Research Article
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The Relationship Between Tourism and Economic Growth in The Scope of Economic Freedom and Freedom of Investment

Year 2022, Volume , Issue , 0 - 0, 06.01.2022
https://doi.org/10.30519/ahtr.930826

Abstract

Tourism is one of the sectors to which countries have recently given importance as a means of ensuring economic growth, and the relationship between the two has been the subject of many study in economic literature within the framework of four hypotheses; being tourism-oriented growth, feedback, protection, and neutrality. In the present study, the relationship between tourism and economic growth is investigated for Mediterranean countries in the 2006–2019 period. A Dumitrescu-Hurlin Panel Causality Analysis was carried out in the study in which economic growth, tourism revenues, economic freedom, and investment freedom data were used as variables. The analysis was carried out both across the panel and on the basis of countries. Panel analysis results showed that tourism revenues are the cause of economic growth, which confirms the tourism-oriented growth hypothesis. That said, the causality relationship between economic growth, tourism revenues, and economic freedom cannot be determined based on the panel-wide results, as the results differ from country to country. Finally, a two-way causality between economic growth and freedom of investment, and a one-way causality from tourism revenues to freedom of investment has been identified.

References

  • Akar, G., & Özcan, M. (2020). Ekonomik özgürlük ve turizm ilişkisi: Panel veri analizi. Ahi Evran Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 6(3), 958-973.
  • Akyol, M., & Mete, E. (2021). Teknoloji Yoğunluklarına Göre Dış Ticaretin Ekonomik Büyüme Üzerine Etkisi: Türkiye Örneği. Maliye Dergisi, 180, 208-232.
  • Altıner, A. (2019). Turizm ve Ekonomik Büyüme İlişkisi: Türkiye Örneği (1969-2018). Anadolu İktisat ve İşletme Dergisi, 3(2), 114-133.
  • Anwar, A., & Mughal, M. (2012). Economic Freedom and Indian Outward Foreign Direct Investment: An Empirical Analysis. Economics Bulletin, 32(4), 2991-3007.
  • Aslan, A. (2013). Tourism development and economic growth in the Mediterranean countries: Evidence from panel Granger causality tests. Current Issues in Tourism, 17(4), 363–372.
  • Balaguer, J., & Cantavella-Jorda, M. (2002). Tourism as a long-run economic growth factor: The Spanish case. Applied Economics, 34(7), 877–884.
  • Breusch, T., & Pagan, A. (1980). The LM test and its application to model specification in econometrics. Review of Economic Studies 47, 239–254.
  • Brida, J.G., Gomez, D.M., & Segarra, V. (2020). On the empirical relationship between tourism and economic growth. Tourism Management, 81, 104-131.
  • Caetano, J., & Caleiro, A. (2009). Economic Freedom and Foreign Direct Investment: How Different are the MENA Countries from the EU. Business, 1, 65-74.
  • Chou, M.C. (2013). Does tourism development promote economic growth in transition countries? A panel data analysis. Economic Modelling, 33, 226–32.
  • De Vita, G., & Kyaw, K.S. (2017). Tourism Specialization, Absorptive Capacity, and Economic Growth. Journal of Travel Research, 56(4), 423– 435.
  • Doğru, T., & Bulut, U. (2018). Is tourism an engine for economic recovery? Theory and empirical evidence. Tourism Management, 67, 425-434.
  • Dumitrescu, E.I., & Hurlin, C. (2012). Testing for Granger non-causality in heterogeneous panels. Economic Modelling, 29(4), 1450-1460.
  • Fahimi, A., Saint Akadiri, S., Seraj, M., & Akadiri, A. C. (2018). Testing the role of tourism and human capital development in economic growth: A panel causality study of micro states. Tourism Management Perspectives, 28, 62–70.
