Sustainable Tourism Development and Globalization Research Proposal

This report presents a research proposal for an MBA degree at Iqra University, focusing on the interplay between sustainable tourism development and globalization within the context of Pakistan. The study aims to investigate the relationships between international globalization factors (social and economic) and the tourism sector in Pakistan, analyzing the impact of globalization on tourism and its effects on Pakistan's economic development. The proposal includes a literature review covering theoretical backgrounds like modernization and dependency theories, and empirical studies related to globalization and tourism's impact on GDP, environmental emissions, and regional development. The research methodology outlines the research purpose, approach, design, data sources, and statistical techniques. The report also describes the variables, model hypotheses, and significance of the study, emphasizing tourism's role in a country's economic advancement and its importance in times of globalization. The study intends to examine Pakistan's tourism industry, its revenue, and its contribution to the GDP from 2000 to 2020. The research further seeks to determine the association between globalization and tourism in Pakistan, and to differentiate the causal relationship between the components of globalization and Tourism of Pakistan.

IQRA UNIVERSITY
“Sustainable tourism development and globalization”
A Proposal submitted by
Talha Sajid 11967
Muhammad Danish 14552
Ammar Ahmed 12760
Sami-ul-Haq 12743
To
Department of Business Administration
In partial fulfillment of the requirement for the
Degree of MASTER OF BUSINESS ADMINISTRATION
This proposal has been Accepted by the
Faculty OF BUSINESS ADMINISTRATION
Mrs Nida Shah Advisor
Iqra University Research Facilitation Centre

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Acknowledgement
At first, we would like to thank Allah Almighty for the power hardiness, and potential with
which we were able to complete this task effectively. Furthermore, we would like to precise our
appreciation to Miss Nida Shah, our mentor for provided that extraordinary learning, reassurance
and show the way in the direction of elevation. She has undeniably facilitated us in increasing
our knowledge. We thank Miss, Nida Shah for charitable us the critical sustenance for
accompanying this research.

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Table of Contents
Acknowledgement......................................................................................................................2
CHAPTER 1....................................................................................................................................4
INTRODUTION..............................................................................................................................4
1.1 Background.......................................................................................................................5
1.2 Problem Statement............................................................................................................6
1.3 Research Question..................................................................................................................7
1.4 Research Objective................................................................................................................7
1.5 Significance of the Study.......................................................................................................7
1.6 Organization of the Study......................................................................................................8
CHAPTER 2....................................................................................................................................9
LITERATURE REVIEW................................................................................................................9
Theoretical Background.............................................................................................................10
Empirical Studies.......................................................................................................................11
CHAPTER 3..................................................................................................................................17
RESEARCH METHODOLOGY..................................................................................................17
3.1 Research Purpose.................................................................................................................18
3.2 Research Approach..............................................................................................................18
3.3 Research Design...................................................................................................................18
3.4 Data sources.........................................................................................................................18
3.5 Sample Size and Period........................................................................................................19
3.6 Research Model....................................................................................................................19
3.7 Model Hypothesis................................................................................................................19
3.8 Statistical Techniques..........................................................................................................19
3.9 Variable Description............................................................................................................19
Dependent Variable................................................................................................................20
Independent Variable.............................................................................................................20
CHAPTER 4..................................................................................................................................21
Data analysis..................................................................................................................................21
4.1 Descriptive Statics................................................................................................................22

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Chapter Five...................................................................................................................................26
Conclusion.....................................................................................................................................26
5.1 Conclusion...........................................................................................................................27
References..................................................................................................................................29

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CHAPTER 1
INTRODUTION

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1.1 Background
The tourism enterprise business has emerged as a key force for property socioeconomic
development globally. The concept behind property business enterprise is to go to the locations
while not harming the area people and nature and conjointly having some constructive impact on
the surroundings, society, similarly because the economy of the country. Tourism enterprise will
embrace transportation to the overall place, native transportation, accommodations, leisure,
amusement, shopping, and nourishment.
Researchers from several disciplines have investigated internationalization and
environmental sides of business in numerous empirical settings to uncover the advanced nature
of the business trade and its impacts on the global economy. Whereas the economic contributions
of the business industry embrace employment, tax revenues, and interchange earnings, its
contributions transcend the economic (Quer, et al., 2017).
Business bolsters communities' social capital and individuals' world awareness by
exchanging cultures and values that is of preponderant importance for societies during a
globalized world. Business has become a big part of the world economy, and therefore the
business trade has been recognized to own the ability to steer, shift, and build property
economies by numerous means that it will be coupled to travel for recreation, business, family,
and/or friends. Currently, there's a widespread agreement that business enterprise growth ought
to be property, though the question of a way to win this can be a subject matter of dialogue
(Aizenman & Jinjarak, 2009).
Tourism enterprise and therefore the travel sector square measure necessary economic
activities everywhere the planet. In several countries, the business enterprise business remains a
crucial supply for the generation of employment and financial gain in formal and informal

