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THE IMPACT OF TOURISM ON THE ECONOMIC GROWTH IN THE MEDITERRANEAN COUNTRIES: EVIDENCES FROM HIDDEN PANEL COINTEGRATION TEST

Year 2021, Volume: 8 Issue: 1, 399 - 419, 26.03.2021

Murat Belke , Süleyman Bolat , Abdulnasser Hatemi-j

https://doi.org/10.30798/makuiibf.822194
Cited By: 3

Abstract

The effect of tourism on economic growth is capturing the attention of researchers and policy makers worldwide. Many countries, both developed and developing ones, are systematically putting forward crucial strategies in order to promote their tourism industry with the main goal of achieving enhanced economic growth. Our main objective is to test for the potential asymmetric interaction between economic growth and tourism for a panel consisting of fourteen Mediterranean countries that covers the sample period 1995-2017 using hidden panel cointegration and asymmetric panel causality tests as developed by Hatemi-J (2020a; 2020b). Our empirical investigations indicate that there are indeed asymmetric impacts within our panel system. The impact of an increase in tourism on economic growth is stronger in the absolute terms compared to the impact of a corresponding decrease in tourism on growth.

Keywords

Tourism Economic Growth Mediterranean Countries Hidden Panel Cointegration Asymmetric Panel Causality