  • Gövdeli, T. (2018a). Ekonomik özgürlük, turizm ve ekonomik büyüme: BRICST ülkelerinde Kónya Bootstrap Nedensellik Analizi. Uluslararası İktisadi ve İdari İncelemeler Dergisi, Prof. Dr. Harun Terzi Özel Sayısı, 379-390.
  • Gövdeli, T. (2018b). Türkiye’de turizm, ihracat ve ekonomik büyüme ilişkisi: Maki eşbütünleşme ve bootstrap nedensellik analizi. Bingöl Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 8(16), 571-586.
  • Kızılgöl, Ö., & Erbaykal, E. (2008). Türkiye’de Turizm Gelirleri ile Ekonomik Büyüme İlişkisi: Bir Nedensellik Analizi. Süleyman Demirel Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 13(2), 351-360.
  • Miller, T., Kim, A. B., Roberts, J. M., & Tyrrell, P. (2021). 2021 INDEX OF ECONOMIC FREEDOM. USD: The Heritage Foundation. Available at: https://www.heritage.org/index/pdf/2021/book/index_2021.pdf
  • Oh, C.O. (2005). The contribution of tourism development to economic growth in the Korean economy. Tourism Management, 26, 39-44.
  • Pata, U.K. (2020). Türkiye’de Turizm ve Ekonomik Büyüme İlişkisi: Bootstrap ARDL Yaklaşımı ve Asimetrik Nedensellik Testi ile Sektörel Bir Analiz. Ankara Hacı Bayram Veli Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 22(2), 590-611.
  • Pesaran, M. H. (2004). General diagnostic tests for cross section dependence in panels. University of Cambridge, Faculty of Economics, Cambridge Working Papers in Economics No. 0435.
  • Pesaran, M. H. (2007). A simple panel unit root test in the presence of cross-section dependence. Journal of Applied Econometrics, 22(2), 265-312.
  • Pesaran, M. H., & Yamagata, T. (2008). Testing slope homogeneity in large panels. Journal of Econometrics, 142(1), 50-93.
  • Samimi, A. J., Sadeghi, S., & Sadeghi, S. (2011). Tourism and Economic Growth in Developing Countries: PVAR Approach. Middle-East Journal of Scientific Research, 10(1), 28-32.
  • Shahzad, S.H.J., Shahbaz, M., Ferrer, R., & Kumar, R. (2017). Tourism-led growth hypothesis in the top ten tourist destinations: New evidence using the quantile-on-quantile approach. Tourism Management, 60, 223-232.
  • Şahin, D. (2018). BRICS-T Ülkelerinde Ekonomik Özgürlükler ve Doğrudan Yabancı Sermaye Yatırımları Arasındaki İlişki: Bootstrap Panel Nedensellik Testi. Bingöl Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 8(16), 285-294.
  • Şengönül, A., Karadaş, H.A., & Koşaroğlu, Ş.M. (2018). Turizme Dayalı Büyüme Hipotezinin OECD Üyesi Olan Akdeniz Ülkeleri İçin Analizi. Uluslararası Sosyal Araştırmalar Dergisi, 11(60), 1123-1135.
  • Tang, F.C., & Tan, E.C. (2015). Tourism-Led Growth Hypothesis in Malaysia: Evidence Based Upon Regime Shift Cointegration and Time-Varying Granger Causality Techniques, Asia Pacific Journal of Tourism Research, 20(1), 1430-1450.
  • Tugcu, C. T. (2014). Tourism and economic growth nexus revisited: A panel causality analysis for the case of the Mediterranean region. Tourism Management, 42, 207–212.
  • Tunçsiper, B., & Biçen, Ö.F. (2014). Ekonomik Özgürlükler ve Ekonomik Büyüme Arasındaki İlişkinin Panel Regresyon Yöntemiyle İncelenmesi. Eskişehir Osmangazi Üniversitesi İİBF Dergisi, 9(2), 25-45.
  • Yalçınkaya, Ö., & Karabulut, K. (2017). Turizm Gelirlerinin Ekonomik Büyüme Üzerindeki Etkileri: Türkiye Üzerine Dönemsel ve Yapısal Kırılmalı Bir Zaman Serisi Analizi (1965-2016). Uluslararası Sosyal Araştırmalar Dergisi, 10(52), 1232-1248.
  • Zortuk, M., & Yıldız, A. (2018). E-7 Ülkelerinde Turizm ve Ekonomik Büyüme İlişkisi: Asimetrik Panel Nedensellik Analizi. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi, 58, 130-142.

