Tourism Growth and Financial Sector Development Nexus: Evidence from Selected African Economies

This article tests the tourism growth and financial sector development nexus. Data came from World Bank IMF for years 1995-2020 43 selected African economies. We applied System GMM dynamic CCEMG to estimate short–run effects JKS Granger non-causality test causality, FMOLS FGLS long–run sets of co-integration co-movements. The findings support mutual reinforcing both inbound development. Outbound should be monitored controlled its negative effects; facilitated promoted positive effects. Political stability trade openness policies a priority sectors, while foreign direct investments their ambiguous impacts. In this work, we are able show that increases in international activities developments mutually impact each other.