@unpublished{Asongu,2020,
title = {An Index of African Monetary Integration (IAMI)},
author = {Samba Diop, Simplice A. Asongu},
url = {http://www.afridev.org/RePEc/agd/agd-wpaper/An-Index-of-African-Monetary-Integration.pdf},
year = {2020},
date = {2020-01-22},
abstract = {This study improves the African Regional Integration Index (ARII) proposed by the African Union, the African Development Bank and the United Nations Economic Commission for Africa by providing a theoretical framework and addressing shortcomings related to weighting and aggregation of the indicator. This paper measures monetary integration in the eight African Regional Economic Communities (RECs) by constructing an Index of African Monetary Integration (IAMI). It proposes an Optimal Currency Area as theoretical framework and uses a panel approach to appreciate the dynamics of the index over different periods of time. The findings show that: (i) inflation and finance (trade and mobility) present the highest (lowest) score while ECOWAS is (EAC and IGAD are) the highest (least) performing. (ii) Surprisingly, in most RECs, the highest contributors to wealth creation are not the top performers in regional monetary integration. (iii) The RECs in Africa are characterized by a stable monetary integration which is different from the gradual process usually observed in monetary integration because with the exception of the EAC and UMA, the dynamics of IAMI show a steady trend in the overall index across time. Policy implications are discussed.},
keywords = {Monetary Integration; Currency Unions},
pubstate = {published},
tppubtype = {unpublished}
}
This study improves the African Regional Integration Index (ARII) proposed by the African Union, the African Development Bank and the United Nations Economic Commission for Africa by providing a theoretical framework and addressing shortcomings related to weighting and aggregation of the indicator. This paper measures monetary integration in the eight African Regional Economic Communities (RECs) by constructing an Index of African Monetary Integration (IAMI). It proposes an Optimal Currency Area as theoretical framework and uses a panel approach to appreciate the dynamics of the index over different periods of time. The findings show that: (i) inflation and finance (trade and mobility) present the highest (lowest) score while ECOWAS is (EAC and IGAD are) the highest (least) performing. (ii) Surprisingly, in most RECs, the highest contributors to wealth creation are not the top performers in regional monetary integration. (iii) The RECs in Africa are characterized by a stable monetary integration which is different from the gradual process usually observed in monetary integration because with the exception of the EAC and UMA, the dynamics of IAMI show a steady trend in the overall index across time. Policy implications are discussed.
@unpublished{Asongu,2020,
title = {Building Knowledge Economies in Africa: An Introduction},
author = {Simplice A. Asongu, John Kuada },
url = {http://www.afridev.org/RePEc/agd/agd-wpaper/Building-Knowledge-Economies-in-Africa-An-Introduction.pdf},
year = {2020},
date = {2020-01-21},
abstract = {Knowledge has emerged as a fundamental driver of economic growth and development by inter alia improving the effectiveness and efficiency of economic projects and boosting the process of finding new avenues of addressing developmental policy syndromes. Recent evidence suggests that Africa is on the threshold of significant and sustainable economic growth if its human and material resources can be effectively mobilised to support the process (Kuada & Mensah, 2017; Asongu & Tchamyou, 2019). Consequently, the World Bank’s Knowledge Economy Framework aims to explore and support the extent to which current policies in African countries affect the knowledge development process (and thereby competitiveness) on the continent. A knowledge economy is an economy in which economic prosperity largely depends on the accessibility, quality and quantity of information available, instead of the means of production (Asongu, 2017a, 2017b). This themed issue of Contemporary Social Science-‘Building Knowledge Economies in Africa’ - consists of papers that focus on, but are not limited to, the four dimensions of the World Bank’s Knowledge Economy Index. These are: information and communication technology, education, economic incentives and institutional regime, and innovation (Tchamyou, 2017). The themed issue engages with high quality contributions which, taken together, address the drivers towards knowledge-based economies. This introduction provides a context for understanding the importance of building knowledge economies in Africa and summarises the main contributions to the themed issue. The paper ends by advising scholars and policy makers regarding the risks associated with a colonial view of knowledge- notably the importance of proposing knowledge-based policies while avoiding hegemonic paradigms and hierarchical constructs. In summary, the issue consists of a set of theoretically informed, empirically robust, policy-relevant and accessible articles for both specialists and non-specialists.},