References

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  • Apergis, N. and Payne, J. E. (2012). Tourism and growth in the Caribbean-evidence from a panel error correction model. Tourism Economics, 18(2), 449–456.
  • Aratuo, D. N. and Etienne, X. L. (2019). Industry level analysis of tourism-economic growth in the United States. Tourism Management, 70, 333–340.
  • Arslanturk, Y., Balcilar, M. and Ozdemir, Z. A. (2011). Time-varying linkages between tourism receipts and economic growth in a small open economy. Economic Modelling, 28(1), 664–671.
  • Aslan, A. (2014). 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. and Cantavella-Jordá, M. (2002). Tourism as a long-run economic growth factor: the Spanish case. Applied Economics, 34(7), 877–884.
  • Balsalobre-Lorente, D., Driha, O. M., Bekun, F. V. and Adedoyin, F. F. (2020). The asymmetric impact of air transport on economic growth in Spain: fresh evidence from the tourism-led growth hypothesis. Current Issues in Tourism, DOI:10.1080/13683500.2020.1720624
  • Banday, U. J. and Ismail, S. (2017). Does tourism development lead positive or negative impact on economic growth and environment in BRICS countries? A panel data analysis. Economics Bulletin, 37(1), 553–567.,
  • Bilen, M., Yilanci, V. and Eryüzlü, H. (2017). Tourism development and economic growth: a panel Granger causality analysis in the frequency domain. Current Issues in Tourism, 20(1), 27–32.
  • Brau, R., Lanza, A. and Pigliaru, F. (2007). How fast are small tourism countries growing? evidence from the data for 1980–2003. Tourism Economics, 13(4), 603–613.
  • Brida, J. G., Carrera, E. J. S. and Risso, W. A. (2008). Tourism’s impact on long-run Mexican economic growth. Economics Bulletin, 3(21), 1–8.
  • Brida, J. G. and Risso, W. A. (2010). Tourism as a determinant of long-run economic growth. Journal of Policy Research in Tourism, Leisure and Events, 2(1), 14–28.
  • Brida, J. G., Lanzilotta, B., Lionetti, S. and Risso, W. A. (2010). The tourism-led growth hypothesis for Uruguay. Tourism Economics, 16(3), 765–771.
  • Çağlayan, E., Şak, N. and Karymshakov, K. (2012). Relationship between tourism and economic growth: a panel granger causality approach. Asian Economic and Financial Review, 2(5), 591–602.
  • Can, M. and Gozgor, G. (2018). Revisiting the tourism-growth nexus: evidence from a new index for the market diversification of tourist arrivals. Current Issues in Tourism, 21(10), 1157–1170.
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  • De Vita, G. and Kyaw, K. S. (2016). Tourism development and growth. Annals of Tourism Research, 60, 23–26.
  • Dogru, T. and Bulut, U. (2018). Is tourism an engine for economic recovery? Theory and empirical evidence. Tourism Management, 67, 425–434.
  • Dritsakis, N. (2004). Tourism as a long-run economic growth factor: an empirical investigation for Greece using causality analysis. Tourism economics, 10(3), 305–316.
  • Dritsakis, N. (2012). Tourism development and economic growth in seven Mediterranean countries: A panel data approach. Tourism Economics, 18(4), 801–816.
  • Durbarry, R. (2004). Tourism and economic growth: the case of Mauritius. Tourism Economics, 10(4), 389–401.
  • Eugenio-Martin, J. L., Morales, N. M. and Scarpa, R. (2004). Tourism and economic growth in Latin American countries: a panel data approach. FEEM Working Paper, No. 26, 1– 28.
  • Fayissa, B., Nsiah, C. and Tadasse, B. (2008). Impact of tourism on economic growth and development in Africa. Tourism Economics, 14(4), 807–818.
  • Georgantopoulos, A. G. (2013). Tourism expansion and economic development: VAR/VECM analysis and forecasts for the case of India. Asian Economic and Financial Review, 3(4), 464–482.
  • Ghali, M. A. (1976). Tourism and economic growth: an empirical study. Economic Development and Cultural Change, 24(3), 527–538.
  • Gunduz, L. and Hatemi-J, A. (2005). Is the tourism-led growth hypothesis valid for Turkey? Applied Economics Letters, 12(8), 499–504.
  • Hatemi-J, A. (2016). On the tourism-led growth hypothesis in the UAE: a bootstrap approach with leveraged adjustments. Applied Economics Letters, 23(6), 424–427.
  • Hatemi-J, A. (2020a). Hidden panel cointegration. Journal of King Saud University-Science, 32(1), 507–510.
  • Hatemi-J, A. (2020b). Asymmetric panel causality tests with an application to the impact of fiscal policy on economic performance in Scandinavia. International Economics, 73(3), 389 – 404.
  • Im, K. S., Pesaran, M. H. and Shin, Y. (2003). Testing for unit roots in heterogeneous panels. Journal of Econometrics, 115(1), 53–74.
  • Ivanov, S. and Webster, C. (2007). Measuring the impact of tourism on economic growth. Tourism Economics, 13(3), 379–388.
  • Jackman, M. and Lorde, T. (2010). On the relationship between tourist flows and household expenditure in Barbados: a dynamic OLS approach. Economics Bulletin, 30(1), 472–481.
  • Jin, J. C. (2011). The effects of tourism on economic growth in Hong Kong. Cornell Hospitality Quarterly, 52(3), 333–340.
  • Kao, C. (1999). Spurious regression and residual‐based tests for cointegration in panel data. Journal of Econometrics, 90(1), 1–44.
  • Katircioglu, S. T. (2009a). Revisiting the tourism-led-growth hypothesis for Turkey using the bounds test and Johansen approach for cointegration. Tourism Management, 30(1), 17–20.
