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Tourism As A Long-Run Economic Growth Factor: The Spanish Case

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Author Info

  • Jacint Balaguer

    ()
    (Universitat Jaume I)

  • Manuel Cantavella-Jordá

    (Universitat Jaume I)

Abstract

Este trabajo aporta evidencia acerca de la importancia de los ingresos de divisas por turismo en el crecimiento económico español experimentado en las últimas tres décadas. Los resultados econométricos indican que existe una relación de largo plazo entre el crecimiento de la renta del país y los ingresos procedentes del turismo internacional. Esta relación econométrica es única, y pone de relieve que la actividad turística tiene importantes efectos multiplicadores. Adicionalmente, se pone de relieve que la competitividad externa, cuyos efectos sobre el crecimiento económico son notablemente significativos, debe ser tenida en consideración a la hora de formular una relación a largo plazo. A la luz de los resultados obtenidos, cabe esperar que las distintas políticas publicas tanto en la adecuación de la oferta como en la promoción de la actividad turística puedan tener efectos beneficiosos sobre la renta. This paper examines the role of tourism in the Spanish long-run economic development. The tourist-led growth hypothesis is tested. The results indicate that, at least, during the last three decades economic growth in Spain has been sensible to persistent expansion of international tourism. The increase of this activity has produced multiplier effects over time. External competitivity has also been proved in the model to be a fundamental variable for Spanish economic growth in the long run. From the empirical analysis it can be inferred the positive effects on income that government policy, in the adequacy of supply as well as in the promotion of tourist activity, may bring about.

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File URL: http://www.ivie.es/downloads/docs/wpasec/wpasec-2000-10.pdf
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Bibliographic Info

Paper provided by Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie) in its series Working Papers. Serie EC with number 2000-10.

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Length: 16 pages
Date of creation: Jun 2000
Date of revision:
Publication status: Published by Ivie
Handle: RePEc:ivi:wpasec:2000-10

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Related research

Keywords: economic growth; international tourism; multiplier effects crecimiento económico; turismo internacional; efectos multiplicadores;

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References

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  1. Granger, C. W. J. & Newbold, P., 1974. "Spurious regressions in econometrics," Journal of Econometrics, Elsevier, vol. 2(2), pages 111-120, July.
  2. Thornton, John, 1997. "Exports and economic growth: Evidence from 19th Century Europe1," Economics Letters, Elsevier, vol. 55(2), pages 235-240, August.
  3. Peter C.B. Phillips, 1985. "Understanding Spurious Regressions in Econometrics," Cowles Foundation Discussion Papers 757, Cowles Foundation for Research in Economics, Yale University.
  4. Anne O. Krueger, 1980. "Trade Policy as an Input to Development," NBER Working Papers 0466, National Bureau of Economic Research, Inc.
  5. Xu, Zhenhui, 1996. "On the Causality between Export Growth and GDP Growth: An Empirical Reinvestigation," Review of International Economics, Wiley Blackwell, vol. 4(2), pages 172-84, June.
  6. Johansen, Soren & Juselius, Katarina, 1990. "Maximum Likelihood Estimation and Inference on Cointegration--With Applications to the Demand for Money," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 52(2), pages 169-210, May.
  7. Engle, Robert F & Granger, Clive W J, 1987. "Co-integration and Error Correction: Representation, Estimation, and Testing," Econometrica, Econometric Society, vol. 55(2), pages 251-76, March.
  8. Ahmad, Jaleel & Kwan, Andy C. C., 1991. "Causality between exports and economic growth : Empirical evidence from Africa," Economics Letters, Elsevier, vol. 37(3), pages 243-248, November.
  9. Sinclair, M Thea & Sutcliffe, Charles M S, 1982. "Keynesian Income Multipliers with First and Second Round Effects: An Application to Tourist Expenditure," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 44(4), pages 321-38, November.
  10. Osterwald-Lenum, Michael, 1992. "A Note with Quantiles of the Asymptotic Distribution of the Maximum Likelihood Cointegration Rank Test Statistics," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 54(3), pages 461-72, August.
  11. Dickey, David A & Fuller, Wayne A, 1981. "Likelihood Ratio Statistics for Autoregressive Time Series with a Unit Root," Econometrica, Econometric Society, vol. 49(4), pages 1057-72, June.
  12. Johansen, Søren & Juselius, Katarina, 1992. "Testing structural hypotheses in a multivariate cointegration analysis of the PPP and the UIP for UK," Journal of Econometrics, Elsevier, vol. 53(1-3), pages 211-244.
  13. Hazari, Bharat R. & A-Ng, 1993. "An analysis of tourists' consumption of non-traded goods and services on the welfare of the domestic consumers," International Review of Economics & Finance, Elsevier, vol. 2(1), pages 43-58.
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  1. > Industrial Organization > Industry studies > Sports, recreation and tourism > Tourism
  2. > Industrial Organization > Industry studies > Sports, recreation and tourism
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