keywords = {Knowledge economy; Development; Africa},
pubstate = {published},
tppubtype = {unpublished}
}
Knowledge has emerged as a fundamental driver of economic growth and development by inter alia improving the effectiveness and efficiency of economic projects and boosting the process of finding new avenues of addressing developmental policy syndromes. Recent evidence suggests that Africa is on the threshold of significant and sustainable economic growth if its human and material resources can be effectively mobilised to support the process (Kuada & Mensah, 2017; Asongu & Tchamyou, 2019). Consequently, the World Bank’s Knowledge Economy Framework aims to explore and support the extent to which current policies in African countries affect the knowledge development process (and thereby competitiveness) on the continent. A knowledge economy is an economy in which economic prosperity largely depends on the accessibility, quality and quantity of information available, instead of the means of production (Asongu, 2017a, 2017b). This themed issue of Contemporary Social Science-‘Building Knowledge Economies in Africa’ - consists of papers that focus on, but are not limited to, the four dimensions of the World Bank’s Knowledge Economy Index. These are: information and communication technology, education, economic incentives and institutional regime, and innovation (Tchamyou, 2017). The themed issue engages with high quality contributions which, taken together, address the drivers towards knowledge-based economies. This introduction provides a context for understanding the importance of building knowledge economies in Africa and summarises the main contributions to the themed issue. The paper ends by advising scholars and policy makers regarding the risks associated with a colonial view of knowledge- notably the importance of proposing knowledge-based policies while avoiding hegemonic paradigms and hierarchical constructs. In summary, the issue consists of a set of theoretically informed, empirically robust, policy-relevant and accessible articles for both specialists and non-specialists.
@unpublished{Asongu,2020,
title = {On the Simultaneous Openness Hypothesis: FDI, Trade and TFP Dynamics in Sub-Saharan Africa},
author = {Simplice A. Asongu, Joseph Nnanna, Paul N. Acha-Anyi },
url = {http://www.afridev.org/RePEc/agd/agd-wpaper/FDI-Trade-and-TFP-Dynamics-in-Sub-Saharan-Africa.pdf},
year = {2020},
date = {2020-01-19},
abstract = {This study assesses the simultaneous openness hypothesis that trade modulates foreign direct investment (FDI) to induce positive net effects on total factor productivity (TFP) dynamics. Twenty-five countries in Sub-Saharan Africa and data for the period 1980 to 2014 are used. The empirical evidence is based on the Generalised Method of Moments. First, trade imports modulate FDI to overwhelmingly induce positive net effects on TFP, real TFP growth, welfare TFP and real welfare TFP. Second, with exceptions on TFP and welfare TFP where net effects are both positive and negative, trade exports modulate FDI to overwhelmingly induce positive net effects on real TFP growth and welfare real TFP. In summary, the tested hypothesis is valid for the most part. Policy implications are discussed.},
keywords = {Productivity; Foreign Investment; SSA},
pubstate = {published},
tppubtype = {unpublished}
}
This study assesses the simultaneous openness hypothesis that trade modulates foreign direct investment (FDI) to induce positive net effects on total factor productivity (TFP) dynamics. Twenty-five countries in Sub-Saharan Africa and data for the period 1980 to 2014 are used. The empirical evidence is based on the Generalised Method of Moments. First, trade imports modulate FDI to overwhelmingly induce positive net effects on TFP, real TFP growth, welfare TFP and real welfare TFP. Second, with exceptions on TFP and welfare TFP where net effects are both positive and negative, trade exports modulate FDI to overwhelmingly induce positive net effects on real TFP growth and welfare real TFP. In summary, the tested hypothesis is valid for the most part. Policy implications are discussed.