  • Katircioglu, S. T. (2009b). Testing the tourism-led growth hypothesis: The case of Malta. Acta Oeconomica, 59(3), 331–343.
  • Khalil, S., Kakar, M. K. and Waliullah, A. M. (2007). Role of tourism in economic growth: empirical evidence from Pakistan economy. The Pakistan Development Review, 46(4), 985–995.
  • Kim, H. J., Chen, M. H. and Jang, S. C. (2006). Tourism expansion and economic development: the case of Taiwan. Tourism Management, 27(5), 925–933.
  • Kyophilavong, P., Gallup, J. L., Charoenrat, T. and Nozaki, K. (2018). Testing tourism-led growth hypothesis in Laos? Tourism Review, 73(2), 242–251.
  • Lanza, A., Temple, P. and Urga, G. (2003). The implications of tourism specialisation in the long run: an econometric analysis for 13 OECD economies. Tourism Management, 24(3), 315–321.
  • Lean, H. H. and Tang, C. F. (2010). Is the tourism‐led growth hypothesis stable for Malaysia? A note. International Journal of Tourism Research, 12(4), 375–378.
  • Lee, C-C. and Chang, C-P. (2008). Tourism development and economic growth: A closer look at panels. Tourism Management, 29(1), 180–192.
  • Lee, C. C. and Chien, M. S. (2008). Structural breaks, tourism development, and economic growth: evidence from Taiwan. Mathematics and Computers in Simulation, 77(4), 358–368.
  • Lionetti, S. and Gonzalez, O. (2012). On the relationship between tourism and growth in Latin America. Tourism and Hospitality Research, 12(1), 15–24.
  • Liu, A. and Wu, D. C. (2019). Tourism productivity and economic growth. Annals of Tourism Research, 76, 253–265.
  • Mohapatra, S. (2018). Investigating the tourism and economic growth linkage: a panel causality analysis for the SAARC countries. Asia Pacific Journal of Tourism Research, 23(6), 573–583.
  • Narayan, P. K. (2004). Economic impact of tourism on Fiji's economy: empirical evidence from the computable general equilibrium model. Tourism Economics, 10(4), 419–433.
  • Narayan, P. K., Narayan, S., Prasad, A. and Prasad, B. C. (2010). Tourism and economic growth: a panel data analysis for Pacific Island countries. Tourism economics, 16(1), 169–183.
  • Nissan, E., Galindo, M. A. and Mendez, M. T. (2011). Relationship between tourism and economic growth. The Service Industries Journal, 31(10), 1567–1572.
  • Nowak, J-J., Sahli, M. and Cortés-Jiménez, I. (2007). Tourism, capital good imports and economic growth: theory and evidence for Spain. Tourism Economics, 13(4), 515–536.
  • Odhiambo, N. M. (2011). Tourism development and economic growth in Tanzania: empirical evidence from the ARDL-bounds testing approach. Economic Computation and Economic Cybernetics Studies and Research, 45(3), 71–84.
  • OECD (2016). OECD Tourism Trends and Policies 2016, OECD Publishing, Paris, https://doi.org/10.1787/tour-2016-en.
  • OECD (2018). OECD Tourism Trends and Policies 2018, OECD Publishing, Paris, https://doi.org/10.1787/tour-2018-en.
  • Oh, C-O. (2005). The contribution of tourism development to economic growth in the Korean economy, Tourism Management, 26(1), 39–44.
  • Ongan, S. and Demiroz, D. M. (2005). The contribution of tourism to the long-run Turkish economic growth. Journal of Economics, 53(9), 880–894.
  • Papatheodorou, A. (1999). The demand for international tourism in the Mediterranean region. Applied Economics, 31(5), 619–630.
  • Parrilla, J. C., Font, A. R. and Nadal, J. R. (2007). Tourism and long-term growth a Spanish perspective. Annals of Tourism Research, 34(3), 709–726.
  • Payne, J. E. and Mervar, A. (2010). The tourism-growth nexus in Croatia. Tourism Economics, 16(4), 1089–1094.
  • Pérez-Rodríguez, J. V., Ledesma-Rodríguez, F. and Santana-Gallego, M. (2015). Testing dependence between GDP and tourism’s growth rates. Tourism Management, 48, 268–282.
  • Po, W. C. and Huang, B. N. (2008). Tourism development and economic growth–a nonlinear approach. Physica A: Statistical Mechanics and its Applications, 387(22), 5535–5542.
  • Proença, S. and Soukiazis, E. (2008). Tourism as an economic growth factor: a case study for Southern European countries. Tourism Economics, 14(4), 791–806.
  • Roudi, S, Arasli, H. and Akadiri, S. S. (2019). New insights into an old issue – examining the influence of tourism on economic growth: evidence from selected small island developing states. Current Issues in Tourism, 22(11), 1280–1300.
  • Shahzad, S. J. H., Shahbaz, M., Ferrer, R. and Kumar, R. 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.
  • Sokhanvar, A., Çiftçioğlu, S. and Javid, E. (2018). Another look at tourism- economic development nexus. Tourism Management Perspectives, 26(1), 97–106.
  • Song, H., Dwyer, L., Li, G. and Cao, Z. (2012). Tourism economics research: A review and assessment. Annals of Tourism Research, 39(3), 1653–1682.
  • Srinivasan, P., Kumar, P. K. S. and Ganesh, L. (2012). Tourism and economic growth in Sri Lanka: an ARDL bounds testing approach. Environment and Urbanization ASIA, 3(2), 397–405.
  • Surugiu, C. and Surugiu, M. R. (2013). Is the tourism sector supportive of economic growth? Empirical evidence on Romanian tourism. Tourism Economics, 19(1), 115–132.
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AKDENİZ ÜLKELERİNDE TURİZMİN EKONOMİK BÜYÜMEYE ETKİSİ: SAKLI PANEL EŞBÜTÜNLEŞME TESTİNDEN KANITLAR

