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Prospects and Limits of Tourism-Led Growth: The International Evidence

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Author Info

  • Adamos Adamou

    (University of Cyprus)

  • Sofronis Clerides

    (University of Cyprus, CEPR and RCEA)

Abstract

We investigate the relationship between tourism specialization and economic growth. We deviate from previous studies - which have reported mixed evidence - by allowing the relationship to take a nonlinear form. We find that tourism specialization is associated with higher rates of economic growth at relatively low levels of specialization but eventually diminishing returns set in and tourism's contribution becomes minimal. The policy lesson is that there is promise for tourism-led growth in developing countries but other economic activities must also be developed in order to carry the economy forward once the potential of tourism-led growth has been exhausted.

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Bibliographic Info

Article provided by Rimini Centre for Economic Analysis in its journal Review of Economic Analysis.

Volume (Year): 2 (2010)
Issue (Month): 3 (September)
Pages: 287-303

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Handle: RePEc:ren:journl:v:2:y:2010:i:3:p:287-303

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Related research

Keywords: Forecasting; agricultural economics;

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References

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  1. Juan Luis Eugenio-Martín & Noelia Martín Morales & Riccardo Scarpa, 2004. "Tourism and Economic Growth in Latin American Countries: A Panel Data Approach," Working Papers 2004.26, Fondazione Eni Enrico Mattei.
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Cited by:
  1. Chia-Lin Chang & Thanchanok Khamkaew & Michael McAleer, 2010. "IV Estimation of a Panel Threshold Model of Tourism Specialization and Economic Development," KIER Working Papers 708, Kyoto University, Institute of Economic Research.
  2. Jorge Ridderstaat & Robertico Croes, 2013. "The Force Field of Tourism," Review of Economic Analysis, Rimini Centre for Economic Analysis, vol. 5(1), pages 1-24, June.

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