@article{Asongu,2020,
title = {Inequality and gender economic inclusion: The moderating role of financial access in Sub-Saharan Africa},
author = {Asongu, S. A., Nnanna, J., Acha-Anyi, P. N., },
url = {https://www.sciencedirect.com/science/article/pii/S0313592619302127?dgcid=author},
doi = {10.1016/j.eap.2020.01.002},
year = {2020},
date = {2020-01-17},
journal = {Economic Analysis and Policy},
volume = {65},
number = {March},
pages = {173-185},
abstract = {This study assesses how financial access can be used to modulate the effect of income inequality on gender economic inclusion. The focus is on 42 countries in sub-Saharan Africa (SSA) for the period 2004–2014 and the empirical evidence is based on Generalised Method of Moments (GMM) and Fixed Effects (FE) regressions. Significant results are not apparent in the FE regressions The following main findings are established from the GMM estimations. There is a negative net effect from the role of financial access in modulating the effect of the Palma ratio on female labour force participation while there is a positive net effect from the relevance of financial access in moderating the effect of the Gini coefficient on female unemployment. There are also net negative effects from the role of financial access in modulating the Gini coefficient and the Palma ratio for female employment. The unexpected findings are elucidated and implications are discussed in the light of challenges to Sustainable Development Goals in the sub-region. Inter alia: financial access is a necessary but not a sufficient moderator of income inequality for the enhancement of women’s participation in the formal economic sector.},
keywords = {Africa; Finance; Gender},
pubstate = {published},
tppubtype = {article}
}
This study assesses how financial access can be used to modulate the effect of income inequality on gender economic inclusion. The focus is on 42 countries in sub-Saharan Africa (SSA) for the period 2004–2014 and the empirical evidence is based on Generalised Method of Moments (GMM) and Fixed Effects (FE) regressions. Significant results are not apparent in the FE regressions The following main findings are established from the GMM estimations. There is a negative net effect from the role of financial access in modulating the effect of the Palma ratio on female labour force participation while there is a positive net effect from the relevance of financial access in moderating the effect of the Gini coefficient on female unemployment. There are also net negative effects from the role of financial access in modulating the Gini coefficient and the Palma ratio for female employment. The unexpected findings are elucidated and implications are discussed in the light of challenges to Sustainable Development Goals in the sub-region. Inter alia: financial access is a necessary but not a sufficient moderator of income inequality for the enhancement of women’s participation in the formal economic sector.
@article{Asongu,2020,
title = {Revisiting the trade and unemployment nexus: Empirical evidence from the Nigerian economy},
author = {Onifade, S. T., Ay, A., Asongu S. A., Festus Victor Bekun, F.V, },
url = {https://onlinelibrary.wiley.com/doi/full/10.1002/pa.2053},
doi = {10.1002/pa.2053},
year = {2020},
date = {2020-01-16},
journal = {Journal of Public Affairs},
abstract = {The recent exacerbation of unemployment crisis in Nigeria stands to be a serious threat to both socio‐economic stability and progress of the country just as the report from the Bureau of Statistics shows that at least over 8.5 million people had no gainful employment at all as at the last quarter of the year 2017. It is on the above premise, that the present study explores the link between trade and unemployment for the case of Nigeria with the intention of exploring how the unemployment crisis has been impacted within the dynamics of the country's trade performance. The empirical evidence shows that the nation's terms of trade were insignificant to unemployment rate, while trade openness and domestic investment, on the other hand, have significant opposing impacts on unemployment in Nigeria over the period of the study. Further breakdowns from the empirical analysis also revealed that the Philips curves proposition is valid within the Nigerian economic context, while the evidences for the validity of Okun's law only exist in the short‐run scenario. Based on the empirical results, we recommend that concerted effort should be geared toward stimulating domestic investment by providing adequate financial and infrastructural facilities that will promote ease of doing business while utmost precautions are taken to ensure that unemployment crisis is not exacerbated when combating inflation in the economy in the wake of dynamic trade relations.},
keywords = {Nigeria, Trade, unemployment},
pubstate = {published},
tppubtype = {article}
}
The recent exacerbation of unemployment crisis in Nigeria stands to be a serious threat to both socio‐economic stability and progress of the country just as the report from the Bureau of Statistics shows that at least over 8.5 million people had no gainful employment at all as at the last quarter of the year 2017. It is on the above premise, that the present study explores the link between trade and unemployment for the case of Nigeria with the intention of exploring how the unemployment crisis has been impacted within the dynamics of the country's trade performance. The empirical evidence shows that the nation's terms of trade were insignificant to unemployment rate, while trade openness and domestic investment, on the other hand, have significant opposing impacts on unemployment in Nigeria over the period of the study. Further breakdowns from the empirical analysis also revealed that the Philips curves proposition is valid within the Nigerian economic context, while the evidences for the validity of Okun's law only exist in the short‐run scenario. Based on the empirical results, we recommend that concerted effort should be geared toward stimulating domestic investment by providing adequate financial and infrastructural facilities that will promote ease of doing business while utmost precautions are taken to ensure that unemployment crisis is not exacerbated when combating inflation in the economy in the wake of dynamic trade relations.
