IDEAS home Printed from https://ideas.repec.org/a/ris/utmsje/0245.html
   My bibliography  Save this article

Regional Economic Growth And Tourism: A Panel Data Approach

Author

Listed:
  • Trinajstic, Masa

    (University of Rijeka, Croatia)

  • Baresa, Suzana

    (University of Rijeka, Croatia)

  • Bogdan, Sinisa

    (University of Rijeka, Croatia)

Abstract

Tourism is currently one of the largest and most dynamically developing sectors of the world. In many countries, including Croatia, has an extremely important role in the economy. The aim of this paper is to analyse complex links that exist between the tourism industry and processes of economic growth and development on regional level. Croatia has been divided into 20 counties and the capital city of Zagreb. The purpose is to investigate the impact of tourism on the economic growth of Croatian counties. In the research, two variables have been used, GDP as one of the main tools for measuring the economic growth, and overnight stays as a proxy variable for tourism. The obtained results show positive correlation between economic growth and tourist overnight stays. Panel model shows that regional economic growth is influenced by tourism. But research shows also the differences between the counties. Based on conducted analysis, authors suggest that the investment and development should be encourage and in other Croatian counties. Local and regional authorities have to create conditions for increasing competitiveness in tourism, that will in ultimately stimulate economic growth and development. Empirical findings in this study may provide guidance for private, local and government tourism policy makers and authorities in Croatia.

Suggested Citation

  • Trinajstic, Masa & Baresa, Suzana & Bogdan, Sinisa, 2018. "Regional Economic Growth And Tourism: A Panel Data Approach," UTMS Journal of Economics, University of Tourism and Management, Skopje, Macedonia, vol. 9(2), pages 145-155.
    • Handle: RePEc:ris:utmsje:0245
    as

    Download full text from publisher

    File URL: http://utmsjoe.mk/files/Vol.%209%20No.%202/UTMSJOE-2018-0902-04-Trinajstic-Baresa-Bogdan.pdf
    File Function: Full text
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Šimundić Blanka & Kuliš Zvonimir, 2016. "Tourism and Economic Growth in Mediterranean Region: Dynamic Panel Data Approach," Acta Economica Et Turistica, Sciendo, vol. 2(1), pages 65-84, September.
    2. Elias Soukiazis & Sara Proença, 2008. "Tourism as an alternative source of regional growth in Portugal: a panel data analysis at NUTS II and III levels," Portuguese Economic Journal, Springer;Instituto Superior de Economia e Gestao, vol. 7(1), pages 43-61, April.
    3. E. M. Ekanayake & Aubrey E. Long, 2012. "Tourism Development And Economic Growth In Developing Countries," The International Journal of Business and Finance Research, The Institute for Business and Finance Research, vol. 6(1), pages 51-63.
    4. Hausman, Jerry, 2015. "Specification tests in econometrics," Applied Econometrics, Russian Presidential Academy of National Economy and Public Administration (RANEPA), vol. 38(2), pages 112-134.
    5. Isabel Cortés-Jiménez & Jean-Jacques Nowak & Mondher Sahli, 2011. "Mass Beach Tourism and Economic Growth: Lessons from Tunisia," Tourism Economics, , vol. 17(3), pages 531-547, June.
    6. Robert J. Stimson & Roger R. Stough & Brian H. Roberts, 2006. "Regional Economic Development," Springer Books, Springer, edition 0, number 978-3-540-34829-0, September.
    7. Nikolaos Dritsakis, 2004. "Tourism as a Long-Run Economic Growth Factor: An Empirical Investigation for Greece Using Causality Analysis," Tourism Economics, , vol. 10(3), pages 305-316, September.
    8. Froot, Kenneth A., 1989. "Consistent Covariance Matrix Estimation with Cross-Sectional Dependence and Heteroskedasticity in Financial Data," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 24(3), pages 333-355, September.
    9. Ivanovic, Zoran & Bogdan, Sinisa & Baresa, Suzana, 2014. "Impact Of Foreign Direct Investments On Croatian Financial Growth," UTMS Journal of Economics, University of Tourism and Management, Skopje, Macedonia, vol. 5(2), pages 141-150.
    10. Rick L. Williams, 2000. "A Note on Robust Variance Estimation for Cluster-Correlated Data," Biometrics, The International Biometric Society, vol. 56(2), pages 645-646, June.
    11. Stanislav Ivanov & Craig Webster, 2007. "Measuring the Impact of Tourism on Economic Growth," Tourism Economics, , vol. 13(3), pages 379-388, September.
    12. Nikolaos Dritsakis, 2012. "Tourism Development and Economic Growth in Seven Mediterranean Countries: A Panel Data Approach," Tourism Economics, , vol. 18(4), pages 801-816, August.
    Full references (including those not matched with items on IDEAS)