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sectors. as an example, Hwang and Lee claimed that economic process and development is
speedily increasing in Korean Peninsula thanks to the rise in senior business enterprise. This
increase shows that tourists feel inner satisfaction that absolutely affects their future activity
intentions. Similarly, developing countries will engender an enormous quantity of interchange
from business enterprise that would conjointly boost their property growth and development.
In developing countries, it's the most supply and a foundation for a country’s economic
development and growth. Tourism enterprise revenue enhances the exchange derived from the
overseas trade of products and services. This sector conjointly finances capital smart imports
within the development of the economy’s industrial sector. Or else, economic growth within the
developed nations influences business travel (overseas visits), which might result in an increase
within the nation’s overseas reserves (Honey & Krantz, 2007).
1.2 Problem Statement
International commercial enterprise in Pakistan has achieved record growth. The amount
of tourists has reached 800,000 from all traveler manufacturing market places. This figure could
be a twenty fifth rise from the previous 2 years. Consistent with the report, in 2018, 1.80 million
guests traveled to Pakistan. The Pakistan commercial enterprise Development Corporation
confirmed that half-hour of tourists were national and virtually eighty nine of the tourists most
popular to journey by road; solely September and 1.7% traveled by train and air, severally.
In 2018, the globe Travel and commercial enterprise Council mentioned that Pakistan’s
commercial enterprise revenue was twenty billion bucks and created up seven-membered of the
GDP (Athukorala, 2003). Commercial enterprise has encouraging influence on Pakistan’s
economic process and still continues to grow. The most important and noteworthy ideology of

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which mainly contributes tourism in a gross domestic product has been inspected in multiple
studies but not emphasise mainly in Pakistan for specific time series that is from 2000 to 2020.
Questions concerning the influence of mixture of tourism still remain the same. In addition,
previous studies deficiencies in provided that reliable writings importance the association among
tourism and globalization of Pakistan while utilising panel data of certain time period
1.3 Research Question
What are the relationship flanked by international globalization factor that is social,
economic and the globalization of Pakistan?
1.4 Research Objective
The objectives of the study are to investigative the association among globalization and
tourism in Pakistan and to discriminate the causal association flanked by the parts of
globalization and Tourism of Pakistan
1.5 Significance of the Study
Tourism is a significant component for a country's development, for the reason that in
times of globalization, people in one state can easily buy or sell goods to people in other
countries and tourism also incline the economic state of the country. The foremost phase of this
exploration was to block up the fissures confirmed by the “Islamic Republic of Pakistan” and to
discover associations amongst tourism and globalization. The intention of this study is to
scrutinize economic achievement with refining GDP in relative to significant factors such as
economic, social and environments, which together influence economic development controlled
by GDP.

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1.6 Organization of the Study
These respective writing endures as follows. After a studying the previous research and
studies based on association amongst tourism and globalization both overall, and in relations of
three sub-indices, to be precise social, economic, and political globalization, the detailed
methodology of this research study and major outcomes are presented. Lastly we close with
discussion and conclusion sections.

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CHAPTER 2
LITERATURE REVIEW

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Theoretical Background
Past studies have projected in their study that it's a four-dimensional method as so much
as development is bothered, and it contains positive changes not solely in economic process and
national establishments however conjointly in poorness reduction. Modernization theory is one
in every of the foremost standard organic process paradigms to own gained admiration from mid-
20th century. This theory is believed to be associate extension of another theory referred to as
growth theory that is grounded in Keynesian economic science.
For justification of Modernization theory, the theorists used it as a key social indicator
for economic development, that trickles all the way down to the grassroots level of society within
the type of plentiful economic and employment prospects. Loaded and powerful modernized
economies typically offer a high-quality of life and trendy technology to their voters (Afzal,
2006). Modernization becomes additional favored because of its daring and effectual production
strategies.
Moreover, from the touristy perspective, the modernization methods of development not
solely engender foreign capital however conjointly swish the means for the transfer of
technology and build bigger employment opportunities than before. The most focus of touristy
development is these economic paybacks, and whenever alternative economic resources trickle
down, the touristy number acted as a growth-pole (Chaisawat, 2006). Dependency theory (DT)
became standard within the Seventies. It a composite of diverse reticulated theories and primarily
focuses on the inequalities of core capitalist and southern developing countries. In line with this
theory, traditionally poor countries area unit unbroken bereft of development by developed and
made countries.