Year 2021, Volume: 8 Issue: 1, 399 - 419, 26.03.2021

Murat Belke , Süleyman Bolat , Abdulnasser Hatemi-j

https://doi.org/10.30798/makuiibf.822194
Cited By: 3

Abstract

Turizmin ekonomik büyüme üzerindeki etkisi, dünya çapında araştırmacıların ve politika yapıcıların dikkatini çekmektedir. Hem gelişmiş hem de gelişmekte olan birçok ülke, temel amacı olan ekonomik büyümeyi arttırmak amacıyla turizm endüstrisini geliştirmek için sistematik olarak önemli stratejiler ortaya koymaktadır. Bu çalışmanın temel amacı, Hatemi-J (2020a, 2020b) tarafından geliştirilen saklı panel eşbütünleşme ve asimetrik panel nedensellik testlerini kullanarak 1995-2017 örneklem dönemini kapsayan on dört Akdeniz ülkesinden oluşan bir panel için ekonomik büyüme ve turizm arasındaki potansiyel asimetrik etkileşimini test etmektir. Ampirik bulgular, panel sistemimizde gerçekten asimetrik etkiler olduğunu göstermektedir. Turizmdeki gelişmenin ekonomik büyüme üzerindeki etkisi, turizmdeki buna karşılık gelen düşüşün büyüme üzerindeki etkisine kıyasla mutlak olarak daha güçlüdür.

Keywords

Turizm Ekonomik Büyüme Akdeniz Ülkeleri Saklı Panel Eşbütünleşme Asimetrik Panel Nedensellik

