Tourism as a long-run economic growth factor: the Spanish case

2002/05/01 by Jacint Balaguer, Manuel Cantavella-Jordá · 29 citations
Social Sciences · Economics, Econometrics and Finance · #Diverse Aspects of Tourism Research #Global trade and economics #Economics of Agriculture and Food Markets

paper · doi:10.1080/00036840110058923

Abstract

This paper examines the role of tourism in the Spanish long-run economic development. The tourism-led growth hypothesis is confirmed through cointegration and causality testing. 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. 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.

Citations

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• Likelihood Ratio Statistics for Autoregressive Time Series with a Unit Root
• Testing for a unit root in time series regression
• Co-Integration and Error Correction: Representation, Estimation, and Testing
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