Dang, Buu Kiem
A icle
The impac o economic eedom and in e na ional
ou ism on in e na ional ade: An empi ical s udy in Asian
coun ies
O ganiza ions and Ma ke s in Eme ging Economies
P o ided in Coope a ion wi h:
Facul y o Economics and Business Adminis a ion, Vilnius Uni e si y
Sugges ed Ci a ion: Dang, Buu Kiem (2024) : The impac o economic eedom and in e na ional
ou ism on in e na ional ade: An empi ical s udy in Asian coun ies, O ganiza ions and Ma ke s in
Eme ging Economies, ISSN 2345-0037, Vilnius Uni e si y P ess, Vilnius, Vol. 15, Iss. 2, pp. 267-287,
h ps://doi.o g/10.15388/omee.2024.15.13
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O ganiza ions and Ma ke s in Eme ging Economies ISSN 2029-4581 eISSN 2345-0037
2024, ol. 15, no. 2(31), pp. 267–273 DOI: h ps://doi.o g/10.15388/omee.2024.15.13
The Impac o Economic F eedom and
In e na ional Tou ism on In e na ional
T ade: An Empi ical S udy in Asian
Coun ies
Buu Kiem Dang
Saigon Uni e si y, Vie nam
[email protected]. n
h ps://o cid.o g/0009-0003-8327-3222
h ps:// o .o g/01 1 s 30
Abs ac . The objec i e o his s udy is o analyze he impac o economic eedom and he de elopmen
o in e na ional ou ism on in e na ional ade, encompassing expo s, impo s, and o al ade. The
esea ch sample includes 22 Asian coun ies o e he pe iod om 1995 o 2020. The s udy employs he
Sys em Gene alized Me hod o Momen s (GMM) o es ima ing he esea ch models. Resul s indica e
ha economic eedom, business eedom, and ade eedom play a c ucial ole in in e na ional ade
ac i i ies (bo h expo s and impo s). Fu he mo e, he de elopmen o in e na ional ou ism also
demons a es a signi ican ly posi i e impac on ade (bo h expo s and impo s). The s udy sugges s
ha policies owa ds economic openness, inc easing economic eedom, business eedom, and ade
eedom should be ca e ully conside ed and p omo ed wi hin he ade de elopmen s a egies o na ions.
Addi ionally, economic policies should also ocus on solu ions o a ac in e na ional ou is s no only
as a sou ce o o eign cu ency bu also as a suppo o os e he de elopmen o ade.
Keywo ds: economic eedom, in e na ional ou ism, in e na ional ade, Asian coun ies
1. In oduc ion
In he con ex o mul ila e al and bila e al ade ela ionships among coun ies, he de-
elopmen o ade ansac ion olumes is o en explained by he g a i y model heo y.
This heo y, de eloped by Tinbe gen (1962), d aws om he physical science concep
o New on’s law o g a i a ion. Essen ially, he g a i y model posi s ha ade ansac-
Recei ed: 29/2/2024. Accep ed: 8/7/2024
Copy igh © 2024 Buu Kiem Dang. Published by Vilnius Uni e si y P ess. This is an Open Access a icle dis ibu ed unde
he e ms o he C ea i e Commons A ibu ion Licence, which pe mi s un es ic ed use, dis ibu ion, and ep oduc ion in
any medium, p o ided he o iginal au ho and sou ce a e c edi ed.
Con en s lis s a ailable a Vilnius Uni e si y P ess
268
ISSN 2029-4581 eISSN 2345-0037 O ganiza ions and Ma ke s in Eme ging Economies
ions be ween coun ies a e acili a ed by simila i ies in economic size and geog aphical
p oximi y (De Benedic is & Taglioni, 2011). Howe e , ocusing solely on economic
size and geog aphical con enience while neglec ing ac o s such as economic eedom,
ade ba ie s, popula ion size, se ice equency, in as uc u e quali y, and his o ical
ade ela ionships is insu icien . Pa icula ly, we wish o highligh he c i ical ole o
economic eedom. In ecen yea s, Asia has eme ged as a signi ican global economic
cen e (Yendamu i, 2019), expe iencing ema kable g ow h in economics, ade, and
ou ism. This g ow h p esen s no only economic oppo uni ies bu also new challeng-
es o coun ies in he egion.
