 Tourism Development and Economic Growth: A Comparative Study for the G-6 LeadersAntonios Adamopoulos and El Thalassinos () European Research Studies Journal, 2020, vol. XXIII, issue 1, 368-380 Abstract: Purpose: The paper investigates the relationship between tourism development and economic growth for the six richest countries globally for the period 1995-2017 by estimating a simultaneous system equations model. The purpose of this paper is to examine the long-run relationship between these variables by the use of the two-stage least squared methodology. Design/Methodology/Approach: A structural system equation model is estimated for the G-6 leader countries and then we apply a Monte Carlo simulation method, in order to find out the predictive ability of the equation model. Findings: The results of this study indicated that there is a positive relationship between tourism development and economic growth taking into account the negative effect of interest rates and the positive effect of investments, trade openness, and consumption on economic growth. Practical Implications: The group of six leader countries is a group consisting of Canada, France, Germany, Italy, United Kingdom, and USA regarded as the most industrialized countries in the world. Originality/Value: The study offers an in-depth insight into econometric modelling of economic growth. Keywords: Tourism development; economic growth; system equation model; simulation. (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:ers:journl:v:xxiii:y:2020:i:1:p:368-380 Access Statistics for this article More articles in European Research Studies Journal from European Research Studies Journal |
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