Year 2022, Volume , Issue , 0 - 0, 06.01.2022
https://doi.org/10.30519/ahtr.930826

Abstract

References

  • Akar, G., & Özcan, M. (2020). Ekonomik özgürlük ve turizm ilişkisi: Panel veri analizi. Ahi Evran Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 6(3), 958-973.
  • Akyol, M., & Mete, E. (2021). Teknoloji Yoğunluklarına Göre Dış Ticaretin Ekonomik Büyüme Üzerine Etkisi: Türkiye Örneği. Maliye Dergisi, 180, 208-232.
  • Altıner, A. (2019). Turizm ve Ekonomik Büyüme İlişkisi: Türkiye Örneği (1969-2018). Anadolu İktisat ve İşletme Dergisi, 3(2), 114-133.
  • Anwar, A., & Mughal, M. (2012). Economic Freedom and Indian Outward Foreign Direct Investment: An Empirical Analysis. Economics Bulletin, 32(4), 2991-3007.
  • Aslan, A. (2013). Tourism development and economic growth in the Mediterranean countries: Evidence from panel Granger causality tests. Current Issues in Tourism, 17(4), 363–372.
  • Balaguer, J., & Cantavella-Jorda, M. (2002). Tourism as a long-run economic growth factor: The Spanish case. Applied Economics, 34(7), 877–884.
  • Breusch, T., & Pagan, A. (1980). The LM test and its application to model specification in econometrics. Review of Economic Studies 47, 239–254.
  • Brida, J.G., Gomez, D.M., & Segarra, V. (2020). On the empirical relationship between tourism and economic growth. Tourism Management, 81, 104-131.
  • Caetano, J., & Caleiro, A. (2009). Economic Freedom and Foreign Direct Investment: How Different are the MENA Countries from the EU. Business, 1, 65-74.
  • Chou, M.C. (2013). Does tourism development promote economic growth in transition countries? A panel data analysis. Economic Modelling, 33, 226–32.
  • De Vita, G., & Kyaw, K.S. (2017). Tourism Specialization, Absorptive Capacity, and Economic Growth. Journal of Travel Research, 56(4), 423– 435.
  • Doğru, T., & Bulut, U. (2018). Is tourism an engine for economic recovery? Theory and empirical evidence. Tourism Management, 67, 425-434.
  • Dumitrescu, E.I., & Hurlin, C. (2012). Testing for Granger non-causality in heterogeneous panels. Economic Modelling, 29(4), 1450-1460.
  • Fahimi, A., Saint Akadiri, S., Seraj, M., & Akadiri, A. C. (2018). Testing the role of tourism and human capital development in economic growth: A panel causality study of micro states. Tourism Management Perspectives, 28, 62–70.
  • Gövdeli, T. (2018a). Ekonomik özgürlük, turizm ve ekonomik büyüme: BRICST ülkelerinde Kónya Bootstrap Nedensellik Analizi. Uluslararası İktisadi ve İdari İncelemeler Dergisi, Prof. Dr. Harun Terzi Özel Sayısı, 379-390.
  • Gövdeli, T. (2018b). Türkiye’de turizm, ihracat ve ekonomik büyüme ilişkisi: Maki eşbütünleşme ve bootstrap nedensellik analizi. Bingöl Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 8(16), 571-586.
  • Kızılgöl, Ö., & Erbaykal, E. (2008). Türkiye’de Turizm Gelirleri ile Ekonomik Büyüme İlişkisi: Bir Nedensellik Analizi. Süleyman Demirel Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 13(2), 351-360.
