A System Equation Model for Tourism and Economic Growth

Antonios Adamopoulos
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Antonios Adamopoulos: Hellenic Open University of Greece and University of Western Macedonia, Grevena, Greece

Economia Internazionale / International Economics, 2021, vol. 74, issue 3, 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. La stima di un sistema di equazioni per il turismo e la crescita Questo articolo ha lo scopo di esaminare l’interrelazione tra crescita economica e turismo in Spagna nel periodo 1995-2017. Si impiega il metodo dei minimi quadrati a due stadi al fine di esaminare la relazione sia diretta che indiretta tra turismo e crescita economica, tenendo presente l’effetto positivo degli investimenti nel settore del turismo. I risultati empirici indicano che la crescita del turismo ha un effetto positivo e diretto sulla crescita economica della Spagna nel periodo 1995-2017. I risultati empirici della simulazione di Monte Carlo indicano che il modello è molto ben simulato, da cui consegue che i valori simulati sono vicini ai valori effettivi delle variabili esaminate.

Keywords: Economic Growth; Tourism Growth; Spain (search for similar items in EconPapers)
JEL-codes: C22 O11 (search for similar items in EconPapers)
Date: 2021
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