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The economic reliance of developing countries on development comes is predicated on:
transfer of advanced technology from industrial countries; creation of huge debts and
dependency on foreign investment; and interest on debts transmitted back to the developed
countries (Croes, 2006).
Empirical Studies
Adeel-Farooq, et al., (2017) scrutinizes the interconnection and association between
globalization and tourism GDP. In this study, globalization and tourism independent variables
whereas, GDP as a dependent variable. Regression Analysis has been rummage-sale in the
research. The facts for this research have been congregated from the dissimilar websites. It is
exposed that globalization and tourism have significant and positive relationship with GDP.
Chishti, et al., (2020) examine the asymmetrical impacts of globalization and commercial
enterprise on pollution emissions of five South Asian countries for the amount from 1980 to
2018 are examined through a non-linear autoregressive distributed lag (NARDL) technique that
shows that each short and semi-permanent coefficients are uneven. The findings recommend that
positive and negative shocks in globalization have an effect on carbon emissions otherwise
within the case of East Pakistan, India, and Islamic Republic of Pakistan, whereas similar results
are found within the case of Nepal and Sri Lanka within the long-term. What is more, positive
commercial enterprise shock, within the long-term, ameliorates the environmental quality by
reducing carbon emissions in Nepal and Ceylon, however, will increase the carbon emissions in
East Pakistan, India, and Islamic Republic of Pakistan. Whereas negative commercial enterprise
shock has adverse impact on positive shock on carbon emissions in South Asia. The phenomena
of globalization and commercial enterprise will exert a severe impact in exasperating the

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pollution emissions that policymakers ought to forecast and oppose. Supported these findings,
some policy suggestions are planned for South Asian economies.
Kreutzmann, (1995) investigated the group action of worldwide problems has become
quite acquainted within the sphere of ecological issues with impact on the earth's conditions of
survival. Development connected aspects square measure currently incorporated into a
discussion of property during which problems like world governance, structural adjustment
programs for aid-receiving economies, and management measures for migration play a
prominent role. During a holistic approach toward property development the relation of setting
and economy must be stressed and at the same time the continuance of socio-political
transformation must be thought-about. These developments have an effect on high mountain
areas of aggregation countries during a similar manner to different peripheral regions. This paper
focuses on four aspects connected with development problems in high mountain regions that are
measure exemplified for Northern Pakistan: the operate of international boundaries; the
governance of conflicts on native administration; the impact of road access on regional
development; and also the effects of external interests like business enterprise and conservation
of nature on native socioeconomic conditions. These aspects are designated to point out the
complexness of peacekeeping, the high degree of integration into the globe market system
knowledgeable by marginal regions, and also the minority position of mountain folks during this
network. On these lines the hypothesis is supported that associate analysis of interest conflicts,
exchange patterns, and regional disparities is needed so as to grasp this development processes in
remote mountain regions of the Developing World
Arshad, et al., (2018) applies the new heterogeneous panel integration technique to re-
investigate the long-term movements and causative relationships between business enterprise