@unpublished{Asongu,2019,
title = {Inequality and gender economic inclusion: the moderating role of financial access in Sub-Saharan Africa},
author = {Simplice A. Asongu, Joseph Nnanna, Paul N. Acha-Anyi},
url = {http://www.afridev.org/RePEc/agd/agd-wpaper/Inequality-and-gender-economic-inclusion-the-role-of-finance.pdf},
year = {2020},
date = {2020-01-14},
abstract = {This study assesses how financial access can be used to modulate the effect of income inequality on gender economic inclusion. The focus is on 42 countries in sub-Saharan Africa (SSA) for the period 2004-2014 and the empirical evidence is based on Generalised Method of Moments (GMM) and Fixed Effects (FE) regressions. Significant results are not apparent in the FE regressions. The following main findings are established from the GMM estimations. There is a negative net effect from the role of financial access in modulating the effect of the Palma ratio on female labour force participation while there is a positive net effect from the relevance of financial access in moderating the effect of the Gini coefficient on female unemployment. There are also net negative effects from the role of financial access in modulating the Gini coefficient and the Palma ratio for female employment. The unexpected findings are elucidated and implications are discussed in the light of challenges to Sustainable Development Goals in the sub-region. Inter alia: financial access is a necessary but not a sufficient moderator of income inequality for the enhancement of women’s participation in the formal economic sector.},
keywords = {Africa; Finance; Gender},
pubstate = {published},
tppubtype = {unpublished}
}
This study assesses how financial access can be used to modulate the effect of income inequality on gender economic inclusion. The focus is on 42 countries in sub-Saharan Africa (SSA) for the period 2004-2014 and the empirical evidence is based on Generalised Method of Moments (GMM) and Fixed Effects (FE) regressions. Significant results are not apparent in the FE regressions. The following main findings are established from the GMM estimations. There is a negative net effect from the role of financial access in modulating the effect of the Palma ratio on female labour force participation while there is a positive net effect from the relevance of financial access in moderating the effect of the Gini coefficient on female unemployment. There are also net negative effects from the role of financial access in modulating the Gini coefficient and the Palma ratio for female employment. The unexpected findings are elucidated and implications are discussed in the light of challenges to Sustainable Development Goals in the sub-region. Inter alia: financial access is a necessary but not a sufficient moderator of income inequality for the enhancement of women’s participation in the formal economic sector.
@unpublished{Asongu,2019,
title = {Manufacturing Export and ICT Infrastructure in West Africa: Investigating the Roles of Economic and Political Institutions},
author = {Ibukun Beecroft, Evans S. Osabuohien, Uchenna R. Efobi, Isaiah Olurinola,Romanus A. Osabohien},
url = {http://www.afridev.org/RePEc/agd/agd-wpaper/Manufacturing-Export-and-ICT-Infrastructure-in-West-Africa.pdf},
year = {2020},
date = {2020-01-13},
abstract = {Investment in ICT infrastructure development is crucial to international trade through its provision of reliable interconnectedness via communication. This can be augmented via institutional intervention, which addresses opportunistic or rent-seeking behaviours of ICT infrastructure providers and reduces operational costs, among others. However, ICT infrastructural provision in West Africa remains low, necessitating the current drive by the regional economic community (ECOWAS) to make some advancement in this regard for enhanced trade outcomes of members. With the aim of unbundling institutional framework in the infrastructure-export nexus, this study empirically examines the relationship between manufacturing export and ICT infrastructure and articulates how economic and political institutions influence such interaction. Focusing on 14 West African countries, the study uses the Systems Generalised Method of Moments (SGMM) technique to address possible issues of endogeneity and reverse causality. The results reveal that in the face of improved economic and political institutions, particularly those related to enforcement of contracts, the influence of ICT infrastructure in strengthening the exporting capacity from the manufacturing sector is greater. In addition, some measures of economic and political institutions matter more than others. The study recommends that ECOWAS countries promote better institutional quality, particularly in terms of transparency, accountability, corruption control, regulatory quality and the rule of law.},
keywords = {Dynamic panel; Infrastructural provision},
pubstate = {published},
tppubtype = {unpublished}
}
Investment in ICT infrastructure development is crucial to international trade through its provision of reliable interconnectedness via communication. This can be augmented via institutional intervention, which addresses opportunistic or rent-seeking behaviours of ICT infrastructure providers and reduces operational costs, among others. However, ICT infrastructural provision in West Africa remains low, necessitating the current drive by the regional economic community (ECOWAS) to make some advancement in this regard for enhanced trade outcomes of members. With the aim of unbundling institutional framework in the infrastructure-export nexus, this study empirically examines the relationship between manufacturing export and ICT infrastructure and articulates how economic and political institutions influence such interaction. Focusing on 14 West African countries, the study uses the Systems Generalised Method of Moments (SGMM) technique to address possible issues of endogeneity and reverse causality. The results reveal that in the face of improved economic and political institutions, particularly those related to enforcement of contracts, the influence of ICT infrastructure in strengthening the exporting capacity from the manufacturing sector is greater. In addition, some measures of economic and political institutions matter more than others. The study recommends that ECOWAS countries promote better institutional quality, particularly in terms of transparency, accountability, corruption control, regulatory quality and the rule of law.
