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

Author

Listed:
  • Nikolaos Antonakakis

    (Department of Business and Management, Webster Vienna Private University)

  • Mina Dragouni

    (University College London (UCL))

  • Bruno Eeckels

    (Department of Accounting, Finance and Economics, Bournemouth University)

  • George Filis

    (Department of Accounting, Finance and Economics, 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.

Suggested Citation

  • Nikolaos Antonakakis & Mina Dragouni & Bruno Eeckels & George Filis, 2018. "The tourism and economic growth enigma: Examining an ambiguous relationship through multiple prisms," BAFES Working Papers BAFES14, Department of Accounting, Finance & Economic, Bournemouth University.
    • Handle: RePEc:bam:wpaper:bafes14
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    File URL: https://repec.bmth.ac.uk/bam/wp/BAFES14.pdf
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    Cited by:

    1. SOFRONOV, Bogdan, 2018. "The Development Of The Travel And Tourism Industry In The World," Annals of Spiru Haret University, Economic Series, Universitatea Spiru Haret, vol. 18(4), pages 123-137.

    More about this item

    Keywords

    tourism-economic growth; panel vector autoregressive model; panel impulse responses; clusters;
    All these keywords.

    JEL classification:

    • C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models
    • F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies
    • L83 - Industrial Organization - - Industry Studies: Services - - - Sports; Gambling; Restaurants; Recreation; Tourism
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
    • O57 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Comparative Studies of Countries

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