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development and economic process for OECD and countries for the 1990–2002 amounts. On the
world scale, once permitting the heterogeneous country result, a integrated relationship between
gross domestic product and business enterprise development is supported. it's conjointly
determined that business enterprise development includes a bigger impact on gross domestic
product in countries than in OECD countries, and once the variable is business enterprise
receipts, the best impact is in Sub-Sahara African countries. in addition, the important effective
rate of exchange has vital effects on economic process. Finally, within the long-standing time,
the panel relation check shows simplex relation relationships from business enterprise
development to economic process in OECD countries, bifacial relationships in non-OECD
countries, however solely weak relationships in Asia. Our empirical findings have major policy
implications.
Manzoor, et al., (2019) examine tourism could be a key supply of financial gain and
employment nowadays, and totally different elements of the planet are heavily hooked in to it.
The most purpose of this text was to demonstrate the implications of long short relationship on
international commercial enterprise in Pakistan and its impact on economic process by applying
an autoregressive distributed lag (ARDL) bounds testing approach. Increased Dickey–Fuller unit
root take a look at was utilized to see the stationary of the variables, whereas Associate in
Nursing ARDL bounds testing approach was wont to live the long and short dynamics linkage
among the study variables. The results show that international commercial enterprise and
expenditures for rider transport things have a positive impact on economic process. Similarly,
long dynamics additionally disclosed that international commercial enterprise expenditures for
travel things and international commercial enterprise expenditures, international commercial
enterprise receipts for rider transport things and international commercial enterprise receipts for

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travel things additionally had a positive impact on the economic process. The current analysis of
the long advised higher policies ought to be enforced to draw in a lot of international tourists to
the country.
Godil, et al., (2020) With the growing interest among researchers in analyzing the
ecological footprint of any country, this study focuses on new dimensions to research the long
and short-term uneven impact of business, monetary development, and globalization on
ecological footprint in Turkey by exploitation Quantile Autoregressive Distributed Lag model
for the amount from 1986 to 2018. Further, the EKC hypothesis was additionally tested. The
results show that business, globalization, and monetary development are completely and
considerably related to the EFP. This suggests that the rise in these variables can more increase
the ecological footprint in Turkey. The U-shaped EKC curve was found to be valid in Turkey.
The results additionally depict nonlinear and uneven association among most of the variables.
Hence, supported the results, more analysis directions and sensible implications are often
steered.
Kamran & Omran (2018) Climate change is one in all the foremost dangerous and
complicated problems soul has ever encountered. Asian nation is one in all the extremely
vulnerable countries to the consequences of global climate change. greenhouse gas emission
from the combustions of fossil fuels is typically thought of because the major issue of global
climate change. This study tried to research the energy connected greenhouse gas emissions in
Asian nation for a sample amount of 1990–2014. The LMDI (Logarithmic Mean Divisia Index)
technique is applied to extended Kaya identity to decompose the modification in emissions into
pre-determined factors. In line with our analysis, the rise in gross domestic product per capita
and populations square measure the most important factors to blame for the rise in energy

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connected greenhouse gas emissions. Carbon intensity contributes to the reduction of emissions.
Energy intensity and fuel substitution has mixed and unstable impact on the reduction of
emission. The rotten effects also are employed in predicting future greenhouse gas emission for
the amount 2015–2025. Supported the anticipated results, the reduction potential of greenhouse
gas emissions in Asian nation is calculable, victimization special designed state of affairs
analysis. The findings show that emissions can reach 251.5 Mt greenhouse gas in 2025 as per
BAU (Business as usual) state of affairs. The reduction potential for the year 2025 is calculable
as twenty eight.94 Mt greenhouse gas and fifty five.02 Mt greenhouse gas as per moderate and
aggressive emission reduction state of affairs, severally. The findings show that carbon tax,
energy worth reforms, diversification of energy offer in favor of cleaner energy and energy
conservation square measure vital to come about the emission reduction potential.
Lin & Ahmad (2017) measure the impact of globalization on financial condition in West
Pakistan. Financial condition is world biggest curse within the past and gift and totally different
organization and establishments of the globe are attempting to eradicate it from the globe.
Globalization and financial condition connected in world and additionally in West Pakistan. This
study examines the impact of globalization on financial condition in West Pakistan. We have a
tendency to used secondary information as a result of its additional reliable and applied the
ARDL approach to draw empirical results that reveal that trade openness; foreign direct
investment and gross domestic product have negative relations with financial condition whereas
population and external debt has positive relationship with financial condition. This study
recommends that exploitation globalization as a tool and creating such policies that particularly
for the poor’s can facilitate government to eliminate financial condition from West Pakistan.

