Do Political Instability, Terrorism, and Corruption Have Deterring Effects on Tourism Development Even in the Presence of Unesco Heritage? a Cross-country Panel Estimate Ghialy Yap and Shrabani Saha

Address correspondence to Ghialy Yap, School of Accounting, Finance and Economics, Faculty of Business and Law, Edith Cowan University, 270 Joondalup Drive, Joondalup WA 6027, Australia. E-mail: [email protected] Tourism Organization, 2006). For those developing countries that have abundant labor supply, tourism is considered as an industry that can alleviate poverty and create jobs to financially support the poor. Nevertheless, similar to any business, tourism is considerably sensitive to political environment. When a country experiences stable governance and sound political system, it encourages more national and foreign investments in physical buildings DO POLITICAL INSTABILITY, TERRORISM, AND CORRUPTION HAVE