Contents of the volume

2021, Volume 74 - Issue 3

ISSN: 2499-8265
RSS feed citation: At RePEc
Publication date: 30 August 2021

TOURISM AND GROWTH: SOME ISSUES

Elena Seghezza

Read the article

THE ROLE OF GENOESE ECONOMISTS IN THE INTRODUCTION OF KEYNESIAN THOUGHT IN ITALY

Giuseppe Mastromatteo

Read the article

TESTING FOR THE TOURISM LED ECONOMIC GROWTH HYPOTHESIS IN SWEDEN WITH STRUCTURAL BREAKS

Abdulnasser Hatemi-J, Per-Ola Maneschiöld

Read the article

A SYSTEM EQUATION MODEL FOR TOURISM AND ECONOMIC GROWTH

Antonios Adamopoulos

Read the article

DETERMINANTS OF TOURISM DEVELOPMENT: EMPIRICAL EVIDENCE FROM THREE DEVELOPING COUNTRIES

Sheilla Nyasha, Nicholas M. Odhiambo

Read the article

A MULTIVARIATE LOGIT FOR PROPENSITY TO CHOOSE PACKAGE TOUR OVER INDEPENDENT TRAVEL

Christer Thrane, Antonio Menezes , Ainura Uzagalieva

Read the article

Genoa Chamber of Commerce
Economia Internazionale / International Economics

< Back

Corresponding author

Antonios ADAMOPOULOS, Hellenic Open University of Greece and University of Western Macedonia, Gravena, Greece

A System Equation Model for Tourism and Economic Growth

Pages

311-334

Abstract

This paper aims at investigating the interrelation between economic growth and tourism in Spain, in the period 1995-2017, by making use of a system equation model. Two-stage least squares method is used in order to examine both the direct and indirect relations between tourism and economic growth taking into account the positive effect of investments on tourism. The empirical results indicates that tourism growth has a positive and direct effect on economic growth for Spain for the examined period 1995-2017. The empirical results of Monte Carlo simulation method indicated that the system equation model is very well simulated, since the simulated values are close to actual values of examined variables.

 

 

 

JEL classification

C22, O11

Keywords

Economic Growth, Tourism Growth, Spain

Index

  1. Introduction
  2. Literature review
  3. Data analysis
  4. Methodology
  5. Empirical results
  6. Conclusion: a realistic regression model

Bibliography

Adamopoulos, A. and E. Thalassinos (2020), “Tourism Development and Economic Growth: A Comparative Study for the G-6 Leaders”, European Research Studies Journal, 23(1), 368-380.

Agiomirgianakis, G. and G. Sfakianakis (2014), “Determinants of Tourism Demand in Greece: A Panel Data Approach”, Econometrics Ekonometria, Advances in Applied Data Analysis, 43(1), 15-26.

Akan, Y., C. Işik and I. Arslan (2007), “The Impact of Tourism on Economic Growth: The Case of Turkey”, Journal of Tourism, 9, 1-25.

Alimi, R. Santos (2015), “Financial Deepening and Economic Growth: A System GMM Panel Analysis with Application to 7 SSA Countries", MPRA Paper No. 65789, <https://mpra.ub.uni-muenchen.de/65789/>.

Apergis, N. and J.E. Payne (2012), “Tourism and growth in the Caribbean — Evidence from a Panel Error Correction Model”, Tourism Economics, 18(2), 449–456.

Arellano, M. and S. Bond (1991), “Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations”, The Review of Economic Studies, 58(2), 277-297.

Arellano M. and O. Bover (1995), “Another Look at the Instrumental Variable Estimation of Error Component Models”, Journal of Econometrics, 68(1), 29-51.

Arslanturk, Y. and S. Atan (2012), “Dynamic Relation between Economic Growth, Foreign Exchange and Tourism Incomes: An Econometric Perspective on Turkey”, Journal of Business, Economics & Finance, 1(1), 30-37.

Balaguer, J. and M. Cantavella-Jordá (2002), “Tourism as a Long-Run Economic Growth Factor: The Spanish Case”, Applied Economics, 34(7), 877-884.

Cortés-Jiménez, I., J-J. Nowak and M. Sahli (2011), “Mass Beach Tourism and Economic Growth: Lessons from Tunisia”, Tourism Economics, 17(3), 531-547.

Cortés-Jiménez, I. and M. Pulina (2010), “Inbound Tourism and Long-Run Economic Growth”, Current Issues in Tourism, 13(1), 61-74.

Durbarry, R. (2004), “Tourism and Economic Growth: The Case of Mauritius”, Tourism Economics, 10(4), 389-401.

Eeckels, B., G. Filis and C. León (2012), “Tourism Income and Economic Growth in Greece Empirical Evidence from their Cyclical Components”, Tourism Economics, 18(4), 817-834.