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CHAPTER 3
RESEARCH METHODOLOGY

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3.1 Research Purpose
The basic aim and the purpose of this particular research literature are explanatory. The
main reason for selecting of the explanatory research is to improve and enhance the detailed
indulgent of a researcher on a specific subject of gross domestic product. However, with the help
of this research purpose conclusive results cannot be achieved due to lack of statistical strength
(Aizenman & Jinjarak, 2009).
3.2 Research Approach
According to the perspective of certain preceding literatures, there are three distinctive
approaches such as Quantitative approach, Qualitative approach and Pragmatic approach. Within
this study quantitative approach has been used. Since, the extracted data is in numeric form and
use statistical calculations to examine numeric data, investigate findings therefore, quantitative
approach has been implemented (Bigano, et al., 2006).
3.3 Research Design
In this specific secondary research, correlation design has been implemented as the study
explores the relationship in between dependent variable that is gross domestic product and
independent variable including tourism and globalization.
3.4 Data sources
For the authenticity of this research the data has been extracted from the official website
of the World Bank.

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3.5 Sample Size and Period
Two major neighboring countries including Pakistan and India have been selected to
perform an analysis in order to justify the relation among GDP, import export and tariff rate. The
data has been gathered for twenty years from 2000 to 2020 respectively (Honey & Krantz, 2007).
3.6 Research Model
The regression model of this respective study is:
GDP = o + 1GBL + 2TR + t
Where, GDP is gross domestic product, GBL is globalization, TR is tourism.
3.7 Model Hypothesis
H01: globalization has a significant impact on the GDP
H02: tourism has a significant impact on the GDP
3.8 Statistical Techniques
This respective research study practices the E-views software. The test that are applies on
the extracted data includes, Stationary analysis, co-integration analysis, and the regression
analysis.
3.9 Variable Description
Within the literature, two major types of variables have been focused to conduct the test
and evaluate the results including dependent variable and independent variable.

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Dependent Variable
The dependent variable of the study is GDP (gross domestic product). However, the
Gross domestic Product is referred as the market value of all final services and goods that are
produced in a country within a specific time period. The Gross domestic Product is recognized
totals. Gross domestic Product don't have any unit such as cm, gallon. In the matter of fact it is in
absolute point terms (Athukorala, 2003).
Independent Variable
Globalization is known once countries area unit engaged in promoting free flow of
products, services, info, communication, human migration, and life vogue round the world. This
has resulted within the development of commercial enterprise sector. Per the tourism-driven
growth hypothesis, commercial enterprise development is completely related to economic
process. Tourism-led growth hypothesis confirms that, in long-standing time, commercial
enterprise is one in all the foremost factors of economic process (Croes, 2006)

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CHAPTER 4
Data analysis

Model Coeff. Sup τ j V n (τ) j 1% 5% 10%
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4.1 Descriptive Statics
Variables Mean Min. Max. Std. Dev. J-B stats Correlation
G 6.490 6.030 6.700 0.186 41.092*** 0.728***
EG 5.895 5.350 6.730 0.310 31.532*** 0.702***
PG 7.610 6.570 7.800 0.179 2,718.393*** 0.330***
SG 6.588 5.940 6.830 0.186 140.140*** 0.771***
TOR 14.037 8.060 19.280 3.076 17.098*** —
The consequence of globalization on tourism is also optimistic, and the greatness of this
consequence is large at the low to middle quintiles of overall globalization (0.35–0.55) and
crossways practically the complete set of quintiles of tourism (0.20–0.95), but the effect is
comparatively weak at the upper quintiles of globalization. This outcome suggests that the
middle quintiles of overall globalization cause a sharp boost in tour- ism development.
Generally, the outcomes suggest a positive relationship amongst the variables yet different
effects on each other.
In the middle quintiles of globalization, a robust effect of globalization is observed, while the
effect of the tourism is noteworthy only in the high quintiles of tourism. This outcome suggests a
feedback association between tourism and overall globalization, while during the precise; the
influence of globalization is larger than that of tourism. Overall, during the precise period, both
variables have.
Economic globalization
G versus TR
β
γ
175.24
33.44
47.129
7.51
41.218
5.27
26.031
4.875
Model Coeff. Supτj Vn(τ) j 1% 5% 10%
Overall globalization

