IDEAS home Printed from https://ideas.repec.org/a/ers/journl/vxxiiiy2020i1p368-380.html
   My bibliography  Save this article

Tourism Development and Economic Growth: A Comparative Study for the G-6 Leaders

Author

Listed:
  • Antonios Adamopoulos
  • Eleftherios I. Thalassinos

Abstract

Purpose: The paper investigates the relationship between tourism development and economic growth for the six richest countries globally for the period 1995-2017 by estimating a simultaneous system equations model. The purpose of this paper is to examine the long-run relationship between these variables by the use of the two-stage least squared methodology. Design/Methodology/Approach: A structural system equation model is estimated for the G-6 leader countries and then we apply a Monte Carlo simulation method, in order to find out the predictive ability of the equation model. Findings: The results of this study indicated that there is a positive relationship between tourism development and economic growth taking into account the negative effect of interest rates and the positive effect of investments, trade openness, and consumption on economic growth. Practical Implications: The group of six leader countries is a group consisting of Canada, France, Germany, Italy, United Kingdom, and USA regarded as the most industrialized countries in the world. Originality/Value: The study offers an in-depth insight into econometric modelling of economic growth.

Suggested Citation

  • Antonios Adamopoulos & Eleftherios I. Thalassinos, 2020. "Tourism Development and Economic Growth: A Comparative Study for the G-6 Leaders," European Research Studies Journal, European Research Studies Journal, vol. 0(1), pages 368-380.
    • Handle: RePEc:ers:journl:v:xxiii:y:2020:i:1:p:368-380
    as

