Purpose – Recently, trade openness has expanded in the world level as well as high trade dependent countries like Korea. In turn, a rise of trade openness is expected to affect on the tourism industry. This study investigates the causal relationship between trade openness, outbound tourism...

This paper investigates the tourism-led growth hypothesis in the case of Korea considering a possible structural break from exogenous shocks, such as the Asian financial crisis in 1997 and the controlling policy of outbound travel in the latter half of the mid-1980s. To examine the possible...