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Comparative Analysis of Tourism-Led Growth in Slovenia and Montenegro

Author

Listed:
  • Sergej Gricar

    (Novo Mesto School of Business and Management, Slovenia)

  • Stefan Bojnec

    (University of Primorska, Slovenia)

  • Vesna Karadzic

    (University of Montenegro, Montenegro)

  • Svetlana Rakocevic

    (University of Montenegro, Montenegro)

Abstract

This article introduces ‘Granger Causality in Tourism Analysis for Slovenia and Montenegro.’ Included within are comparisons of the tourism led-growth in these countries between December 2007–June 2015. The focus of the analysis is directed towards gross domestic product and tourist arrivals as endogenous variables, as well as unemployment rates. In addition, monthly time series of inflation rates are introduced as exogenous variables. The Granger Causalities differ between countries. The latter indicates uni-directional causal relationships of three relations between the economic growths, tourism growth and unemployment rates for Slovenia and Montenegro. Finally, causality from tourism growth to economic growth and vice-versa is found in Montenegro.

Suggested Citation

  • Sergej Gricar & Stefan Bojnec & Vesna Karadzic & Svetlana Rakocevic, 2016. "Comparative Analysis of Tourism-Led Growth in Slovenia and Montenegro," Managing Global Transitions, University of Primorska, Faculty of Management Koper, vol. 14(1 (Spring), pages 75-92.
    • Handle: RePEc:mgt:youmgt:v:14:y:2016:i:1:p:75-92
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    Cited by:

    1. Blanka Skrabic Peric & Zana Vidovic, 2017. "Heterogeneous Panel Granger causality between GDP and Tourism in 11 EU members in Central and Southeastern Europe," Eastern European Business and Economics Journal, Eastern European Business and Economics Studies Centre, vol. 3(1), pages 6-27.
    2. Tihana Škrinjarić, 2019. "Examining the Causal Relationship between Tourism and Economic Growth: Spillover Index Approach for Selected CEE and SEE Countries," Economies, MDPI, vol. 7(1), pages 1-19, March.

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    More about this item

    Keywords

    Slovenia; Montenegro; causality; tourism; economic growth;
    All these keywords.

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • L83 - Industrial Organization - - Industry Studies: Services - - - Sports; Gambling; Restaurants; Recreation; Tourism

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