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The tourism and economic growth enigma: Examining an ambiguous relationship through multiple prisms

Nikolaos Antonakakis, Mina Dragouni (), Bruno Eeckels and George Filis
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Mina Dragouni: University College London (UCL)
Bruno Eeckels: Department of Accounting, Finance and Economics, Bournemouth University

No BAFES14, BAFES Working Papers from Department of Accounting, Finance & Economic, Bournemouth University

Abstract: The current literature on the tourism-economic growth causal relationship is rather contested. Thus, the aim of this paper is to revisit this ambiguous relationship from a more holistic view, providing a comprehensive study of destinations across the globe which takes into account the key dynamics that influence tourism and economic performance. More specifically, we focus on 113 countries over the period 1995–2011, grouped into clusters based on six criteria, which reflect their economic, political and tourism dimensions. A Panel Vector Autoregressive model is employed to reveal the tourism–economy interdependencies across these clusters. Overall, the economic–driven tourism growth hypothesis seems to prevail in most cases, although some short–lived bidirectional causalities are also identified. Thus, depending on the economic, political and tourism status of a destination, different policy implications apply.

Keywords: tourism-economic growth; panel vector autoregressive model; panel impulse responses; clusters (search for similar items in EconPapers)
JEL-codes: C32 F43 L83 O40 O57 (search for similar items in EconPapers)
Pages: 43 pages
Date: 2018-02
New Economics Papers: this item is included in nep-tur
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