Economic eedom, de ined h ough a ious ac o s wi h signi ican oles played by
business eedom and ade eedom, is a p ima y d i e o ade de elopmen . Recen
yea s ha e seen he signing o majo ade ag eemen s ha occupy a la ge po ion o he
global economic landscape, wi h he majo i y o Asian coun ies pa icipa ing, such as
he Regional Comp ehensi e Economic Pa ne ship (RCEP), encompassing o e 29%
o he wo ld’s popula ion and abou 30% o he global GDP; and he Comp ehensi e
and P og essi e Ag eemen o T ans-Paci ic Pa ne ship (CPTPP), co e ing app oxi-
ma ely 502 million people, 13.5% o he global GDP, and abou 14% o global ade
ansac ions. Howe e , a pa adox exis s as p e ious empi ical s udies ha e no ex en-
si ely explo ed he impac o economic eedom on ade, while he e ec s o economic
eedom on o he a eas such as economic g ow h (Ahmed & Ahmad, 2020; Ahmed e
al., 2023; B kić e al., 2020; Ci ci & Du usu-Ci ci, 2022; Huynh, 2022; Mahmood e
al., 2022; Ta iq e al., 2022), FDI lows (Ghazalian & Amponsem, 2019; Singh & Gal,
2020; Tag & Degi men, 2022), en i onmen al impac (Bé ila, 2023; Jain & Kau , 2022;
Rapsike icius e al., 2021; Shahnazi & Shabani, 2021; Wu e al., 2022), and many o he
sec o s ha e been widely conside ed. No ably, no p io esea ch has clea ly ocused on
he impac o economic eedom on ade in Asian coun ies.
Mo eo e , he ole o he ou ism sec o , especially in e na ional ou ism, in ade is
no ewo hy. WTTC (2020) epo ed ha he Asia-Paci ic egion is he wo ld’s as es -
g owing ou ism and a el sec o wi h a g ow h a e o 5.5%, ollowed by he Middle
Eas a 5.3%, while bo h he US and he EU egions showed a s eady g ow h a e o
2.3%. WTTC (2022) es ima ed ha ou ism’s con ibu ion o he global economy is ex-
pec ed o g ow a an a e age annual a e o 5.8% om 2022 o 2032, bu in he Asia-Pa-
ci ic egion, ou ism’s con ibu ion o GDP is expec ed o inc ease a an a e age annual
a e o 8.5%, signi ican ly highe han he global a e age. WTTC (2022) also es ima ed
ha by 2033, he ou ism indus y will become a $15.5 illion economy, accoun ing
o nea ly 12% o he global GDP. The Asia-Paci ic egion, wi h a ma ke size o nea ly
$700 billion, accoun s o abou 5% o he sha e. Such ou ism de elopmen could ha e
signi ican impac on he ade o coun ies as he e is a close and ecip ocal ela ionship
be ween in e na ional ou ism and in e na ional ade (Kulend an & Wilson, 2000).
Success ul ou ism expe iences c ea e ounda ions o os e ing po en ial ade ans-
ac ions la e (Kuma e al., 2019). Howe e , he cu en academic li e a u e s ill lacks
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Buu Kiem Dang. The Impac o Economic F eedom and
In e na ional Tou ism on In e na ional T ade: An Empi ical S udy in Asian Coun ies
s udies assessing he impac o in e na ional ou is a i als on ade g ow h, which is
pa icula ly necessa y o Asian coun ies.
In summa y, his esea ch aims o con ibu e o illing he academic gap ega ding
he impac o economic eedom and in e na ional ou ism on in e na ional ade. The
au ho s belie e ha he esea ch indings will be use ul o policymake s conce ned
wi h issues ela ed o economic openness, ade policies, and ou ism. Addi ionally,
gi en he impo ance o he economic con ex , his s udy will also conside he impac
o se e al mac oeconomic ac o s on ade, including o eign di ec in es men (FDI),
go e nmen public in es men , economic g ow h, in la ion, and poli ical s abili y.
2. Li e a u e Re iew
2.1 The Impac o Economic F eedom on In e na ional T ade
Economic eedom is ega ded as he undamen al igh o indi iduals o use hei la-
bo and p ope y as hey see i . In ee economies, indi iduals a e allowed o wo k,
p oduce, consume, and in es in ways hey p e e ; con e sely, go e nmen s pe mi he
ee mo emen o goods, labo , and capi al ins ead o imposing es ic ions, bans, o
coe cions, excep o minimal in e en ions necessa y o p o ec and main ain such
eedom (Dang & Phan, 2022; Mille & Kim, 2013). Empi ical esea ch on he impac
o economic eedom on global ade ansac ions is limi ed bu la gely suppo s a posi-
i e e ec .
