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

Author

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  • 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
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    References listed on IDEAS

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    1. 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.
    2. 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..
    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.
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    Citations

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    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. 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.
    3. 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.
    4. 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.
    5. 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.
    6. 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.
    7. 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.
    8. 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.
    9. 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.
    10. 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.
    11. 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.
    12. 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.
    13. 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.
    14. 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.
    15. 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.
    16. 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.
    17. 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.
    18. 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.
    19. 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.
    20. 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.
    21. 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.
    22. Marika Pirveli, 2023. "Social Barriers in the Area of Tourism," European Research Studies Journal, European Research Studies Journal, vol. 0(2), pages 3-18.
    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.

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    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

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