This paper examines the effect of inbound tourism on inclusive growth and whether the effect is moderated by countries' democratic institutions. Using data from 154 countries from 2000 to 2020 and the dynamic generalized method of moments estimator, we found that inbound tourism (tourism arrival, receipt, and expenditure) is positively related to inclusive growth. Also, democracy is found to have a significant positive effect on inclusive growth. The results also showed that the impact of inbound tourism on inclusive growth is moderated by democracy. The results are consistently established when alternative econometric methods are applied, and they vary across income groups.

中文翻译：

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入境旅游对包容性增长的影响：制度化民主重要吗？

本文研究了入境旅游对包容性增长的影响，以及这种影响是否受到各国民主制度的调节。使用 2000 年至 2020 年 154 个国家的数据和动态广义矩估计器方法，我们发现入境旅游（旅游到达、收入和支出）与包容性增长呈正相关。此外，研究发现民主对包容性增长具有显著的积极影响。结果还表明，入境旅游对包容性增长的影响受到民主的缓和。当应用替代计量经济学方法时，结果是一致的，并且它们因收入群体而异。