Depken and Sono a (2005) s udied he asymme ic impac o economic eedom
on in e na ional ade lows be ween he Uni ed S a es and i s ading pa ne s. They
used g a i y models o es ima e he impac o economic eedom on U.S. consume
impo s and expo s du ing 1999–2000. The s udy ound ha inc eased economic ee-
dom in pa ne coun ies con ibu es o highe o al ade olumes o he U.S. and indi-
ec ly consolida es i s economic ole. A b oade s udy by Sono a (2008) applied o 131
coun ies ading wi h he U.S. du ing 2000–2005 showed esul s en i ely consis en
wi h Depken and Sono a (2005). Simila ly, Kimu a and Lee (2006) u ilized he g a i y
model es ima ion me hod o assess he impac o economic eedom on bila e al ade
a he indus y le el (including nine sub-sec o s) be ween he U.S. and 28 ading pa -
ne coun ies du ing 1992–2003. This esea ch g oup ound ha coun ies wi h highe
economic eedom ypically ha e la ge ade ansac ion olumes wi h he U.S., and
he case s udy o Japan yielded simila esul s, s ongly a i ming ha coun ies wi h
ex ensi e economic eedom con ibu e mo e o global ade ansac ions.
Acha ya (2013) applied he g a i y model o s udy ac o s a ec ing Nepal’s ade, in-
cluding expo , impo , and ade balance aspec s. The s udy sample included 21 coun-
ies wi h signi ican ade ela ions wi h Nepal o e a six-yea pe iod. In his model,
economic eedom was used as a signi ican ac o explaining changes in Nepal’s ade
alues alongside dis ance and GDP size. Acha ya (2013) esul s showed ha economic
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ISSN 2029-4581 eISSN 2345-0037 O ganiza ions and Ma ke s in Eme ging Economies
eedom con ibu es o inc easing Nepal’s ade ansac ion scale wi h hese coun ies.
Simila ly, in he same coun y, Saman a and Yada (2021) analyzed de e minan s o
ade scale in Nepal. The dependen a iables conside ed included Nepal’s expo s and
impo s, while explana o y a iables selec ed included he economic eedom indices
o Nepal and i s ading pa ne s, GDP o Nepal and ading pa ne s, eal exchange
a e, egional economic in eg a ion, and pe capi a GDP o Nepal and ading pa ne s.
The s udy scope co e ed 21 o Nepal’s ading pa ne s du ing 2010 o 2019. Resea ch
indings indica ed ha economic eedom is a ac o p omo ing he inc ease in Nepal’s
ade ansac ions. Mo eo e , he GDP o Nepal and i s pa ne s posi i ely impac s Ne-
pal’s expo s and impo s, while geog aphical dis ance nega i ely a ec s hem.
Explo ing wi hin he A ican bloc, Naanwaab and Dia assouba (2013) examined
he ole o economic eedom in bila e al ade among 33 A ican coun ies du ing
2000–2009. They ound ha imp o emen s in he economic eedom policies o ex-
po e s and impo e s end o u he p omo e ade. The inc ease in egional ade
ag eemen s posi i ely impac s bila e al ade wi hin he A ican bloc. Seyoum and
Rami ez (2019) analyzed he ela ionship be ween economic eedom, o eign di ec
in es men (FDI), and ade lows wi h a sample scope o 155 coun ies om a ious
geog aphical egions. They used a condi ional media ion model o es ima e he impac
o economic eedom on ade lows in luenced by o eign di ec in es men (FDI) and
go e nmen egula ion in main aining ins i u ional s abili y. The esul s indica e ha
economic eedom can in luence FDI lows in o coun ies, which in u n posi i ely a -
ec s he scale o ade ansac ions. Ngoma (2020) s udied ac o s a ec ing impo de-
mand in he case o Zimbabwe, whe e impo demand has become a signi ican na ion-
al policy issue and ade de ici conce n. A da a sample including o y majo ading
pa ne s o Zimbabwe du ing 2004–2017 was collec ed. Using O dina y Leas Squa es
(OLS) es ima ion me hods, Ngoma (2020) ound ha he economic size and ade
libe aliza ion o Zimbabwe and i s ading pa ne s posi i ely impac impo demand.
