The effects of educational tourism on the sources of growth: evidence from a Kaleckian macro model Online publication date: Thu, 22-Apr-2021
by Chor Foon Tang; Hylmee Matahir
International Journal of Tourism Policy (IJTP), Vol. 11, No. 1, 2021
Abstract: The tourism industry is playing an increasingly important role in Malaysia's economic growth. However, scant attention has been accorded to one of its vital sub-sectors, namely educational tourism and its role as a potential catalyst of growth, especially when international student's arrivals have increased exponentially over the past two decades. This paper seeks to elucidate the role of educational tourism in influencing economic growth in Malaysia by looking at its dynamic response to other growth components using a Kaleckian model. The data used in this study consist of quarterly data from 2002:Q1 to 2014:Q4, while the econometric methods deployed include the structural vector autoregression (SVAR) framework and the impulse response function. The results suggest that educational tourism can contribute to economic growth through its role as a catalyst for increased productivity and capacity utilisation. However, the study fails to find significant cross-linkages between educational tourism and investment.
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