    Download full text from publisher

    File URL: https://www.ersj.eu/journal/1555/download
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Francisco L. Rivera-Batiz & Luis A. Rivera-Batiz, 2018. "Economic Integration and Endogenous Growth," World Scientific Book Chapters, in: Francisco L Rivera-Batiz & Luis A Rivera-Batiz (ed.), International Trade, Capital Flows and Economic Development, chapter 1, pages 3-32, World Scientific Publishing Co. Pte. Ltd..
    2. Eleftherios Thalassinos & Erginbay Ugurlu & Yusuf Muratoglu, 2012. "Income Inequality and Inflation in the EU," European Research Studies Journal, European Research Studies Journal, vol. 0(1), pages 127-140.
    3. A.G. Polyakova & M.P. Loginov & A.I. Serebrennikova & E.I. Thalassinos, 2019. "Design of a Socio-economic Processes Monitoring System Based on Network Analysis and Big Data," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(1), pages 130-139.
    4. Constantinos Katrakilidis & George Konteos & Nikolaos Sariannidis & Chrysi Manolidou, 2017. "Investigation of Convergence in the Tourist Markets of Greece," European Research Studies Journal, European Research Studies Journal, vol. 0(4A), pages 707-729.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Barbara Osoch, 2023. "Selected Forms of Active Tourism as a Way of Discovering the Tourist Attractions of the City of Szczecin," European Research Studies Journal, European Research Studies Journal, vol. 0(4), pages 500-512.
    2. Iwona Bak & Agnieszka Brelik, 2022. "Use of Tourism Intensity Indicators for Delimitation in European Union Countries," European Research Studies Journal, European Research Studies Journal, vol. 0(3), pages 273-283.
    3. Piotr Majdak & Adrianna Maliszewska & Zygmunt Kruczek, 2023. "Unveiling the Impact of Over-tourism: A Case Study on Zakopane, Exploring Symptoms, Effects, and Strategies for Sustainable Management," European Research Studies Journal, European Research Studies Journal, vol. 0(4), pages 889-903.
    4. Piotr Szklarz, 2023. "The Measurement of Innovation and Development of Regions: The Framework for Quantification Based on Polish Voivodeships," European Research Studies Journal, European Research Studies Journal, vol. 0(4), pages 534-543.
    5. Monika Pettersen-Sobczyk, 2023. "Social Media Influencer Marketing in the Promotion of Tourist Destinations," European Research Studies Journal, European Research Studies Journal, vol. 0(4), pages 585-594.
    6. Zbigniew Glabinski, 2023. "Factors Influencing the Choice of Travel Destination of Angling-Related Tourists Visiting Szczecinek County, Poland," European Research Studies Journal, European Research Studies Journal, vol. 0(4), pages 218-227.
    7. Wojciech Pizlo & Anna Mazurkiewicz-Pizlo, 2023. "Gamification - Use in Tourism Business Management," European Research Studies Journal, European Research Studies Journal, vol. 0(2), pages 390-409.
    8. Adamopoulos, Antonios, 2021. "A System Equation Model for Tourism and Economic Growth," Economia Internazionale / International Economics, Camera di Commercio Industria Artigianato Agricoltura di Genova, vol. 74(3), pages 311-334.
    9. Blerina Bytyqi & Pajtim Rrustemi & Alberta Tahiri & Idriz Kovaci, 2021. "The Importance of Sustainable Development of Travel and Tourism Industry in the Turnover of Foreign Visitors: The Case of Kosovo," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(2), pages 394-404.
    10. Nur Feriyanto, 2020. "Economic and Tourism Factors Affecting the Real Gross Regional Domestic Product: A Case Study," European Research Studies Journal, European Research Studies Journal, vol. 0(3), pages 736-756.
    11. Malgorzata Brojak-Trzaskowska & Karolina Drela, 2023. "Identification and Comparative Analysis of Selected Elements of Tourism Potential from a Regional Perspective," European Research Studies Journal, European Research Studies Journal, vol. 0(4), pages 482-491.
    12. Rafal Rowinski & Joanna Hawlena & Grazyna Kowalska & Anna Mazurek-Kusiak & Agata Kobylka, 2023. "Selected Factors Determining the Development of the Tourist Services Market in Poland," European Research Studies Journal, European Research Studies Journal, vol. 0(4), pages 62-71.
    13. Daniel Szostak, 2023. "Spatial and Infrastructural Conditions of Functioning of the Contemporary Tourism Market – Analysis of Selected Issues," European Research Studies Journal, European Research Studies Journal, vol. 0(2), pages 337-347.
    14. Pawel Czaplinski, 2023. "Perception of Tourist Places from a Spatial Perspective," European Research Studies Journal, European Research Studies Journal, vol. 0(2), pages 106-117.
    15. Uzma Khan, 2020. "Does Tourism Boost Economic Growth: Evidence from Italy," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(4), pages 214-222.
    16. Aleksandra Werner, 2023. "Key Challenges Facing the Development of Accessible Tourism, Using the Example of Szczecin in Poland," European Research Studies Journal, European Research Studies Journal, vol. 0(3), pages 680-689.
    17. Agnieszka Sawinska & Agnieszka Smalec, 2023. "Film Tourism in the Promotion of a Touristic Area," European Research Studies Journal, European Research Studies Journal, vol. 0(4), pages 513-522.
    18. Georgios Gatopoulos & Helen Gazopoulou & George A. Zombanakis, 2020. "Assessing the Impact of Domestic Economic Crises on Foreign Travel Data Recording: The Greek Case," European Research Studies Journal, European Research Studies Journal, vol. 0(3), pages 327-339.
    19. Daniel Szostak, 2021. "Creation and Promotion of Branded Tourism Products – Analysis of Selected Issues," European Research Studies Journal, European Research Studies Journal, vol. 0(4B), pages 148-154.
    20. Marika Pirveli, 2023. "Social Barriers in the Area of Tourism," European Research Studies Journal, European Research Studies Journal, vol. 0(2), pages 3-18.
