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Tourism-Led Growth Hypothesis in Mediterranean Countries: Evidence from a Panel Cointegration and Error Correction Model

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  • Banu Demirhan

Abstract

Today, there is a consensus on the contribution of the tourism sector to the economy in Mediterranean countries, which have a significant share in the world tourism. The objective of this paper is to investigate and estimate the effect of the tourism sector on economic growth in Mediterranean countries. This paper employs panel FMOLS and panel DOLS models using data consisting of nine Mediterranean countries over the period 1995-2014. Empirical findings indicate that tourism receipts and tourism arrivals affect economic growth positively in the long-run and that these results are valid as individually, which shows tourism-led growth hypothesis is valid in Mediterranean countries.

Suggested Citation

  • Banu Demirhan, 2016. "Tourism-Led Growth Hypothesis in Mediterranean Countries: Evidence from a Panel Cointegration and Error Correction Model," Applied Economics and Finance, Redfame publishing, vol. 3(1), pages 38-53, February.
    • Handle: RePEc:rfa:aefjnl:v:3:y:2016:i:1:p:38-53
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    Cited by:

    1. 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.

    More about this item

    Keywords

    tourism receipts; Mediterranean countries; FMOLS; DOLS;
    All these keywords.

    JEL classification:

    • R00 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General - - - General
    • Z0 - Other Special Topics - - General

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