Tourism Led Growth: Evidence from Panel Cointegration Tests

Theodore Panagiotidis, Thomas Panagiotou and Maurizio Mussoni
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Thomas Panagiotou: European University Institute, Italy

Working Paper series from Rimini Centre for Economic Analysis

Abstract: The Tourism-Led-Growth hypothesis is investigated in this study. We employ a panel of 187 countries for a period that spans from 1995 to 2009. Panel unit root tests confirm that both GDP and tourism receipts are non-stationary. Alternative panel cointegration tests are employed and the results suggest that there is a long-run relationship between tourism receipts and GDP. Different specifications that take into account the accounting effect, confirm the latter. Finally, the long-run elasticities of tourism receipts on GDP are found to take values close to 0.2.

Keywords: panel unit roots; panel cointegration; tourism-led-growth (search for similar items in EconPapers)
JEL-codes: C33 L83 O11 (search for similar items in EconPapers)
Date: 2012-11
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Persistent link: https://EconPapers.repec.org/RePEc:rim:rimwps:74_12

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