  • Miller, T., Kim, A. B., Roberts, J. M., & Tyrrell, P. (2021). 2021 INDEX OF ECONOMIC FREEDOM. USD: The Heritage Foundation. Available at: https://www.heritage.org/index/pdf/2021/book/index_2021.pdf
  • Oh, C.O. (2005). The contribution of tourism development to economic growth in the Korean economy. Tourism Management, 26, 39-44.
  • Pata, U.K. (2020). Türkiye’de Turizm ve Ekonomik Büyüme İlişkisi: Bootstrap ARDL Yaklaşımı ve Asimetrik Nedensellik Testi ile Sektörel Bir Analiz. Ankara Hacı Bayram Veli Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 22(2), 590-611.
  • Pesaran, M. H. (2004). General diagnostic tests for cross section dependence in panels. University of Cambridge, Faculty of Economics, Cambridge Working Papers in Economics No. 0435.
  • Pesaran, M. H. (2007). A simple panel unit root test in the presence of cross-section dependence. Journal of Applied Econometrics, 22(2), 265-312.
  • Pesaran, M. H., & Yamagata, T. (2008). Testing slope homogeneity in large panels. Journal of Econometrics, 142(1), 50-93.
  • Samimi, A. J., Sadeghi, S., & Sadeghi, S. (2011). Tourism and Economic Growth in Developing Countries: PVAR Approach. Middle-East Journal of Scientific Research, 10(1), 28-32.
  • Shahzad, S.H.J., Shahbaz, M., Ferrer, R., & Kumar, R. (2017). Tourism-led growth hypothesis in the top ten tourist destinations: New evidence using the quantile-on-quantile approach. Tourism Management, 60, 223-232.
  • Şahin, D. (2018). BRICS-T Ülkelerinde Ekonomik Özgürlükler ve Doğrudan Yabancı Sermaye Yatırımları Arasındaki İlişki: Bootstrap Panel Nedensellik Testi. Bingöl Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 8(16), 285-294.
  • Şengönül, A., Karadaş, H.A., & Koşaroğlu, Ş.M. (2018). Turizme Dayalı Büyüme Hipotezinin OECD Üyesi Olan Akdeniz Ülkeleri İçin Analizi. Uluslararası Sosyal Araştırmalar Dergisi, 11(60), 1123-1135.
  • Tang, F.C., & Tan, E.C. (2015). Tourism-Led Growth Hypothesis in Malaysia: Evidence Based Upon Regime Shift Cointegration and Time-Varying Granger Causality Techniques, Asia Pacific Journal of Tourism Research, 20(1), 1430-1450.
  • Tugcu, C. T. (2014). Tourism and economic growth nexus revisited: A panel causality analysis for the case of the Mediterranean region. Tourism Management, 42, 207–212.
  • Tunçsiper, B., & Biçen, Ö.F. (2014). Ekonomik Özgürlükler ve Ekonomik Büyüme Arasındaki İlişkinin Panel Regresyon Yöntemiyle İncelenmesi. Eskişehir Osmangazi Üniversitesi İİBF Dergisi, 9(2), 25-45.
  • Yalçınkaya, Ö., & Karabulut, K. (2017). Turizm Gelirlerinin Ekonomik Büyüme Üzerindeki Etkileri: Türkiye Üzerine Dönemsel ve Yapısal Kırılmalı Bir Zaman Serisi Analizi (1965-2016). Uluslararası Sosyal Araştırmalar Dergisi, 10(52), 1232-1248.
  • Zortuk, M., & Yıldız, A. (2018). E-7 Ülkelerinde Turizm ve Ekonomik Büyüme İlişkisi: Asimetrik Panel Nedensellik Analizi. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi, 58, 130-142.

