD countries.Our empirical results show the existence of the long-run and a bi-directional causal relationship between FDIRE and TOUR.The results provide some implications for policy-makers.Keywords:FDI in real estate;tourism flows;panel cointegration;OECD countries

Introduction

In recent years,there has been a growing interest in analysing the relationship between foreign direct investments (FDI)and tourism (Craigwell &Moore,2007;Kundu &Con-tractor,1999;Sanford &Dong,2000;Selvanathan,Selvanathan,&Viswanathan,2009;Tang,Selvanathan,&Selvanathan,2007).This literature proposes several explanations for the links between these variables.

On the one hand,the relationship by which tourism affects FDI can be explained as follows.International tourism (TOUR)allows potential investors to experience first-hand the environment of the country being visited and to obtain information about the available investment opportunities.By experiencing the country’s goods and services,opportunities for investment may be identified (Sanford &Dong,2000).Moreover,firms’FDI decisions require detailed information about the host country’s competitors,regulatory environment,work ethic,and culture.Tourism improves on existing research into FDI and as a result it can contribute to the expansion of new FDI in host country (Sanford &Dong,2000).On the other side,the causality nexus in the sense FDI causes tourism can appear since foreign investors provide the tourism capacity that the country is lacking,by building more hotels and tourism attractions (such as theme park)and improving the transport facilities,which then stimulates or allows the country to accommodate a larger number of visitors (Craigwell &Moore,2007;Tang et al.,2007).Another link from FDI to tourism is through business tourists.Business tourists are entrepreneurs and managers from other countries who,while looking for opportunities to invest in host country as well as to promote and sustain business in host country,visit several tourist destinations (Selvanathan et al.,2009).In fact,more FDI inflow could generate a cyclical effect of investigative business and holiday travel,resulting in greater tourism (Tang et al.,2007).

Current Issues in Tourism ,2014

V ol.17,No.2,105–113,

/10.1080/13683500.2012.733359

D o w n l o a d e d b y [B e i j i n g N o r m a l U n i v e r s i t y ] a t 23:54 13 M a r c h 2015