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Tourism Specialization and Economic Development : Evidence from the UNESCO World Heritage List

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Author Info
Rabah Arezki
Reda Cherif
John Piotrowski

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Abstract

The present paper investigates whether tourism specialization is a viable strategy for development. We estimate standard growth equations augmented with a variable measuring tourism specialization using instrumental variables techniques for a large cross-section of countries for the period 1980-2002. We introduce an instrument for tourism based on the UNESCO World Heritage List. We find that there is a positive relationship between the extent of tourism specialization and economic growth. An increase of one standard deviation in the share of tourism in exports leads to about 0.5 percentage point in additional annual growth, everything else being constant. Our result holds against a large array of robustness checks.

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Paper provided by International Monetary Fund in its series IMF Working Papers with number 09/176.

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Length: 24 pages
Date of creation: 13 Aug 2009
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Handle: RePEc:imf:imfwpa:09/176

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Keywords: Cross country analysis ; Development ; Economic growth ; Economic models ; Time series ; Tourism ;

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  17. Barro, Robert J. & Lee, Jong-Wha, 2005. "IMF programs: Who is chosen and what are the effects?," Journal of Monetary Economics, Elsevier, vol. 52(7), pages 1245-1269, October. [Downloadable!] (restricted)
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