Details

Primary Language English
Subjects Hospitality Leisure Sport and Tourism
Journal Section Research Article
Authors

Emrullah METE (Primary Author)
GİRESUN ÜNİVERSİTESİ
0000-0003-2240-9248
Türkiye

Publication Date January 6, 2022
Application Date May 1, 2021
Acceptance Date November 22, 2021
Published in Issue Year 2022, Volume , Issue

Cite

Bibtex @research article { ahtr930826, journal = {Advances in Hospitality and Tourism Research (AHTR)}, issn = {2147-9100}, eissn = {2148-7316}, address = {Akdeniz University, Tourism Faculty Dumlupınar Boulevard Post Code: 07058 Campus ANTALYA, TURKEY}, publisher = {Akdeniz University}, year = {2022}, volume = {}, pages = {0 - 0}, doi = {10.30519/ahtr.930826}, title = {The Relationship Between Tourism and Economic Growth in The Scope of Economic Freedom and Freedom of Investment}, key = {cite}, author = {Mete, Emrullah} }
APA Mete, E. (2022). The Relationship Between Tourism and Economic Growth in The Scope of Economic Freedom and Freedom of Investment . Advances in Hospitality and Tourism Research (AHTR) , , 0-0 . DOI: 10.30519/ahtr.930826
MLA Mete, E. "The Relationship Between Tourism and Economic Growth in The Scope of Economic Freedom and Freedom of Investment" . Advances in Hospitality and Tourism Research (AHTR) (2022 ): 0-0 <https://dergipark.org.tr/en/pub/ahtr/issue/59492/930826>
Chicago Mete, E. "The Relationship Between Tourism and Economic Growth in The Scope of Economic Freedom and Freedom of Investment". Advances in Hospitality and Tourism Research (AHTR) (2022 ): 0-0
RIS TY - JOUR T1 - The Relationship Between Tourism and Economic Growth in The Scope of Economic Freedom and Freedom of Investment AU - Emrullah Mete Y1 - 2022 PY - 2022 N1 - doi: 10.30519/ahtr.930826 DO - 10.30519/ahtr.930826 T2 - Advances in Hospitality and Tourism Research (AHTR) JF - Journal JO - JOR SP - 0 EP - 0 VL - IS - SN - 2147-9100-2148-7316 M3 - doi: 10.30519/ahtr.930826 UR - https://doi.org/10.30519/ahtr.930826 Y2 - 2021 ER -
EndNote %0 Advances in Hospitality and Tourism Research (AHTR) The Relationship Between Tourism and Economic Growth in The Scope of Economic Freedom and Freedom of Investment %A Emrullah Mete %T The Relationship Between Tourism and Economic Growth in The Scope of Economic Freedom and Freedom of Investment %D 2022 %J Advances in Hospitality and Tourism Research (AHTR) %P 2147-9100-2148-7316 %V %N %R doi: 10.30519/ahtr.930826 %U 10.30519/ahtr.930826
ISNAD Mete, Emrullah . "The Relationship Between Tourism and Economic Growth in The Scope of Economic Freedom and Freedom of Investment". Advances in Hospitality and Tourism Research (AHTR) / (January 2022): 0-0 . https://doi.org/10.30519/ahtr.930826
AMA Mete E. The Relationship Between Tourism and Economic Growth in The Scope of Economic Freedom and Freedom of Investment. Advances in Hospitality and Tourism Research (AHTR). 2022; 0-0.
Vancouver Mete E. The Relationship Between Tourism and Economic Growth in The Scope of Economic Freedom and Freedom of Investment. Advances in Hospitality and Tourism Research (AHTR). 2022; 0-0.
IEEE E. Mete , "The Relationship Between Tourism and Economic Growth in The Scope of Economic Freedom and Freedom of Investment", Advances in Hospitality and Tourism Research (AHTR), pp. 0-0, Jan. 2022, doi:10.30519/ahtr.930826


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