Tourism and economic growth nexus revisited: A panel causality analysis for the case of the Mediterranean Region |
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| Institution: | 1. IPAG Business school, 184 boulevard Saint-Germain, 75006 PARIS, France;2. EconomiX, Universite Paris Ouest Nanterre-la defense, 200 Avenue de la République, 92001 Nanterre cedex, France;3. University of Orléans, Laboratoire d’Economie d’Orléans (LEO), Rue de Blois, BP 6739 - 45067 ORLEANS CEDEX, France;1. Department of Quantitative Methods for Economics and Management, University of Las Palmas de Gran Canaria, Spain;2. Department of Economics Analysis, Accounting and Finance, University of La Laguna, Spain;3. Department of Applied Economics, University of Islas Baleares, Spain;1. Vienna University of Economics and Business, Department of Economics, Institute for International Economics, Welthandelsplatz 1, 1020 Vienna, Austria;2. University of Portsmouth, Economics and Finance Subject Group, Portsmouth Business School, Portland Street, Portsmouth PO1 3DE, UK;3. University College London (UCL), Institute for Sustainable Heritage, The Bartlett, UCL Faculty of the Built Environment, Central House, 14 Upper Woburn Place, WC1H 0NN London, UK;4. Bournemouth University, Department of Accounting, Finance and Economics, Executive Business Centre, 89 Holdenhurst Road, BH8 8EB Bournemouth, UK |
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| Abstract: | Tourism is perceived as an important source of foreign exchange that is used for financing economic growth. This study offers a modern approach to tourism-led growth and investigates the causal relationship between tourism and economic growth in the European, Asian and African countries that border the Mediterranean Sea. The study uses panel data for the period 1998–2011, and adopts a panel Granger causality analysis developed by Dumitrescu and Hurlin (2012) to assess the contribution tourism makes to economic growth in each country. The results indicate that the direction of causality between tourism and economic growth depends on the country group and tourism indicator. Furthermore, the European countries are better able to generate growth from tourism in the Mediterranean region. |
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| Keywords: | Tourism Economic growth Panel causality Mediterranean region O40 L83 |
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