Meanwhile, in la ion and he popula ion o Zimbabwe and i s ading pa ne s, as well
as bila e al dis ance, we e ound o ha e a nega i e ela ionship wi h impo demand.
In summa y, mos p io s udies suppo a posi i e ela ionship be ween economic
eedom and he scale o ade ansac ions. Howe e , he numbe o such s udies is
qui e limi ed, and he e is a lack o esea ch assessing he case o Asian coun ies, de-
spi e he egion’s ecen pa icipa ion in signi ican global ade ag eemen s as men-
ioned abo e. This ep esen s an academic gap ha needs esea ch and also o ms he
pu pose o ou s udy.
2.2 The Impac o In e na ional Tou ism on In e na ional T ade
In e na ional ou ism signi ican ly a ec s in e na ional ade, as con i med in nume ous
s udies. The ela ionship be ween in e na ional ou ism and in e na ional ade is e y
close and mu ually in luen ial (Kulend an & Wilson, 2000). Success ul ou ism en u es
271
Buu Kiem Dang. The Impac o Economic F eedom and
In e na ional Tou ism on In e na ional T ade: An Empi ical S udy in Asian Coun ies
lay he g oundwo k o p omo ing u u e ade ansac ions be ween he ou is ’s home
coun y and he des ina ion coun y (Kuma e al., 2019). In o he wo ds, in e na ional
ou is s aca ioning in o he coun ies o en iden i y po en ial business oppo uni ies
based on ade ad an ages in p oduc s be ween he wo coun ies. They may ac on hese
business oppo uni ies a an oppo une s age he ea e (Ka i cioglu, 2009). Mos em-
pi ical s udies on he ela ionship be ween he de elopmen o in e na ional ou ism
and ade indica e ha in e na ional ou ism posi i ely in luences ade, and ice e sa,
he de elopmen o ade can acili a e a ac ing mo e in e na ional ou is s.
F om a bila e al ade pe spec i e, Fische and Gil-Alana (2009) in es iga ed he in-
e na ional ade and ou ism ela ionship be ween Spain and Ge many based on Ge -
man ou is isi s o Spain and Ge many’s impo o Spanish wine. The s udy sample
was collec ed om 1998–2004. The esea ch indings indica ed ha ou ism no only
has a sho - e m and di ec impac on wine impo s bu also an indi ec and p olonged
(lagged) e ec .
F om a mul ila e al pe spec i e, Khan e al. (2005) used da a om Singapo e o
explo e he causal ela ionship be ween ou is numbe s and ade wi h coun ies
in ASEAN, he US, Japan, he UK, and Aus alia. The au ho s p o ided e idence o
a igh ela ionship be ween ou ism and impo s, especially linked o business isi s
since business people in ending o expo o en ha e o isi he a ge coun ies be o e
sending hei goods. Con e sely, impo s encou age expo e s o isi hei ma ke s o
s eng hen ade ela ions. Simply pu , po en ial business oppo uni ies a e o en em-
bedded in ou is ips. Gunay (2010) s udied he ela ionship be ween ou ism and
ade in Tu key. The G ange causali y es me hod was used o eg ess models wi h
qua e ly da a collec ed om 1997–2010. The esea ch esul s showed a one-way im-
pac om he numbe o ou is s and ou ism spending on expo s. The e was also a
ecip ocal ela ionship be ween expo s, o al ade, and he numbe o ou is s. San a-
na-Gallego e al. (2011) in es iga ed he empi ical ela ionship be ween in e na ional
ou ism and ade wi h dependen a iables being expo s, impo s, and o al ade. The
da a sample included coun ies in he OECD egion om 1980 o 2006. Using dynamic
panel da a es ima ion, he esul s showed ha in e na ional ou ism can p omo e in e -
na ional ade. Simila ly, inc eased ade lows also boos he numbe o isi o s. Su esh
and Tiwa i (2018) also ound a posi i e wo-way causal ela ionship be ween ou -
ism and ade in India om 1991 o July 2012. Recen ly, Ga idzi ai (2022) sough an-
swe s o how in e na ional ou ism con ibu es o imp o ing ade in BRICS coun ies
(B azil, Russia, India, China, and Sou h A ica). The au ho used he Au o eg essi e
Dis ibu ed Lag (ARDL) model es ima ion me hod o analysis o BRICS membe s
du ing 1995–2017. The esul s showed ha he numbe o ou is s, ou ism expo e -
enues, and economic g ow h posi i ely in luence ade. Speci ically, in e na ional ou -
ism plays a signi ican ole in de eloping he scale o global ade.