@article{Asongu,2020,
title = {The criticality of growth, urbanization, electricity and fossil fuel consumption to environment sustainability in Africa},
author = {Asongu, S. A., Agboola, M. O., Alola, A. A., Bekun, F.V., },
url = {https://www.sciencedirect.com/science/article/pii/S0048969719363727?dgcid=coauthor#!},
year = {2020},
date = {2020-01-10},
journal = {Science of the Total Environment},
volume = {712},
number = {April},
pages = {136376},
abstract = {While most African economies are primarily sandwiched with the seemingly unsurmountable task of attaining consistent economic growth and unhindered energy supply, the enormous threat posed by environmental degradation has further complicated the economic and environmental sustainability drive. In this context, the present study examines the effect of economic growth, urbanization, electricity consumption, fossil fuel energy consumption, and total natural resources rent on pollutant emissions in Africa over the period 1980–2014. By employing selected African countries, the current study relies on the Kao and Pedroni cointegration tests to cointegration analysis, the Pesaran's Panel Pooled Mean Group-Autoregressive distributive lag methodology (ARDL-PMG) for long run regression while Dumitrescu and Hurlin (2012) is employed for the detection of causality direction among the outlined variables. The study traces long run equilibrium relationships between examined indicators. The ARDL-PMG results suggest a statistical positive relationship between pollutant emissions and urbanization, electricity consumption and non-renewable energy consumption. Dumitrescu and Hurlin (2012) Granger causality test lends support to the long-run regression results. A bi-directional causality is observed between pollutant emissions, electricity consumption, economic growth and pollutant emissions while a unidirectional causality is apparent between total natural resources rent and pollutant emission. Based on these results, several policy implications for the African continent were suggested. (a) The need for a paradigm shift from fossil fuel sources to renewables is encouraged in the region (b) The need to embrace carbon storage and capturing techniques to decouple pollutant emissions from economic growth on the continent's growth trajectory. Further policy insights are elucidated.},
keywords = {Non-renewable energy consumption},
pubstate = {published},
tppubtype = {article}
}
While most African economies are primarily sandwiched with the seemingly unsurmountable task of attaining consistent economic growth and unhindered energy supply, the enormous threat posed by environmental degradation has further complicated the economic and environmental sustainability drive. In this context, the present study examines the effect of economic growth, urbanization, electricity consumption, fossil fuel energy consumption, and total natural resources rent on pollutant emissions in Africa over the period 1980–2014. By employing selected African countries, the current study relies on the Kao and Pedroni cointegration tests to cointegration analysis, the Pesaran's Panel Pooled Mean Group-Autoregressive distributive lag methodology (ARDL-PMG) for long run regression while Dumitrescu and Hurlin (2012) is employed for the detection of causality direction among the outlined variables. The study traces long run equilibrium relationships between examined indicators. The ARDL-PMG results suggest a statistical positive relationship between pollutant emissions and urbanization, electricity consumption and non-renewable energy consumption. Dumitrescu and Hurlin (2012) Granger causality test lends support to the long-run regression results. A bi-directional causality is observed between pollutant emissions, electricity consumption, economic growth and pollutant emissions while a unidirectional causality is apparent between total natural resources rent and pollutant emission. Based on these results, several policy implications for the African continent were suggested. (a) The need for a paradigm shift from fossil fuel sources to renewables is encouraged in the region (b) The need to embrace carbon storage and capturing techniques to decouple pollutant emissions from economic growth on the continent's growth trajectory. Further policy insights are elucidated.
