Impacts of regional cooperation agreements on international tourism: Evidence from a quasi-natural experiment

Using the Belt and Road Initiative (BRI) as a quasi-natural experiment, this paper constructs the Propensity Score Matching and Difference-in-Differences regression approach (PSM-DID) to explore the impact of regional cooperation agreements (RCAs) on international tourism. This paper also firstly quantifies the mediating effects of five different channels on the impacts of RCAs on international tourism, especially an "unimpeded trade" indicator is constructed using complex network model. Furthermore, heterogeneity test was conducted according to the economic development level and geographic location. The results show that the BRI can significantly promote the development of international tourism in member countries, especially presenting significant economic and geographical heterogeneity. The BRI mainly affects inbound tourist flows through facilities connectivity, unimpeded trade, and people-to-people bonds. The empirical evidence presented here provides a decision-making reference for boosting the development of international tourism by promoting regional cooperation.