Impact of monetary policy on China's tourism market development: An application of factor -augmented vector auto-regression (FAVAR) model

被引：1
|
作者：
Sun, Yunpeng [1 ]
Li, Haoning [1 ]
Khan, Yousaf Ali [2 ,3 ]
机构：
[1] Tianjin Univ Commerce Tianjin, Sch Econ, Tianjin, Peoples R China
[2] Jiangxi Univ Finance & Econ, Sch Stat, Nanchang, Jiangxi, Peoples R China
[3] Hazara Univ, Dept Math & Stat, Mansehra 23010, Pakistan
来源：
CURRENT PSYCHOLOGY | 2023年 / 42卷 / 21期
关键词：
Money supply channel; Interest rate channel; Exchange rate channel; Other assets channel; China's tourist market; LED-GROWTH HYPOTHESIS; RUN ECONOMIC-GROWTH; EMPIRICAL-EVIDENCE; EXPORT GROWTH; CAUSALITY; MONEY; INVESTMENT; CHANNELS; MALAYSIA; INCOME;
D O I：
10.1007/s12144-021-02562-1
中图分类号：
B84 [心理学];
学科分类号：
04 ; 0402 ;
摘要：
The present research aims to shed light on the effects of monetary policy on China's tourism market development from 2004 to 2016. Monetary policy plays an increasingly important role in China's economy. With the Chinese economy in rapid development, the country's tourism market experienced significant growth. This study uses the Granger Causality test and factor-augmented vector auto-regression (FAVAR) model to identify the effects of monetary policy on China's tourism market through four transmission mechanism channels. Our results show that macroeconomic growth promotes China's tourism market development. Moreover, the money supply channel, exchange rate channel, and other assets channel have significant and adverse effects on China's tourism market development.
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页码：17769 / 17788
页数：20
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