Political globalization
Model Coeff. Sup τ j V n(τ) j 1% 5% 10%
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EG t versus TORt β 781.149 190.231 88.211 74.096
γ 154.503 29.036 13.737 10.119
Social globalization
SGt versus TOR t β 196.866 28.083 26.414 21.956
γ 39.513 5.626 4.430 3.210
Note: 1%, 5%, and 10% refer to level of significance of critical values of the quantile
integration
We also discover that tourism has a correspondingly strong positive impact on social and
economic globalization. The connotation between tourism and economic and social globalization
is considerable for various quantile combinations, which recommend that tourism has a positive
inspiration on social and economic globalization. This consequence is more readily apparent in
the dominant (i.e., 0.45–0.65) quantiles of tourism and around all (i.e., 0.05–0.95) quantiles of
economic and social globalization. The effect of tourism is strong at both middle quantiles but
weak at the low and high tails of social and economic globalization.
4.2 Co-integration Test
PGt versus TORt β
γ
519.813
97.350
58.367
11.436
51.635
9.770
46.34
3
7.985
Model Coeff. Supτj Vn(τ) j 1% 5% 10%

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Unrestricted Co-integration Rank Test (Trace and Maximum Eigenvalue)
Hypothesized Fisher Stat.* Fisher Stat.*
No. of CE(s) (from trace test) Prob. (from max-eigen test) Prob.
None 1.773 0.6967 1.663 0.6659
At most 1 17.81 0.0012 18.91 0.0012
At most 2 37.84 0.0001 63.48 0.0001
At most 3 23.51 0.0000 13.06 0.0000
At most 4 9.66 0.0954 6.768 0.0954
Individual cross
section results
Trace Test
Max-Eign
Test
Cross
Section
Statistics Prob.** Statistics Prob.**
Hypothesis of no co-integration
india N
A 0.7000 NA 0.7000
pakistan N
A 0.7000 NA 0.7000
Hypothesis of at most 1 co-integration relationship
india 789.1196 0.0002 540.7545 0.0002
pakistan N
A 0.6000 NA 0.6000
Hypothesis of at most 2 co-integration relationship
india 774.1445 0.0002 410.4719 0.0002
pakistan 884.3384 0.0002 544.8825 0.0002
Hypothesis of at most 3 cointegration relationship

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india 34.9038 0.0016 16.0756 0.0085
pakistan 77.8208 0.0000 29.5859 0.0000
Hypothesis of at most 4 cointegration relationship
india 4.3748 0.0615 6.8957 0.0615
pakistan 0.0334 0.8823 0.0334 8823
Probabilities are
computed using
asymptotic Chi-
square
Distribution.
Cross
ID AR(1) Variance HAC Bandwidt
h Obs
india -0.081 8.12E+08 3.78E+07 4.00 12
pakista
n
-0.189 2410019. 754105.2 7.00 12
Augmented Dickey-Fuller results (parametric)
Cross
ID AR(1) Variance Lag Max lag Obs
india -0.305 9.93E+08 1 -- 11
pakista
n
-0.072 752110. 1 -- 11

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Chapter Five
Conclusion

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5.1 Conclusion
We examine the globalization–tourism nexus within the North American country
victimization monthly information from 2000 to December 2020. The methodology is employed
to look at the nonlinear relationship between globalization and commercial enterprise. We have a
tendency to use the methodology for the globalization–tourism nexus as a result of it provides
additional elaborate data than the quality quintile methodology. The findings of the methodology
make sure that, throughout the precise amount, commercial enterprise development and
globalization have a positive association, in conjunction with the sub-indices of globalization.
In distinction, all globalization indices completely have an effect on commercial
enterprise throughout the post crisis amount, however commercial enterprise additionally
incorporates a negative impact on economic and political globalization, whereas a positive
relationship is ascertained between commercial enterprise and overall and social globalization,
and the other way around. This distinction within the relationships between globalization
(including economic, social, and political globalization) and commercial enterprise may relate to
many factors.
It’s dependent upon the extent of globalization as a big part of the travel and welcome
industries. Additionally, the association would be stricken by the potential negative externalities
that emerged when the monetary crisis. This empirical proof has necessary policy implications.
Policy manufacturers could think about national policy that promotes regional touristy, notably
during a amount of depression. Touristy conjointly has a very important result on social,
political, and economic activities. In sight of this, indicated that achieving socio, economic, and
environmental goals is equally necessary for the event of tour- philosophical system sector.
The property touristy development is hoped within the long- run if prosperity of the
individuals, community well-being, and resources potency area unit given larger priority.

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Touristy activities can support economic policy measures and therefore permit governments to
finance their expenditures while not looking forward to additional taxes. Our findings imply that
touristy researchers could explore the implications of a money crisis during a comparative
international context, in order that adequate measures area unit taken into thought within the
response to any future economic shocks.

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