References

  • Antonakakis, N., Dragouni, M. and Filis, G. (2015a). Tourism and growth: the times they are a-changing. Annals of Tourism Research, 50, 165–169.
  • Antonakakis, N., Dragouni, M. and Filis, G. (2015b). How strong is the linkage between tourism and economic growth in Europe? Economic Modelling, 44, 142–155.
  • Apergis, N. and Payne, J. E. (2012). Tourism and growth in the Caribbean-evidence from a panel error correction model. Tourism Economics, 18(2), 449–456.
  • Aratuo, D. N. and Etienne, X. L. (2019). Industry level analysis of tourism-economic growth in the United States. Tourism Management, 70, 333–340.
  • Arslanturk, Y., Balcilar, M. and Ozdemir, Z. A. (2011). Time-varying linkages between tourism receipts and economic growth in a small open economy. Economic Modelling, 28(1), 664–671.
  • Aslan, A. (2014). 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. and Cantavella-Jordá, M. (2002). Tourism as a long-run economic growth factor: the Spanish case. Applied Economics, 34(7), 877–884.
  • Balsalobre-Lorente, D., Driha, O. M., Bekun, F. V. and Adedoyin, F. F. (2020). The asymmetric impact of air transport on economic growth in Spain: fresh evidence from the tourism-led growth hypothesis. Current Issues in Tourism, DOI:10.1080/13683500.2020.1720624
  • Banday, U. J. and Ismail, S. (2017). Does tourism development lead positive or negative impact on economic growth and environment in BRICS countries? A panel data analysis. Economics Bulletin, 37(1), 553–567.,
  • Bilen, M., Yilanci, V. and Eryüzlü, H. (2017). Tourism development and economic growth: a panel Granger causality analysis in the frequency domain. Current Issues in Tourism, 20(1), 27–32.
  • Brau, R., Lanza, A. and Pigliaru, F. (2007). How fast are small tourism countries growing? evidence from the data for 1980–2003. Tourism Economics, 13(4), 603–613.
  • Brida, J. G., Carrera, E. J. S. and Risso, W. A. (2008). Tourism’s impact on long-run Mexican economic growth. Economics Bulletin, 3(21), 1–8.
  • Brida, J. G. and Risso, W. A. (2010). Tourism as a determinant of long-run economic growth. Journal of Policy Research in Tourism, Leisure and Events, 2(1), 14–28.
  • Brida, J. G., Lanzilotta, B., Lionetti, S. and Risso, W. A. (2010). The tourism-led growth hypothesis for Uruguay. Tourism Economics, 16(3), 765–771.
  • Çağlayan, E., Şak, N. and Karymshakov, K. (2012). Relationship between tourism and economic growth: a panel granger causality approach. Asian Economic and Financial Review, 2(5), 591–602.
  • Can, M. and Gozgor, G. (2018). Revisiting the tourism-growth nexus: evidence from a new index for the market diversification of tourist arrivals. Current Issues in Tourism, 21(10), 1157–1170.
  • Cortes-Jimenez, I. and Pulina, M. (2010). Inbound tourism and long-run economic growth. Current Issues in Tourism,13(1), 61–74.
  • De Vita, G. and Kyaw, K. S. (2016). Tourism development and growth. Annals of Tourism Research, 60, 23–26.
  • Dogru, T. and Bulut, U. (2018). Is tourism an engine for economic recovery? Theory and empirical evidence. Tourism Management, 67, 425–434.
  • Dritsakis, N. (2004). Tourism as a long-run economic growth factor: an empirical investigation for Greece using causality analysis. Tourism economics, 10(3), 305–316.
  • Dritsakis, N. (2012). Tourism development and economic growth in seven Mediterranean countries: A panel data approach. Tourism Economics, 18(4), 801–816.
  • Durbarry, R. (2004). Tourism and economic growth: the case of Mauritius. Tourism Economics, 10(4), 389–401.
  • Eugenio-Martin, J. L., Morales, N. M. and Scarpa, R. (2004). Tourism and economic growth in Latin American countries: a panel data approach. FEEM Working Paper, No. 26, 1– 28.
  • Fayissa, B., Nsiah, C. and Tadasse, B. (2008). Impact of tourism on economic growth and development in Africa. Tourism Economics, 14(4), 807–818.
