• ISSN: 2010-023X (Print)
    • Abbreviated Title: Int. J. Trade, Economics and Financ.
    • Frequency: Bimonthly
    • DOI: 10.18178/IJTEF
    • Editor-in-Chief: Prof.Tung-Zong (Donald) Chang
    • Executive Editor: Ms. Cherry L. Chen
    • Abstracting/ Indexing:  ProQuest, Crossref, Electronic Journals Library , EBSCO, and Ulrich's Periodicals Directory
    • E-mail: ijtef@ejournal.net
IJTEF 2019 Vol.10(4): 99-103 ISSN: 2010-023X
DOI: 10.18178/ijtef.2019.10.4.644

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Tourism, Growth and Business Cycles

Wei-Bin Zhang
Abstract—This study is concerned with business cycles in a small-open economic growth model with endogenous education and tourism. The model is based on Solow’s one-sector and Uzawa’s two-sector growth models, the Uzawa-Lucas two-sector growth model, some growth models for small open economies, the literature of growth and tourism. The model treats human capital growth, wealth accumulation and tourism as driving forces of growth. The small-open economy consists of one industrial sector, one service sector, and one education sector. The model integrates the main ideas in the literature by applying Zhang’s concept of disposable income and utility function. This paper generalizes the model by allowing all time-independent coefficients to be time-dependent. The generalization makes it possible to examine impact of any time-dependent shocks such as seasonable tourism and random changes in interest rates in global changes.

Index Terms—Business cycles, education, tourism, wealth accumulation.

W. B. Zhang is with Ritsumeikan Asia Pacific University, Beppu, Japan (e-mail: wbz1@ apu.ac.jp).


Cite: Wei-Bin Zhang, "Tourism, Growth and Business Cycles," International Journal of Trade, Economics and Finance vol.10, no.4, pp. 99-103, 2019.

Copyright © 2019 by the authors. This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited (CC BY 4.0).

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