In summa y, among he ew empi ical s udies on he ela ionship be ween in e -
na ional ou ism and in e na ional ade, mos show a posi i e, ecip ocal ela ionship
272
ISSN 2029-4581 eISSN 2345-0037 O ganiza ions and Ma ke s in Eme ging Economies
be ween he numbe o in e na ional ou is s and he scale o in e na ional ade. While
ca e ul sea ches we e conduc ed by he au ho s, s udies on he impac o in e na ional
ou ism on in e na ional ade o coun ies in he Asian egion a e s ill lacking. This
ep esen s an academic gap ha needs esea ch, especially gi en Asia’s inc easing p om-
inence in ou ism and economic de elopmen .
3. Me hodology
3.1 Resea ch Model
D awing inspi a ion om p e ious esea ch models by Ga idzi ai (2022) and Depken and
Sono a (2005), he au ho s p opose a esea ch model o analyze he impac o economic
eedom and in e na ional ou ism on in e na ional ade in Asian coun ies as ollows:
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�𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙�� ��
�𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙��
��
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�𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙�� ��
��
(5)
𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙�� ��
���
�𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙�� ��
�𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙�� ��
�𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙�� ��
�𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙�� ��
�𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙��
��
�𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙�� ��
�𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙�� ��
��
(6)
𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙�� ��
���
�𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙�� ��
�𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙�� ��
�𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙�� ��
�𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙�� ��
�𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙��
��
�𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙�� ��
�𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙�� ��
��
(7)
𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙�� ��
���
�𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙�� ��
�𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙�� ��
�𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙�� ��
�𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙�� ��
�𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙��
��
�𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙�� ��
�𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙�� ��
��
(8)
𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙�� ��
���
�𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙�� ��
�𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙�� ��
�𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙�� ��
�𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙�� ��
�𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙��
��
�𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙�� ��
�𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙�� ��
��
(9)
Table
273
Buu Kiem Dang. The Impac o Economic F eedom and
In e na ional Tou ism on In e na ional T ade: An Empi ical S udy in Asian Coun ies
Table 1 p esen s mo e de ails on he de ini ions o hese a iables, hei measu e-
men me hods, he basis o e e ence om p e ious s udies, and da a collec ion sou ces.
1. In e na ional ade in his s udy encompasses he alue o impo s (IMP), ex-
po s (EXP) and he o al in e na ional ade (TT) ela i e o GDP.
2. Economic F eedom (ECOF) used in his model e e s o he index p o ided
by he He i age Founda ion, which e alua es wel e ac o s including p ope -
y igh s, judicial e ec i eness, go e nmen in eg i y, ax bu den, go e nmen
spending, iscal heal h, business eedom, labo eedom, mone a y eedom,
ade eedom, in es men eedom, and inancial eedom. The index anges
om 0 o 100, wi h highe sco es indica ing a g ea e deg ee o economic ee-
dom. In addi ion o he o e all economic eedom a iable (ECOF), his s udy
also examines he impac o wo componen s o economic eedom, namely
business eedom (BUSF) and ade eedom (TRAF) on in e na ional ade.
3. In e na ional Tou ism (NOA) conside ed in his s udy is he o al numbe o
in e na ional ou is a i als in a coun y.
4. Mac o-economic ac o s conside ed include o eign di ec in es men , go e n-
men public in es men , economic g ow h, in la ion, and poli ical s abili y.
• Fo eign Di ec In es men (FDI)
Fo eign di ec in es men is measu ed by ne o eign in es men lows. The im-
pac o o eign in es men on ade is o en explained h ough wo main heo ies: he
eclec ic heo y (Dunning, 1977, 2000) and he heo y on o eign di ec in es men
(Kojima, 1977; Kojima & Ozawa, 1984). These heo ies ag ee ha o eign in es men
con ibu es o inc easing a coun y’s global ade ansac ions. The eclec ic heo y em-
phasizes he easons why FDI lows o a coun y, depending on h ee ypes o ad an ag-
es: owne ship, loca ion, and in e naliza ion, while he heo y on o eign di ec in es -
men by Kojima (1977) ocuses on explaining he bene i s o FDI o bo h he hos and
in es ing coun ies based on complemen a i y, exploi a ion o compa a i e ad an ages,
echnology ans e , and enhanced managemen p ac ices o imp o e labo p oduc i -
i y. Mos empi ical s udies suppo he posi i e impac o FDI on ade olume. Sun
(1999) showed ha in he con ex o China, FDI plays a c ucial ole in leading expo
g ow h and c ea ing a s ong economic g ow h momen um. Howe e , a side e ec o
FDI lows is he ans e p icing phenomenon by la ge mul ina ional co po a ions o
e ade axes. Seyoum e al. (2014) a gue ha FDI can ha e a mul iplica i e posi i e
impac on ade, sugges ing ha go e nmen s in sub-Saha an A ican coun ies should
p omo e policies o a ac FDI o expand p oduc ion capaci y o manu ac u ing and
expo ing.