    21. Iwona Bak & Beata Szczecinska, 2020. "Global Demographic Trends and Effects on Tourism," European Research Studies Journal, European Research Studies Journal, vol. 0(4), pages 571-585.
    22. Rafal Kloska, 2023. "Analysis and Forecasting of the Number of Overnight Visitors in Poland," European Research Studies Journal, European Research Studies Journal, vol. 0(4), pages 373-381.
    23. Zbigniew Glabinski, 2023. "Perception of the Significance of Tourism Development Based on the Example of the Residents of Sławno County (Western Pomerania, Poland)," European Research Studies Journal, European Research Studies Journal, vol. 0(3), pages 224-245.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Chu, Angus C. & Cozzi, Guido & Furukawa, Yuichi, 2016. "Unions, innovation and cross-country wage inequality," Journal of Economic Dynamics and Control, Elsevier, vol. 64(C), pages 104-118.
    2. Ingrid Ott & Susanne Soretz, 2006. "Governmental activity, integration, and agglomeration," Working Paper Series in Economics 57, University of Lüneburg, Institute of Economics.
    3. Karlsson, Martin & Nilsson, Therese & Pichler, Stefan, 2012. "What Doesn't Kill You Makes You Stronger? The Impact of the 1918 Spanish Flu Epidemic on Economic Performance in Sweden," Working Paper Series 911, Research Institute of Industrial Economics.
    4. Daron Acemoglu & Fabrizio Zilibotti, 2001. "Productivity Differences," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 116(2), pages 563-606.
    5. Guangfan Sun & Xin Lin & Junyi Chen & Nuo Xu & Ping Xiong & Hanqi Li, 2023. "Cultural inclusion and corporate sustainability: evidence from food culture and corporate total factor productivity in China," Palgrave Communications, Palgrave Macmillan, vol. 10(1), pages 1-15, December.
    6. Kollenbach, Gilbert, 2013. "Endogenous Growth with a Ceiling on the Stock of Pollution," MPRA Paper 50641, University Library of Munich, Germany.
    7. Lucas Bretschger, 2003. "Growth in a Globalised Economy: The Effects of Capital Taxes and Tax Competition," CER-ETH Economics working paper series 03/24, CER-ETH - Center of Economic Research (CER-ETH) at ETH Zurich.
    8. Li, Defu & Bental, Benjamin, 2023. "What determines the Direction of Technological Progress(2023.11.16)?," MPRA Paper 119211, University Library of Munich, Germany, revised 16 Nov 2023.
    9. Pozzolo, Alberto Franco, 2004. "Endogenous Growth in Open Economies - A Survey of Major Results," Economics & Statistics Discussion Papers esdp04020, University of Molise, Department of Economics.
    10. Emanuele Bacchiocchi & Fabio Montobbio, 2010. "International Knowledge Diffusion and Home‐bias Effect: Do USPTO and EPO Patent Citations Tell the Same Story?," Scandinavian Journal of Economics, Wiley Blackwell, vol. 112(3), pages 441-470, September.
    11. Jakob B. Madsen, 2008. "Economic Growth, TFP Convergence and the World Export of Ideas: A Century of Evidence," Scandinavian Journal of Economics, Wiley Blackwell, vol. 110(1), pages 145-167, March.
    12. Reto Föllmi & Angela Fuest & Philipp an de Meulen & Martin Micheli & Torsten Schmidt & Lina Zwick, 2018. "Openness and productivity of the Swiss economy," Swiss Journal of Economics and Statistics, Springer;Swiss Society of Economics and Statistics, vol. 154(1), pages 1-21, December.
    13. Morgenroth, Edgar & FitzGerald, John & FitzGerald, John, 2006. "Summary and Conclusions," Book Chapters, in: Morgenroth, Edgar (ed.),Ex-Ante Evaluation of the Investment Priorities for the National Development Plan 2007-2013, chapter 24, pages 317-333, Economic and Social Research Institute (ESRI).
      • Baker, Terence J. & FitzGerald, John & Honohan, Patrick & FitzGerald, John & Honohan, Patrick, 1996. "Summary and Conclusions," Book Chapters, in: Baker, Terence J. (ed.),Economic Implications for Ireland of EMU, chapter 12, pages 339-352, Economic and Social Research Institute (ESRI).
    14. Arjan Lejour & Vladimir Solanic & Paul Tang, 2009. "EU Accession and Income Growth: An Empirical Approach," Transition Studies Review, Springer;Central Eastern European University Network (CEEUN), vol. 16(1), pages 127-144, May.
    15. Bahar, Dany & Hausmann, Ricardo & Hidalgo, Cesar A., 2014. "Neighbors and the evolution of the comparative advantage of nations: Evidence of international knowledge diffusion?," Journal of International Economics, Elsevier, vol. 92(1), pages 111-123.
    16. Ken‐ichi Hashimoto & Ryonghun Im, 2019. "Asset bubbles, labour market frictions and R&D‐based growth," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 52(2), pages 822-846, May.
    17. Tomasz Brodzicki, 2005. "Econometric Analysis of Impact of Relative Location on the Growth Effects of Economic Integration. The case of the EU," Working Papers of Economics of European Integration Division 0603, The Univeristy of Gdansk, Faculty of Economics, Economics of European Integration Division, revised Jan 2006.
    18. Madani, Dorsati H., 2001. "South-South regional integration and industrial growth : the case of the Andean Pact," Policy Research Working Paper Series 2614, The World Bank.
    19. Afonso, Oscar & Silva, Armando, 2012. "Non-scale endogenous growth effects of subsidies for exporters," Economic Modelling, Elsevier, vol. 29(4), pages 1248-1257.
    20. Carlos Humberto Ortiz & Javier Andrés Castro, 2008. "Technological Integration and Income Gaps," Revista Lecturas de Economía, Universidad de Antioquia, CIE, June.

    More about this item

    Keywords

    Tourism development; economic growth; system equation model; simulation.;
    All these keywords.

    JEL classification:

    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ers:journl:v:xxiii:y:2020:i:1:p:368-380. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Marios Agiomavritis (email available below). General contact details of provider: https://ersj.eu/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.