Tourism and financial development nexus in Kenya: A multivariate approach

In this study, the causal relationship between financial development and tourism in Kenya is investigated using annual time series data from 1995 to 2017. The study was motivated by the perceived role that the tourism sector has played in the various facets of the Kenyan economy over the past decades. Two proxies of financial development were used, namely broad money supply and stock market development (which is proxied by the total value of...