In he con ex o Vie nam, Le (2014) also indica es a one-way posi i e causal ela-
ionship be ween FDI and ade. Mukh a o e al. (2019) a i m he posi i e ela ion-
ship be ween FDI and ade h ough an inc ease in expo olume in Jo dan. Mi ic and
I ić (2016) esea ch on Eu opean coun ies suppo s he posi i e impac o FDI on
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ade. O he s udies also suppo his ela ionship (Amal e al., 2010; An wi e al., 2013;
Asiedu, 2002; Demi han & Masca, 2016; Lia go as & Skandalis, 2012; Yasmin e al.,
2003), while some esea ch shows a nega i e ela ionship be ween FDI lows and ade,
such as Ra hnayaka Mudiyanselage e al. (2021).
• Go e nmen Spending (GOV)
Mülle (2008), assessing he impac o iscal policy on he o eign ade o he Uni -
ed S a es, a gued ha an inc ease in go e nmen spending educes he alue o he do-
mes ic cu ency and inc eases ne expo s. Howe e , Çebi and Çulha (2014) ound
e idence ha go e nmen spending shocks inc ease p essu e on he eal exchange a e
and nega i ely a ec Tu key’s o eign ade balance du ing 2002–2004, meaning go -
e nmen spending wo sens he ade balance, nega i ely a ec ing impo s mo e han
expo s. Simila ly, wi h inc easing go e nmen spending size, he e is mo e p essu e on
o e all ax e enue o balance, esul ing in highe ax a es. A simila esea ch inding by
Akpa (2021) o Nige ia showed ha he ela ionship be ween go e nmen spending
and ade is no clea in he sho e m bu en i ely nega i e in he long e m wi h s ong
s a is ical signi icance. In o he wo ds, go e nmen policies impac ing ade migh ha e
a delayed nega i e e ec . Kim and Lee (2018) analyzed he impac o iscal policy, spe-
ci ically go e nmen public spending, on he ade balance o Sou h Ko ea. Thei esul s
indica e ha expansi e go e nmen spending impac s he exchange a e and s imula es
ade g ow h, especially in he p i a e economic sec o . Thus, p e ious s udies a e no
unanimous on he impac o go e nmen spending on ade.
• GDP pe capi a g ow h (GDPCG)
De G oo e al. (2005) a gue ha imp o ed pe capi a income is a d i ing o ce in
inc easing he in e na ional ade olume o coun ies, especially bila e al ade. Zaman
(2012) ound e idence o a bidi ec ional causal impac be ween pe capi a income and
in e na ional ade o Bangladesh. In he case o Vie nam, Nguyen (2020) shows a
posi i e ela ionship be ween expo s and economic g ow h, while impo s and eco-
nomic g ow h ha e a nega i e ela ionship. Inc eased pe capi a income can be a po-
en ial ma ke o FDI lows, subsequen ly inc easing he expo alue om hese FDI
en e p ises. Ngoma (2020) esea ch on Zimbabwe indica es ha economic g ow h in-
c eases impo demand, and compa a i e ad an ages in p oduc ion con ibu e o mo e
expo goods. The e o e, economic g ow h is a ac o ha inc eases Zimbabwe’s ade
scale wi h he globe. Suppo ing he posi i e ela ionship, Ga idzi ai (2022) also shows
e idence ha economic g ow h s ongly p omo es an inc ease in global ade o he
BRICS coun ies.