Eugenio-Martín, J.L., N.M. Morales and R. Scarpa (2004), “Tourism and Economic Growth in Latin American Countries: A Panel Data Approach”, Fondazione Eni Enrico Mattei Working Paper Series, Nota di Lavoro No. 26.

Eviews 9.0. (2015), Quantitative Micro Software, Irvine: California.                            

Ghali, M. (1976), “Tourism and Economic Growth an Empirical Study”, Economic Development and Cultural Change, 24(3), 527-538.

Gunduz, L. and A. Hatemi-J. (2005), “Is the Tourism-Led Growth Hypothesis Valid for Turkey?”, Applied Economic Letters, 12(8), 499-504.

He, L-H. and X-G. Zheng (2011), “Empirical Analysis on the Relationship between Tourism Development and Economic Growth in Sichuan”, Journal of Agricultural Science, 3(1), 212-217.

Katircioglu, S.T. (2009a), “Tourism, Trade and Growth: The Case of Cyprus”, Applied Economics, 41(21), 2741-2750.

Katircioglu, S.T. (2009b), “Revising the tourism-led-growth hypothesis for Turkey using the bounds test and Johansen approach for cointegration”, Tourism Management, 30, 17-20.

Katircioglu, S.T. (2009c), “Testing the tourism-led growth hypothesis: The case of Malta”, Acta Oeconomica, 59(3), 331-343

Katos, A. (2004), Econometrics: Theory and Practice, Zygos:  Thessaloniki.

Katos, A., D. Pallis and E. Katsouli (2004), “System Estimates of Cyclical Unemployment and Cyclical Output in the 15 European Union Member-States 1961-1999”, International Journal of Applied Econometrics and Quantitative Studies, 1(4), 5-25.

Kim, H.J., M.H. Chen and S.  Jang (2006), “Tourism Expansion and Economic Development: The Case of Taiwan”, Tourism Management, 27(5), 925-933.

Lanza, A., P. Temple and G. Urga (2003), “The Implications of Tourism Specialisation in the Long Run: An Econometric Analysis for 13 OCDE Economies”, Tourism Management, 24(3), 315-321.

Lee, C-C. and C-P. Chang (2008), “Tourism Development and Economic Growth: A Closer Look at Panels”, Tourism Management, 29(1), 180-192.

Maniatis, A. and E-E. Cortés-Ramírez (2020), The Right to Tourist Information. Reversing the Role of the Guide, Our Knowledge Publishing: India.

Nissan, E., M.A. Galindo and M.T. Méndez (2011), “Relationship between Tourism and Economic Growth”, The Service Industries Journal, 31(10), 1567-1572.

Oh, C-O.  (2005), “The Contribution of Tourism Development to Economic Growth in the Korean Economy”, Tourism Management, 26(1), 39-44.

Ohlan, R. (2017), “The Relationship between Tourism, Financial Development and Economic Growth in India”, Future Business Journal, 3(1), 9-22.

Pablo-Romero, M. and J. Molina (2013), “Tourism and Economic Growth: A Review of Empirical Literature”, Tourism Management Perspectives, 8, 28-41.

Payne, J.E. and A. Mervar (2010), “The Tourism-Growth Nexus in Croatia”, Tourism Economics, 16(4), 1089-1094.

Seddighi, H., K. Lawler and A. Katos (2000), Econometrics: A Practical Approach, Routledge: London.

Sequeira, T.N. and P.M. Nunes (2008), “Does Tourism Influence Economic Growth? A Dynamic Panel Data Approach”, Applied Economics, 40(18), 2431-2441.

Shakouri, B., S. Yazdi, N. Nategian and N. Shikhrezaei (2017), “The Relationship between International Tourism and Economic Growth”, Journal of Tourism and Hospitality, 6(4), 1-7.

Tang, C. and S. Abosedra (2016), “Tourism and Growth in Lebanon: New Evidence from Bootstrap Simulation and Rolling Causality Approaches”, Empirical Economics, 50(2), 679-696.

Vazakidis, A. and A. Adamopoulos  (2020), “Agriculture, Tourism, Energy and Economic Growth: An Empirical Analysis”, Proceedings of the 9th International Conference on Information and Communication Technologies in Agriculture, Food & Environment, (HAICTA 2020), September 24-27, Thessaloniki, Greece,  pp.62-67,

World Development Indicators Statistical Database, <https://data.worldbank.org> .

Zhang, J. and L. Cheng (2019), “Threshold Effect of Tourism Development on Economic Growth Following a Disaster Shock: Evidence from the Wenchuan Earthquake, P.R. China”, Sustainability, 11(2), 1-22

Zortuk, M. (2009), “Economic Impact of Tourism on Turkey’s Economy: Evidence from Cointegration Tests”, International Research Journal of Finance and Economics, 25, 231-239.