  • Georgantopoulos, A. G. (2013). Tourism expansion and economic development: VAR/VECM analysis and forecasts for the case of India. Asian Economic and Financial Review, 3(4), 464–482.
  • Ghali, M. A. (1976). Tourism and economic growth: an empirical study. Economic Development and Cultural Change, 24(3), 527–538.
  • Gunduz, L. and Hatemi-J, A. (2005). Is the tourism-led growth hypothesis valid for Turkey? Applied Economics Letters, 12(8), 499–504.
  • Hatemi-J, A. (2016). On the tourism-led growth hypothesis in the UAE: a bootstrap approach with leveraged adjustments. Applied Economics Letters, 23(6), 424–427.
  • Hatemi-J, A. (2020a). Hidden panel cointegration. Journal of King Saud University-Science, 32(1), 507–510.
  • Hatemi-J, A. (2020b). Asymmetric panel causality tests with an application to the impact of fiscal policy on economic performance in Scandinavia. International Economics, 73(3), 389 – 404.
  • Im, K. S., Pesaran, M. H. and Shin, Y. (2003). Testing for unit roots in heterogeneous panels. Journal of Econometrics, 115(1), 53–74.
  • Ivanov, S. and Webster, C. (2007). Measuring the impact of tourism on economic growth. Tourism Economics, 13(3), 379–388.
  • Jackman, M. and Lorde, T. (2010). On the relationship between tourist flows and household expenditure in Barbados: a dynamic OLS approach. Economics Bulletin, 30(1), 472–481.
  • Jin, J. C. (2011). The effects of tourism on economic growth in Hong Kong. Cornell Hospitality Quarterly, 52(3), 333–340.
  • Kao, C. (1999). Spurious regression and residual‐based tests for cointegration in panel data. Journal of Econometrics, 90(1), 1–44.
  • Katircioglu, S. T. (2009a). Revisiting the tourism-led-growth hypothesis for Turkey using the bounds test and Johansen approach for cointegration. Tourism Management, 30(1), 17–20.
  • Katircioglu, S. T. (2009b). Testing the tourism-led growth hypothesis: The case of Malta. Acta Oeconomica, 59(3), 331–343.
  • Khalil, S., Kakar, M. K. and Waliullah, A. M. (2007). Role of tourism in economic growth: empirical evidence from Pakistan economy. The Pakistan Development Review, 46(4), 985–995.
  • Kim, H. J., Chen, M. H. and Jang, S. C. (2006). Tourism expansion and economic development: the case of Taiwan. Tourism Management, 27(5), 925–933.
  • Kyophilavong, P., Gallup, J. L., Charoenrat, T. and Nozaki, K. (2018). Testing tourism-led growth hypothesis in Laos? Tourism Review, 73(2), 242–251.
  • Lanza, A., Temple, P. and Urga, G. (2003). The implications of tourism specialisation in the long run: an econometric analysis for 13 OECD economies. Tourism Management, 24(3), 315–321.
  • Lean, H. H. and Tang, C. F. (2010). Is the tourism‐led growth hypothesis stable for Malaysia? A note. International Journal of Tourism Research, 12(4), 375–378.
  • Lee, C-C. and Chang, C-P. (2008). Tourism development and economic growth: A closer look at panels. Tourism Management, 29(1), 180–192.
  • Lee, C. C. and Chien, M. S. (2008). Structural breaks, tourism development, and economic growth: evidence from Taiwan. Mathematics and Computers in Simulation, 77(4), 358–368.
  • Lionetti, S. and Gonzalez, O. (2012). On the relationship between tourism and growth in Latin America. Tourism and Hospitality Research, 12(1), 15–24.
  • Liu, A. and Wu, D. C. (2019). Tourism productivity and economic growth. Annals of Tourism Research, 76, 253–265.
  • Mohapatra, S. (2018). Investigating the tourism and economic growth linkage: a panel causality analysis for the SAARC countries. Asia Pacific Journal of Tourism Research, 23(6), 573–583.
  • Narayan, P. K. (2004). Economic impact of tourism on Fiji's economy: empirical evidence from the computable general equilibrium model. Tourism Economics, 10(4), 419–433.
  • Narayan, P. K., Narayan, S., Prasad, A. and Prasad, B. C. (2010). Tourism and economic growth: a panel data analysis for Pacific Island countries. Tourism economics, 16(1), 169–183.