• In la ion a e (INF)
Ngoma (2020) and Abidin e al. (2015) a gue ha high in la ion educes he pu -
chasing powe o consume s and impo e s, suppo ing he conclusion ha in la ion
281
Buu Kiem Dang. The Impac o Economic F eedom and
In e na ional Tou ism on In e na ional T ade: An Empi ical S udy in Asian Coun ies
spending; GDPCG deno es GDP pe capi a g ow h; INF deno es in la ion a e; PS deno es poli ical s a-
bili y. *, **, and *** deno e s a is ical signi icance a he 10%, 5%, and 1% le els, espec i ely. Sou ce: Cal-
cula ions by he au ho based on he da ase and using he S a a so wa e.
Table 6
The Impac o Economic F eedom and In e na ional Tou ism on To al In e na ional T ade
Va iables Model (7) Model (8) Model (9)
Coe . P alue Coe . P alue Coe . P alue
ECOF 1.123*** 0.002
BUSF 1.052** 0.020
TRAF 0.580*** 0.000
NOA 0.103** 0.025 0.304*** 0.001 0.189*** 0.000
FDI 0.099** 0.017 0.218*** 0.000 0.199*** 0.000
GOV -0.075*** 0.008 -1.066*** 0.000 -0.100* 0.076
GDPCG 0.105*** 0.000 0.278*** 0.001 0.127*** 0.000
INF 0.035** 0.027 0.112*** 0.008 0.039** 0.042
PS 0.114** 0.021 0.307** 0.011 0.204*** 0.000
Sample pe iod: 1995–2020 1995–2020 1995–2020
Obse a ions: 209 204 209
Hansen es (2nd s ep;
p- alue) 0.755 0.513 0.336
AB es AR(1) p alue 0.057 0.080 0.053
AB es AR(2) p alue 0.531 0.517 0.294
No e. ECOF deno es economic eedom; BUSF deno es business eedom; TRAF deno es ade eedom;
NOA deno es he numbe o a i als; FDI deno es o eign di ec in es men ; GOV deno es go e nmen
spending; GDPCG deno es GDP pe capi a g ow h; INF deno es in la ion a e; PS deno es poli ical s a-
bili y. *, **, and *** deno e s a is ical signi icance a he 10%, 5%, and 1% le els, espec i ely. Sou ce: Cal-
cula ions by he au ho based on he da ase and using he S a a so wa e.
The Impac o In e na ional Tou ism on In e na ional T ade
The numbe o in e na ional ou is a i als (NOA) shows a posi i e impac on he
inc ease in in e na ional ade, including bo h expo s and impo s. The eg ession co-
e icien o he NOA a iable is posi i e and s a is ically signi ican ac oss all models
in Tables 4, 5 and 6. These esul s indica e ha in e na ional ou is s play a c ucial
ole in boos ing a coun y’s ade. This suppo s he a gumen by Kuma e al. (2019)
and Ka i cioglu (2009) ha in e na ional ou is s o en b ing many subsequen ade
coope a ion oppo uni ies. In o he wo ds, one o he hidden agendas behind ou is s’
a els is ha hey a e seeking ma ke s and ade oppo uni ies based on compa a i e
ad an ages. This s udy’s indings also align wi h esul s om some p e ious esea ch
(Ga idzi ai, 2022; Gunay, 2010; San ana-Gallego e al., 2011).
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The Impac o Mac o-economic Fac o s on In e na ional T ade
Fo eign di ec in es men (FDI) shows a c ucial ole in p omo ing ade ansac ions,
including inc easing he scale o impo s, expo s, and o al ade. The eg ession coe -
icien o he FDI a iable is posi i e and s a is ically signi ican ac oss all models and in
Tables 4–6. This suppo s he o eign di ec in es men heo y by which o eign capi al
in es men helps exploi and u ilize compa a i e ad an ages, he eby p omo ing s ong
ade low de elopmen . Inc eased o eign di ec in es men leads o he o ma ion o
mo e mul ina ional co po a ions, ollowed by he impo o echnology and p oduc-
ion lines, esul ing in an inc ease in goods supplied o o eign ma ke s by hese mul-
ina ional companies. The posi i e ela ionship be ween o eign di ec in es men and
ade (including expo s and impo s) in his s udy is also consis en wi h mos p e i-
ous esea ch indings (Amal e al., 2010; An wi e al., 2013; Asiedu, 2002; Demi han &
Masca, 2016; Le, 2014; Lia go as & Skandalis, 2012; Mukh a o e al., 2019; Seyoum
e al., 2014; Yasmin e al., 2003).