@article{Asongu,2019,
title = {The comparative African regional economics of globalization in financial allocation efficiency: the pre-crisis era revisited},
author = {Asongu, S. A., Nnanna, J., Tchamyou, V. S., },
url = {https://jfin-swufe.springeropen.com/articles/10.1186/s40854-019-0166-9},
doi = {10.1186/s40854-019-0166-9},
year = {2020},
date = {2020-01-02},
journal = {Financial Innovation},
volume = {6},
number = {3},
pages = {1-41},
abstract = {This study assesses the role of globalization-fueled regionalization policies on the financial allocation efficiency of four economic and monetary regions in Africa from 1980 to 2008. Banking and financial system efficiency proxies are used as dependent variables and seven bundled and unbundled globalization variables are employed as independent indicators. The bundling is achieved by principal component analysis, while the empirical evidence is based on interactive fixed effects regressions. The findings are as follows. First, financial allocation efficiency is more sensitive to financial openness compared to trade openness and most sensitive to globalization. The relationship between allocation efficiency and globalization-fueled regionalization policies is defined by: (i) a Kuznets or inverted U-shaped curve in the UEMOA and CEMAC zones (evidence of decreasing returns for allocation efficiency from globalization-fueled regionalization) and (ii) a U-shaped relationship overwhelmingly in the COMESA and scantily in the EAC (increasing returns to allocation efficiency due to globalization-fueled regionalization). These relationships are relevant to the specific globalization dynamics within regions. Economic and monetary regions are more prone to surplus liquidity than pure economic regions are. Policy implications and measures for reducing surplus liquidity are also discussed.},
keywords = {Financial Development, Globalization},
pubstate = {published},
tppubtype = {article}
}
This study assesses the role of globalization-fueled regionalization policies on the financial allocation efficiency of four economic and monetary regions in Africa from 1980 to 2008. Banking and financial system efficiency proxies are used as dependent variables and seven bundled and unbundled globalization variables are employed as independent indicators. The bundling is achieved by principal component analysis, while the empirical evidence is based on interactive fixed effects regressions. The findings are as follows. First, financial allocation efficiency is more sensitive to financial openness compared to trade openness and most sensitive to globalization. The relationship between allocation efficiency and globalization-fueled regionalization policies is defined by: (i) a Kuznets or inverted U-shaped curve in the UEMOA and CEMAC zones (evidence of decreasing returns for allocation efficiency from globalization-fueled regionalization) and (ii) a U-shaped relationship overwhelmingly in the COMESA and scantily in the EAC (increasing returns to allocation efficiency due to globalization-fueled regionalization). These relationships are relevant to the specific globalization dynamics within regions. Economic and monetary regions are more prone to surplus liquidity than pure economic regions are. Policy implications and measures for reducing surplus liquidity are also discussed.
@unpublished{Asongu,2020,
title = {The sustainability of tourism: global comparative evidence},
author = {Simplice A. Asongu, Nicholas M. Odhiambo},
url = {http://www.afridev.org/RePEc/agd/agd-wpaper/The-sustainability-of-tourism-global-comparative-evidence.pdf},
year = {2020},
date = {2020-01-02},
abstract = {This study investigated the sustainability of global tourism in 163 countries for the period 2010 to 2015. Given the richness of the dataset, the data has been decomposed into 11 fundamental characteristics based on income levels, legal origins and openness to the sea. The empirical evidence was based on Generalised Method of Moments (GMM). Three main hypotheses were tested from which three broad findings were established. First, Hypothesis 1 is overwhelmingly valid because persistence in tourist arrivals is consistently an increasing function of income levels. Hypothesis 2 is not valid because French civil law countries are associated with comparatively higher levels of persistence in tourist arrivals. Hypothesis 3 is invalid because landlocked countries reflect higher levels of tourism persistence.},
keywords = {Income Level, Tourism Sustainability},
pubstate = {published},
tppubtype = {unpublished}
}
This study investigated the sustainability of global tourism in 163 countries for the period 2010 to 2015. Given the richness of the dataset, the data has been decomposed into 11 fundamental characteristics based on income levels, legal origins and openness to the sea. The empirical evidence was based on Generalised Method of Moments (GMM). Three main hypotheses were tested from which three broad findings were established. First, Hypothesis 1 is overwhelmingly valid because persistence in tourist arrivals is consistently an increasing function of income levels. Hypothesis 2 is not valid because French civil law countries are associated with comparatively higher levels of persistence in tourist arrivals. Hypothesis 3 is invalid because landlocked countries reflect higher levels of tourism persistence.
