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The asymmetric impact of air transport on economic growth in Spain: fresh evidence from the tourism-led growth hypothesis

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  • Daniel Balsalobre-Lorente
  • Oana Madalina Driha
  • Festus Victor Bekun
  • Festus Fatai Adedoyin

Abstract

The tourism sector has emerged as an essential driver for economic growth strategies during the last decades. An asymmetric long-run effect of air transport on economic growth is validated assuming a process of social globalization in Spain between 1970 and 2015. To achieve the study’s objective, the recent asymmetric autoregressive distributed lag methodology framework advanced by Shin, Yu, and Greenwood-Nimmo (2014) is applied. For determining the causality direction, this methodology is applied in conjunction with the non-parametric causality test proposed by Diks and Panchenko (2006). The current study also accounts for the effects of renewable energy use and urbanization process over economic growth. Empirical results showed that air transport, urbanization process and social globalization exert positive and significant implications over economic growth, while renewable energy use reduces economic growth, as consequence of an energy mix sustained by fossil sources. Based on these outcomes several policy recommendations were offered in the concluding section.

Suggested Citation

  • Daniel Balsalobre-Lorente & Oana Madalina Driha & Festus Victor Bekun & Festus Fatai Adedoyin, 2021. "The asymmetric impact of air transport on economic growth in Spain: fresh evidence from the tourism-led growth hypothesis," Current Issues in Tourism, Taylor & Francis Journals, vol. 24(4), pages 503-519, February.
    • Handle: RePEc:taf:rcitxx:v:24:y:2021:i:4:p:503-519
    DOI: 10.1080/13683500.2020.1720624
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    Cited by:

    1. Garrod Brian & Almeida António & Machado Luiz, 2023. "Modelling of nonlinear asymmetric effects of changes in tourism on economic growth in an autonomous small-island economy," European Journal of Tourism, Hospitality and Recreation, Sciendo, vol. 13(2), pages 154-172, December.
    2. Kumar, Nikeel Nishkar & Patel, Arvind, 2023. "Nonlinear effect of air travel tourism demand on economic growth in Fiji," Journal of Air Transport Management, Elsevier, vol. 109(C).
    3. Nikeel Nishkar Kumar & Arvind Patel & Sean Kimpton & Antony Andrews, 2022. "Asymmetric reactions in the tourism‐led growth hypothesis," Australian Economic Papers, Wiley Blackwell, vol. 61(4), pages 661-677, December.
    4. Jianxu Liu & Vicente Ramos & Bing Yang & Mengjiao Wang & Songsak Sriboonchitta, 2024. "Analysing the dynamic co-movement between tourism and expected economic growth considering extreme events," Tourism Economics, , vol. 30(1), pages 3-26, February.

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