Tourism and Economic Growth in Greece: Αn ARDL Bounds Testing Approach in a Kaldorian Framework

Konstantinos Spinthiropoulos (), Christos Nikas and Eleni Zafeiriou
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Konstantinos Spinthiropoulos: School of Economics, Department of Management Science & Technology, University of West Macedonia
Christos Nikas: Department of International and European Studies, University of Macedonia, Thessaloniki, Greece
Eleni Zafeiriou: Department of Agricultural Development, Democritus University of Thrace, Xanthi, Greece

Acta Oeconomica, 2020, vol. 70, issue 2, 215-227

Abstract: The purpose of the study is to examine the relationship between tourism development and economic growth in Greece, using the Autoregressive Distributed Lag (ARDL)-Bounds testing procedure. The present paper attempts to examine the relevance of the tourism led growth hypothesis according to the Kaldorian theory. The analysis was carried out for the period from 1963 to 2016 and involves the short-run as well as the log-run impact. As a proxy for the output of the tourism sector, its receipts are employed, while as an index for economic growth, the GDP is employed. The empirical results show that the economy of Greece can recover and return to the long-run equilibrium with a speed of adjustment 7.17% per year.

Keywords: Kaldorian growth theory; tourism; ARDL; bound testing; Greece (search for similar items in EconPapers)
JEL-codes: C1 C24 C32 L83 O10 O13 O40 O47 Z32 (search for similar items in EconPapers)
Date: 2020
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