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Title: Economic growth and market segment choice in tourism-based economies
Authors: Giannoni, Sauveur
Hernández, Juan M. 
Pérez-Rodríguez, Jorge V. 
UNESCO Clasification: 5302 Econometría
Keywords: Economic growth
Tourism-based economies
Market segment switching strategy
Romer model
Sustained growth
Issue Date: 2019
Project: Técnicas de Optimizacióny Modelos en Redes Complejas Para la Toma de Decisiones en Economía 
Journal: Empirical Economics 
Abstract: Many regions and countries seek to develop their tourism industry as a strategy for economic growth. A growing body of research supports the hypothesis of tourism-led growth. This paper contributes to the existing literature in two ways. First, it proposes a new mechanism for sustained tourism-led growth, emphasising the crucial importance of the market segment in which a tourist destination wishes to operate. Second, it shows how a destination that is experiencing stagnation can temporarily boost its performance and improve its long-term welfare by reorienting the supply from a highly price-sensitive mass tourism product towards a more selective one of the luxury tourism. This change in focus is discussed in the light of the experience of two Spanish archipelagos. The empirical results obtained highlight the evident success of the reorientation strategy in one of these cases. The model provides theoretical support for the implementation of tourist product restructuring policies in economies that are reliant on tourism.
ISSN: 0377-7332
DOI: 10.1007/s00181-019-01668-7
Source: Empirical Economics [ISSN 0377-7332], v. 59 (3), p. 1435-1452, (2020)
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