Go e nmen spending (GOV) does no con ibu e o ade de elopmen . The e-
g ession coe icien o he GOV a iable is nega i e and s a is ically signi ican ac oss
all models in all esul ables. Ou s udy’s indings also align wi h hose o Akpa (2021).
This sugges s ha inc eased go e nmen spending pu s p essu e on ax e enue and
hinde s ade ac i i ies (Çebi & Çulha, 2014). Fu he mo e, using a po ion o go e n-
men esou ces o p o ec domes ic indus ies c ea es un ai compe i ion, limi ing in-
e na ional ade. Addi ionally, inc eased bo owing by he go e nmen o und in es -
men ac i i ies indi ec ly inc eases he demand o capi al, esul ing in highe in e es
a es, inc easing he inancial cos o businesses, which could nega i ely a ec expo
and impo ac i i ies.
GDP pe capi a g ow h (GDPCG) has a posi i e impac on he in e na ional ade
scale. The eg ession coe icien o he GDPCG a iable is posi i e and s a is ically sig-
ni ican in mos esea ch models excep o model (2) and model (3), whe e i lacks
s a is ical signi icance. This esea ch inding also aligns wi h ha o Ga idzi ai (2022).
Thus, i can be seen ha imp o ed income among ci izens will help boos he demand
o impo ed goods (Ngoma, 2020). Simul aneously, inc eased income among ci izens
p esen s a as po en ial ma ke oppo uni y, s imula ing mo e o eign di ec in es -
men and he eby inc easing expo alue (Nguyen, 2020).
In la ion (INF) has a posi i e impac on he in e na ional ade scale. The eg ession
coe icien o he INF a iable is posi i e and s a is ically signi ican in models (1), (2),
(4), (5), (7), (8) and (9); he emaining models do no show s a is ical signi icance.
This esul indica es ha , o some ex en , in la ion may ha e a posi i e s imula ing e ec
on economic g ow h (Mallik & Chowdhu y, 2001), he eby inc easing he scale o in-
e na ional ade ansac ions. Mo eo e , in la ion is no he only de e minan o ade
ac i i ies, as ade also depends on many o he ac o s (Islam, 2013). The posi i e co -
283
Buu Kiem Dang. The Impac o Economic F eedom and
In e na ional Tou ism on In e na ional T ade: An Empi ical S udy in Asian Coun ies
ela ion be ween in la ion and ade in his s udy also aligns wi h he indings o some
p e ious esea ch (Galal & Lan, 2017; Sepeh i and & Azizi, 2016).
Poli ical s abili y (PS) has a posi i e impac on in e na ional ade, including bo h
expo s and impo s. The eg ession coe icien o he PS a iable is posi i e and s a-
is ically signi ican in esea ch models and ac oss all esul ables (excep model (4)).
This esul shows ha a s able poli ical en i onmen is he ounda ion o ib an ade
ac i i ies. This inding o ou s udy also aligns wi h he esea ch esul s o Fosu (2003)
and Seyoum and Rami ez (2019).
5. Conclusion and Policy Implica ions
This s udy aims o cla i y he ole o economic eedom and he de elopmen o in e -
na ional ou ism on in e na ional ade, including expo s, impo s, and o al ade in
Asian coun ies. The esea ch sample includes he da a om 24 Asian coun ies o e
he pe iod om 1995 o 2020. The s udy uses he Sys em Gene alized Me hod o Mo-
men s (GMM sys em) o eg ession analysis. The esul s show ha economic eedom,
business eedom, and ade eedom play a c ucial ole in in e na ional ade ac i i ies
(bo h expo s and impo s). Addi ionally, he de elopmen o in e na ional ou ism
also demons a es a signi ican ly posi i e impac on ade (bo h expo s and impo s).
O he impo an mac o-economic ac o s such as o eign di ec in es men , pe capi a
income g ow h, in la ion, and poli ical s abili y also posi i ely impac in e na ional
ade; meanwhile, go e nmen spending size educes he scale o ade ac i i ies. Based
on he indings o his s udy, we sugges ha policies owa ds economic openness, in-
c easing economic eedom, business eedom, and ade eedom should be ca e ully
conside ed and p omo ed wi hin he ade de elopmen s a egies o coun ies. Mo e-
o e , economic policies should also ocus on solu ions o a ac in e na ional ou is s,
no only as a sou ce o o eign exchange bu also as suppo o os e he de elopmen
o ade.
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