  • Nissan, E., Galindo, M. A. and Mendez, M. T. (2011). Relationship between tourism and economic growth. The Service Industries Journal, 31(10), 1567–1572.
  • Nowak, J-J., Sahli, M. and Cortés-Jiménez, I. (2007). Tourism, capital good imports and economic growth: theory and evidence for Spain. Tourism Economics, 13(4), 515–536.
  • Odhiambo, N. M. (2011). Tourism development and economic growth in Tanzania: empirical evidence from the ARDL-bounds testing approach. Economic Computation and Economic Cybernetics Studies and Research, 45(3), 71–84.
  • OECD (2016). OECD Tourism Trends and Policies 2016, OECD Publishing, Paris, https://doi.org/10.1787/tour-2016-en.
  • OECD (2018). OECD Tourism Trends and Policies 2018, OECD Publishing, Paris, https://doi.org/10.1787/tour-2018-en.
  • Oh, C-O. (2005). The contribution of tourism development to economic growth in the Korean economy, Tourism Management, 26(1), 39–44.
  • Ongan, S. and Demiroz, D. M. (2005). The contribution of tourism to the long-run Turkish economic growth. Journal of Economics, 53(9), 880–894.
  • Papatheodorou, A. (1999). The demand for international tourism in the Mediterranean region. Applied Economics, 31(5), 619–630.
  • Parrilla, J. C., Font, A. R. and Nadal, J. R. (2007). Tourism and long-term growth a Spanish perspective. Annals of Tourism Research, 34(3), 709–726.
  • Payne, J. E. and Mervar, A. (2010). The tourism-growth nexus in Croatia. Tourism Economics, 16(4), 1089–1094.
  • Pérez-Rodríguez, J. V., Ledesma-Rodríguez, F. and Santana-Gallego, M. (2015). Testing dependence between GDP and tourism’s growth rates. Tourism Management, 48, 268–282.
  • Po, W. C. and Huang, B. N. (2008). Tourism development and economic growth–a nonlinear approach. Physica A: Statistical Mechanics and its Applications, 387(22), 5535–5542.
  • Proença, S. and Soukiazis, E. (2008). Tourism as an economic growth factor: a case study for Southern European countries. Tourism Economics, 14(4), 791–806.
  • Roudi, S, Arasli, H. and Akadiri, S. S. (2019). New insights into an old issue – examining the influence of tourism on economic growth: evidence from selected small island developing states. Current Issues in Tourism, 22(11), 1280–1300.
  • Shahzad, S. J. H., Shahbaz, M., Ferrer, R. and Kumar, R. 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.
  • Sokhanvar, A., Çiftçioğlu, S. and Javid, E. (2018). Another look at tourism- economic development nexus. Tourism Management Perspectives, 26(1), 97–106.
  • Song, H., Dwyer, L., Li, G. and Cao, Z. (2012). Tourism economics research: A review and assessment. Annals of Tourism Research, 39(3), 1653–1682.
  • Srinivasan, P., Kumar, P. K. S. and Ganesh, L. (2012). Tourism and economic growth in Sri Lanka: an ARDL bounds testing approach. Environment and Urbanization ASIA, 3(2), 397–405.
  • Surugiu, C. and Surugiu, M. R. (2013). Is the tourism sector supportive of economic growth? Empirical evidence on Romanian tourism. Tourism Economics, 19(1), 115–132.
  • Tang, C. F. and Tan, E. C. (2013). How stable is the tourism-led growth hypothesis in Malaysia? Evidence from disaggregated tourism markets. Tourism Management, 37, 52–57.
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Details

Primary Language English
Journal Section Research Articles
Authors

Murat Belke 0000-0002-3299-7162

Süleyman Bolat 0000-0001-5635-7322

Abdulnasser Hatemi-j 0000-0002-6212-1292

Publication Date March 26, 2021
Submission Date November 5, 2020
Published in Issue Year 2021 Volume: 8 Issue: 1

Cite

APA Belke, M., Bolat, S., & Hatemi-j, A. (2021). THE IMPACT OF TOURISM ON THE ECONOMIC GROWTH IN THE MEDITERRANEAN COUNTRIES: EVIDENCES FROM HIDDEN PANEL COINTEGRATION TEST. Journal of Mehmet Akif Ersoy University Economics and Administrative Sciences Faculty, 8(1), 399-419. https://doi.org/10.30798/makuiibf.822194

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