    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. Sheilla Nyasha & Nicholas M. Odhiambo & Simplice A. Asongu, 2021. "The Impact of Tourism Development on Economic Growth in Sub-Saharan Africa," The European Journal of Development Research, Palgrave Macmillan;European Association of Development Research and Training Institutes (EADI), vol. 33(6), pages 1514-1535, December.
    2. Ceyhun Can OZCAN & Murat ASLAN & Saban NAZLIOGLU, 2017. "Economic freedom, economic growth and international tourism for post-communist (transition) countries: A panel causality analysis," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania - AGER, vol. 0(2(611), S), pages 75-98, Summer.
    3. Younesse El Menyari, 2017. "International tourism and long-term economic growth: Analysis by heterogeneous dynamic panel data," Tourism Research Institute, Journal of Tourism Research, vol. 18(1), pages 134-147, November.
    4. Marcelino Sanchez-Rivero & Juan Ignacio Pulido-Fernández, 2020. "Global Estimation of the Elasticity of “International Tourist Arrivals/Income from Tourism”," Sustainability, MDPI, vol. 12(20), pages 1-16, October.
    5. Tina T He & Wilson XB Li, 2021. "Revisiting tourism’s additional impact on income," Tourism Economics, , vol. 27(1), pages 149-167, February.
    6. Niccolò Comerio & Fernanda Strozzi, 2019. "Tourism and its economic impact: A literature review using bibliometric tools," Tourism Economics, , vol. 25(1), pages 109-131, February.
    7. Huy Quang Doan, 2019. "Trade, Institutional Quality and Income: Empirical Evidence for Sub-Saharan Africa," Economies, MDPI, vol. 7(2), pages 1-23, May.
    8. Marrocu, Emanuela & Paci, Raffaele, 2011. "They arrive with new information. Tourism flows and production efficiency in the European regions," Tourism Management, Elsevier, vol. 32(4), pages 750-758.
    9. Schubert, Stefan Franz & Brida, Juan Gabriel, 2009. "A Dynamic Model of Economic Growth in a Small Tourism Driven Economy," MPRA Paper 16737, University Library of Munich, Germany.
    10. Chien-Ming Wang & Tsung-Pao Wu, 2022. "Does tourism promote or reduce environmental pollution? Evidence from major tourist arrival countries," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 24(3), pages 3334-3355, March.
    11. Salah Eddine Sari Hassoun & Khayereddine Salim Adda & Asma Hadjira Sebbane, 2021. "Examining the connection among national tourism expenditure and economic growth in Algeria," Future Business Journal, Springer, vol. 7(1), pages 1-9, December.
    12. Ngozi Helen Oguchi & Fen Luo, 2021. "Estimating the Nexus of Tourism on Sustainable Development Goals in Nigeria," Technium Social Sciences Journal, Technium Science, vol. 20(1), pages 751-771, June.
    13. Miss Nkunde Mwase, 2012. "How much should I hold? Reserve Adequacy in Emerging Markets and Small Islands," IMF Working Papers 2012/205, International Monetary Fund.
    14. Andreas G. Georgantopoulos, 2013. "Tourism Expansion and Economic Development: Var/Vecm Analysis and Forecasts for the Case of India," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 3(4), pages 464-482, April.
    15. Omer Yalcinkaya & Muhammet Dastan & Kerem Karabulut, 2018. "The Effects of International Tourism Receipts on Economic Growth- Evidence from the First 20 Highest Income Earning Countries from Tourism in the World (1996-2016)," Montenegrin Journal of Economics, Economic Laboratory for Transition Research (ELIT), vol. 14(3), pages 55-71.
    16. İbrahim Hüseyni, & Ömer Doru, & Ahmet Tunç, 2017. "The Effects Of Tourism Revenues On Economic Growth In The Context Of Neo-Classical Growth Model: In The Case Of Turkey," EcoForum, "Stefan cel Mare" University of Suceava, Romania, Faculty of Economics and Public Administration - Economy, Business Administration and Tourism Department., vol. 6(1), pages 1-2, January.
    17. Daniel Hoechle, 2007. "Robust standard errors for panel regressions with cross-sectional dependence," Stata Journal, StataCorp LP, vol. 7(3), pages 281-312, September.
    18. Herman Sahni & Christian Nsiah & Bichaka Fayissa, 2021. "The African economic growth experience and tourism receipts: A threshold analysis and quantile regression approach," Tourism Economics, , vol. 27(5), pages 915-932, August.
    19. Nnamdi Chinwendu Nwaeze & Kingsley Ikechukwu Okere & Izuchukwu Ogbodo & Obumneke Bob Muoneke & Ifeoma Nwakaego Sandra Ngini & Samuel Uchezuike Ani, 2023. "Dynamic linkages between tourism, economic growth, trade, energy demand and carbon emission: evidence from EU," Future Business Journal, Springer, vol. 9(1), pages 1-12, December.
    20. Bruno Eeckels & George Filis & Costas Leon, 2012. "Tourism Income and Economic Growth in Greece: Empirical Evidence from Their Cyclical Components," Tourism Economics, , vol. 18(4), pages 817-834, August.

    More about this item

    Keywords

    economic development; GDP; tourist overnights; Croatian counties; panel data analysis;
    All these keywords.

    JEL classification:

    • C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data; Spatio-temporal Models
    • 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
    • Z32 - Other Special Topics - - Tourism Economics - - - Tourism and Development

    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:ris:utmsje:0245. 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: Assistant Professor. Dejan Nakovski, PhD (email available below). General contact details of provider: https://edirc.repec.org/data/feutmmk.html .

    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.